We all want to see innovations and breakthroughs in the energy sector – particularly when it comes to the development of American-made energy. That sort of innovation is not only good for creating jobs and stabilizing energy prices here at home, but also for lessening our dependence on hostile overseas suppliers.
While government should encourage such innovation, it should not be in the business of making risky bets at the expense of American taxpayers. And when it comes to the use of taxpayer dollars, government must always be transparent and accountable.
Over the past year and half, my committee has conducted a thorough investigation of Solyndra, the now-bankrupt California solar panel manufacturer that was the recipient of a $535 million U.S. Department of Energy (DOE) loan guarantee. Once boasted as the jewel of the administration’s economic stimulus plan, our investigation has uncovered a number of disturbing truths behind DOE’s failed loan guarantee program.
As our investigation revealed, billions of dollars were hastily pushed out the door to companies like Solyndra, with the Obama administration more worried about sending press releases announcing stimulus projects than if the projects were worthy investments and would create jobs. Sadly, the bankruptcies are starting to pile up.
If oversight is done well, it should result in good legislation, and that is what we have in the “No More Solyndras Act.” Our legislative fix will give folks in Michigan the peace of mind that a disaster like Solyndra will never happen again. In light of the recent string of bankruptcies – Solyndra, Beacon Power, and Abound Solar just this month – our bill takes a stand for American taxpayers, declaring loud and clear that there will be “No More Solyndras.”
The “No More Solyndras Act” will phase out the DOE’s flawed loan guarantee program and provide taxpayers strong new protections for any pending participants in the program. Our legislation also provides greater transparency by requiring the Department to report to Congress on the decision-making process and details of the loan.
Taxpayers deserve the certainty of knowing that their hard-earned dollars are being used properly. This legislation will ensure that is the case.
