On Friday, the House approved the No More Solyndras Act (H.R. 6213) to ensure that the American taxpayers will never again be forced to pay hundreds of millions of dollars because of the Administration's politically-motivated risky bets. As Vice Chairman of the House Rules Committee, I was pleased to bring this legislation to the floor and manage debate for the rule.
H.R. 6213 draws on the lessons learned from the failed Department of Energy Loan Guarantee Program, which invested $535 million in a solar energy company named Solyndra. Ultimately, Solyndra went bankrupt, leaving hard-working Americans with a check for over half a billion dollars. In testimony before the Rules committee on Wednesday, Congressman Ed Whitfield, Chairman of the Energy and Commerce Subcommittee on Energy, testified that the DOE loan guarantee programs spent $15 billion, but only created 1,175 jobs. That means that each job created cost taxpayers $12.8 million.
In addition to ensuring that the federal government does not throw taxpayer dollars after bad investments, H.R. 6213 also highlights the need of the federal government to stop propping up failing companies which cannot support themselves on the open market. I strongly believe that the Administration should not pretend to be a venture capitalist with taxpayer's money, and am pleased that the House took action this week to end to an ineffective government program and establish necessary oversight to hold executive branch officials accountable for their actions.