Today, Congressman Bill Cassidy, M.D. (R-LA) joined the House of Representatives in voting for H.R. 6213, the No More Solyndras Act. The bill phases out the Energy Department loan guarantee program which financed Solyndra, a solar energy company that went bankrupt in September 2011.
"The current loan guarantee program is deeply flawed. It lacks sufficient oversight of taxpayer dollars for the program. It funded Solyndra and two other failed solar companies. Such a track record requires termination of the program.
"This bill ends consideration of applications filed after 2011. It imposes transparency requirements on prior applications and ensures the Treasury Department can evaluate them. Finally, it imposes tough penalties against officials who subvert these rules. This is a sensible bill which ends suspect loan programs and frees up resources for a successful energy policy."