Last week, the House of Representatives overwhelmingly passed H.R. 6213, the No More Solyndras Act. I voted in favor of this legislation, because it ensures taxpayers are never again left on the hook for hundreds of millions of dollars for any future president's risky bets. The Act phases out the Department of Energy's flawed loan guarantee program. It stops future debacles like the recent $535 million loan guarantee for the California solar panel manufacturer named Solyndra.
This Administration refuses to promote legitimate domestic energy resources by issuing moratoriums in the Gulf of Mexico and needlessly delaying job-creating projects like the Keystone XL Pipeline. Instead, it chooses to invest in unproven technologies resulting in bankruptcies with hundreds of millions of wasted taxpayer dollars. That's not a way to move forward.
In South Louisiana, we know domestic energy resources are waiting to be tapped. Whether it's petroleum, natural gas, or any other source, we must harness our natural resources at home in order to create jobs and make sure hard-working families aren't forced to feel the pain at the pump. View my speech on the House floor denouncing Solyndra-style loan guarantees while promoting South Louisiana's natural resources.
Earlier in the week, as Chairman of the House Ways and Means Committee on Oversight, I held a hearing on the Internal Revenue Service's (IRS) implementation of Obamacare. The full magnitude of Obamacare is finally starting to rear its ugly head above the surface. We learned the IRS cannot provide a cost estimate of the economic burden imposed by 17 rules of Obamacare, with more rules to follow. The IRS estimates compliance with these rules will require at least 80 million man hours, hardly the prescription for economic recovery. That outrageous figure comes directly from the White House's own documents.
As a former surgeon and owner of a small practice in South Louisiana, I am fully aware of how taxes, rules, and regulations from Washington can impede small businesses in addition to patient care. Making the IRS both revenue collector and administrator of implementation diverts scant resources from the central mission of the IRS at the expense of taxpayers.
Before entering public service, I faced the daily realities of operating my own independent business. It better prepared me to serve in Congress as I can fully appreciate how legislation in Washington affects small businesses. For instance, I voted in favor of the Small Business Tax Cut Act of 2012, legislation that saves businesses $45.9 billion in taxes. Votes like this help small business owners across the nation grow and create more jobs. I will always champion the cause of small businesses, the backbone of our nation's economy. Due to this, I was extremely honored to recently receive the Guardian of Small Business Award from the National Federation of Independent Business, the nation's leading small business voice.
In an effort to spread awareness of issues important to constituents in South Louisiana, I encourage all of you to visit my Facebook page here. Also, I encourage all of you to check the website at: www.boustany.house.gov for the latest on press releases, opinions, and pictures. Please feel free to forward this e-news update to your friends and family!
Charles W. Boustany, Jr. M.D.
Member of Congress