This afternoon, the House passed H.R. 6213 - "The No More Solyndras Act" - a bill to ensure taxpayers are never again stuck paying hundreds of millions of dollars because of the Obama administration's or any future president's risky bets
The legislation draws on lessons learned from the House Energy and Commerce Committee's investigation into the Department of Energy's $535 million loan guarantee to Solyndra - the California solar panel manufacturer that ultimately went bankrupt last summer leaving taxpayers on the hook for half a billion dollars.
The Solyndra scandal has been one of the clearest examples of political cronyism and backdoor deal making at the expense of hardworking American taxpayers. As elected officials and public servants, we have a responsibility to ensure that public funds are being used in a fiscally-responsible manner. The federal government was not established to make sweetheart deals and pick winners and losers in the private sector and I'm happy to see that with this bill, we are taking a new step in the right direction.