Today, the House Committee on Energy and Commerce held a hearing on new legislation, the “No More Solyndras Act,” offered by Chairman Fred Upton (R-MI) and Oversight and Investigations Subcommittee Chairman Cliff Stearns (R-FL). The legislation would seek to ensure that taxpayers are never again stuck paying hundreds of millions of dollars because of the Obama administration’s or any future president’s risky bets.
During today’s hearing, the Acting Executive Director of the Department of Energy (DOE) Loan Program Office, David G. Frantz, proclaimed the program responsible for Solyndra as an “enormous success.” According to the Energy and Commerce Committee, this claim “comes just one week after Abound Solar became the latest loan recipient to announce bankruptcy. With the bankruptcies starting to pile up, and taxpayers on the hook for hundreds of millions of dollars, the Obama DOE’s definition of success is cause for concern.”
The “No More Solyndras Act” would accomplish the following:
As America’s families struggle to pay the price of a gallon of gas and high electricity bills, the only energy legacy that President Obama seems to be interested in is one that funnels hardworking taxpayer dollars to “green” energy firms run by his political allies, like Solyndra. House Republicans understand that Americans deserve better.
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