Rep. Upton calls for "No More Solyndras" to protect taxpayers
September 14, 2012
Representative Fred Upton (R-St. Joseph) speaks on the House Floor in support of his "No More Solyndras Act" (H.R. 6213) to phase out the failed Department of Energy (DOE) loan guarantee program. The "No More Solyndras Act" is a product of the House Energy and Commerce Committee's extensive year-and-a-half investigation into DOE's $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.