House Passes Upton’s “No More Solyndras Act” to Protect U.S. Taxpayers
Upton’s bill would phase out the failed Dept. of Energy loan guarantee program that funded the now-bankrupt Solyndra
The U.S. House of Representatives voted this afternoon to pass the “No More Solyndras Act” (H.R. 6213), legislation authored by Congressman Fred Upton (R-St. Joseph). The “No More Solyndras Act” is a product of the House Energy and Commerce Committee’s extensive year-and-a-half investigation into the U.S. Department of Energy’s (DOE) $535 million loan guarantee to Solyndra, the California solar panel manufacturer that 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 just over a year ago on September 6, 2011, and two days later was raided by the FBI on September 8, 2011. H.R. 6213 passed the House by a vote of 245 to 161 and now heads to the Senate.
“At a time when our focus is job creation and the economy, the very last thing that folks in Michigan should have to worry about is whether or not their hard-earned tax dollars are being used responsibly,” said Upton. “We can create good-paying jobs and reduce energy prices through a commitment to North American energy production, but as the case of Solyndra proves, government should not be in the business of picking winners and losers. The ‘No More Solyndras Act’ phases out this costly, ineffective, and mismanaged program to ensure that Michigan families and businesses are never again left holding the bag for Washington’s risky bets.”
The “No More Solyndras Act,” authored by full committee Chairman Upton and Oversight and Investigations Subcommittee Chairman Cliff Stearns (R-FL), would protect American taxpayers by phasing out the DOE’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 the interests of U.S. taxpayers are not to be subordinated to those of other investors.
Watch Upton’s full Floor remarks HERE
Read Upton’s September 14th Washington Times op-ed HERE