The House Energy and Commerce Committee conducted an investigation into the half billion dollar Department of Energy's (DOE) loan guarantee to the solar panel manufacturer Solyndra. The investigation revealed the Obama administration put Solyndra's loan on the fast track despite repeated red flags and warnings from the Office of Management and Budget and DOE officials. The company's predicted bankruptcy cost thousands of jobs and wasted more than half a billion dollars from hardworking taxpayers.
On Friday, the House passed the No More Solyndras Act. This bill phases out the DOE's flawed loan guarantee program and provides strong new taxpayer protections for any pending participants in the program. The passage of this bill provides for greater loan guarantee transparency by requiring DOE to report to Congress on the decision-making process and details of the loan. It also prohibits DOE from restructuring the terms of any guarantee and forbids the subordination of U.S. taxpayers' dollars to any other investors.