It was announced today that the House of Representatives will vote on the "No More Solyndras Act," H.R. 6213, next Friday, September 14, 2012. The "No More Solyndras Act" is a product of the Energy and Commerce Committee's extensive investigation into the Department of Energy's $535 million loan guarantee to Solyndra, the California solar panel manufacturer that ultimately went bankrupt last September. The committee's investigation revealed DOE's loan guarantee program to be poorly managed and lacking sufficient safeguards for American taxpayers. Solyndra filed for bankruptcy on September 6, 2011, and two days later was raided by the FBI on September 8, 2011.
Full committee Chairman Fred Upton (R-MI) and Oversight and Investigations Subcommittee Chairman Cliff Stearns (R-FL) authored the legislation to ensure taxpayers are never again left holding the bag for the administration's risky government bets. The "No More Solyndras Act," as approved by the committee with bipartisan support, will phase out the Department of Energy's mismanaged loan guarantee program and provide taxpayers strong new protections for any pending applications in the program. The legislation provides greater loan guarantee transparency and prohibits DOE from restructuring the terms of any loan guarantee without Treasury consultation. The Act also reaffirms that subordination of U.S. taxpayers' interest to any other investors is forbidden.
"One year after Solyndra filed for bankruptcy and was raided by the FBI, we continue to sift through the fallout and the Obama administration's picking of winners and losers seems to reach a new low by the day. In Solyndra, the Obama administration delivered a raw deal to taxpayers, who stand to lose over half a billion dollars while billionaire Obama backer George Kaiser and Solyndra's other investors could walk away from the bankruptcy with hundreds of millions of dollars in tax breaks. Next week, the House will have an opportunity to stand up for American taxpayers and bring an end to the mismanaged loan guarantee program responsible for the stimulus failures of Solyndra, Beacon Power, and Abound Solar. Enough is enough -- our legislation will help ensure that there will be no more Solyndras," said Chairmen Upton and Stearns.