House Passes No More Solyndras Act

Statement

Today, the House of Representatives passed H.R. 6213, No More Solyndras Act. Following the passage of H.R. 6213, U.S. Congressman Bill Flores (R-Texas) issued the following statement:

"The president's green energy plan has turned out to be nothing more than an effort to help out his political allies at the expense of hard-working American taxpayers and increased energy costs. The president's energy agenda has accomplished nothing more than squander billions of taxpayer dollars to fund failed projects such as Solyndra, Beacon Power and Ener1. During this time the price of gasoline has risen dramatically, causing pain for middle class American families.

"The No More Solyndras Act will protect taxpayers from further losses by bringing an end to the mismanaged loan guarantee program and strengthening processes and transparency for pending guarantees. Rather than continuing to rely on failed policies and solutions, House Republicans have put forward an "all-of-the-above" energy plan, which expands domestic energy production, removes the barriers to private-sector job growth, bolsters our economy, provides economic security, and lowers energy prices. We owe it to future generations of Americans to continue fighting for an energy plan that will achieve these goals."

H.R. 6213 phases out the Department of Energy's (DOE) flawed loan guarantee program under Title XVII of the Energy Policy Act of 2005. The bill provides for greater loan guarantee transparency by requiring DOE to report to Congress on the decision-making process and details of pending loans. It also prohibits DOE from restructuring the terms of any guarantee and forbids the subordination of U.S. taxpayers' dollars to any other investors.

Congressman Bill Flores represents the 17th District of Texas and is an entrepreneur, former energy executive, Certified Public Accountant (CPA) and member of the House Budget, Natural Resources and Veterans' Affairs Committees.

Source