Today, Rep Tim Walberg voted in favor of H.R. 6213, the No More Solyndras Act. The legislation would phase out the Department of Energy's mismanaged loan guarantee program and provide added taxpayer protections to existing applications. Solyndra was a California-based solar panel manufacturer that went bankrupt after receiving a $535 million loan guarantee from the Department of Energy under the 2009 stimulus law.
"We owe it to the taxpayers to ensure the public is not left having to pay off risky $535 million bets made by the White House. Congressional oversight into this issue has clearly revealed that, despite numerous warnings from experts within the administration, the Solyndra loan was rushed for approval. The company's bankruptcy is just another reminder of the dangers of the government picking winners and losers," commented Rep Walberg following the vote.