House Republicans pass "No More Solyndras" bill

WASHINGTON Fri Sep 14, 2012 1:01pm EDT

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WASHINGTON (Reuters) - The Republican-controlled House of Representatives passed a bill on Friday that would phase out a program for energy loans after a lengthy investigation into why a now-bankrupt California solar panel maker got a $535 million government loan.

The "No More Solyndras" bill, named after the company that has become a stock campaign talking point for Republicans ahead of the November 6 presidential elections, is highly unlikely to be taken up by the U.S. Senate or signed by President Barack Obama.

But the 245-161 vote gives Republicans another chance to hammer home a message about Obama's energy policies and the administration's management of the economy ahead of the elections.

"What we need is a Keystone economy, not a Solyndra economy," said Fred Upton, the Republican chairman of the House Energy and Commerce committee, referring to the Keystone XL crude oil pipeline from Canada, which Obama put on hold pending further environmental review.

The legislation comes after an 18-month investigation into the Solyndra loan by Upton's committee. It concluded that the Energy Department rushed into the deal, then helped keep the company going despite a series of red flags.

The FBI has been investigating Solyndra for the past year in tandem with the Energy Department's Inspector General, an independent watchdog.

In total, the Energy Department has approved $34.7 billion in loans to 33 projects. Aside from Solyndra, two other companies with loans have gone bankrupt.

Democrats slammed the legislation, saying it ignores successes in the loan portfolio.

"This is not serious legislation, it's a political bill," said Henry Waxman, the top Democrat on the House Energy panel.

"They've been dancing on the grave of Solyndra for so long. Enough is enough," said Waxman, who blamed Chinese subsidies for the failure of Solyndra.

Upton said there are six applications in the Energy Department's pipeline for nuclear plants and more than 40 applications for other types of clean energy projects.

The Energy Department has an additional $34 billion that it could spend on clean energy loan guarantees.

The legislation would ban the Energy Department from considering applications received after December 31, 2011.

The Energy Department would need to have approval from the Treasury Department for any new loans, provide more information to Congress, and prohibit the Department from subordinating taxpayer funds when restructuring troubled loans.

(Editing by Russ Blinch and Alden Bentley)

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Comments (4)
4ngry4merican wrote:
First the “Repeal the Jobs Killing Healthcare Act” bill and now the “No More Solyndras” bill. Remember when congressmen had the decency to not take cheap shots at the President in the titles of their legislation?

Sep 14, 2012 1:12pm EDT  --  Report as abuse
rsf145 wrote:
I voiced by support for this bill at govtrack.us where everyone can let there representatives know their support or opposition on every bill offered. You should check this out if you are serious about what the government is doing.

Sep 14, 2012 1:13pm EDT  --  Report as abuse
Brandy2 wrote:
Cronyism is the most insidious form of corruption. The problem is non-partisan and systemic. Consider a recent civil (non-criminal) federal court case in Texas. In this case, the judge and his friends threatened the litigant (the “victim”) with “death” and seized, without any notice or hearing, prohibited him from hiring a lawyer, and essentially into a bizarre civil lockdown. The litigant has been under this civil lockdown order for nearly two years, and is prohibited from having a lawyer, from owning any possessions, from freely traveling, from working, etc… The judge redistributed the litigants property to the judge’s friends.

http://LawInjustice.com/ has details about this disturbing case and some quotes from the judge:

THE COURT: “I’m telling you don’t screw with me. You are a fool, a fool, a fool, a fool to screw with a federal judge, and if you don’t understand that, I can make you understand it. I have the force of the Navy, Army, Marines and Navy behind me.”

THE COURT: “You realize that order is an order of the Court. So any failure to comply with that order is contempt, punishable by lots of dollars, punishable by possible jail, death”

It’ hard to believe, but this really is true

Sep 14, 2012 2:48pm EDT  --  Report as abuse
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