The No More Solyndras Act is a product of the Energy and Commerce Committees extensive investigation into the Department of Energys $535 million loan guarantee to Solyndra, the California solar panel manufacturer that ultimately went bankrupt last September. The committees investigation revealed DOEs 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 administrations risky government bets. The No More Solyndras Act, as approved by the committee with bipartisan support, will phase out the Department of Energys 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 administrations 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 Solyndras 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.
