NEWS: Media Outlets Report: Upton and Stearns Offer Legislation to Make Sure There Will Be “No More Solyndras”

July 12, 2012

Energy and Commerce Committee Chairman Fred Upton (R-MI) appeared on “Fox and Friends” this morning to discuss the details of the “No More Solyndras Act” and preview this morning’s committeehearing on the draft legislation.  Upton and Oversight and Investigations Subcommittee Chairman Cliff Stearns (R-FL) are offering the legislation to ensure taxpayers are never again left on the hook for the Obama administration’s risky bets.

  Watch Upton on FOX and Friends HERE

By John Hayward
July 10, 2012

On Tuesday, House Energy and Commerce Committee Chairman Fred Upton (R-MI) and Oversight and Investigations Subcommittee Chairman Cliff Stearns (R-FL) introduced a bill called the “No More Solyndras Act.”  As one might guess from the name, the bill was inspired by President Obama’s marqee “green energy” disaster, which the House Energy and Commerce Committee applied considerable effort to investigating.

The Act will phase out the Energy Department loan guarantee program that gave us Solyndra and so many other green energy bankruptcies.  During the remaining life of the program, DOE would be required to report to Congress on the decision-making process behind each loan, producing a report with 60 days of issuing each guarantee that would detail the terms of the guarantee, the exact reason it was issued by the Energy Secretary, and precisely how the recipient proposes to use the funds. …

Read the full story HERE

GOP: ‘No More Solyndras Act’ would ban DOE loan guarantees
By Joel Gehrke
July 10, 2012

House lawmakers tasked with investigating the Energy Department’s $535 million loan to the now-bankrupt solar company, Solyndra, unveiled legislation today that would ban DOE officials from giving out any more loan guarantees.

“Our investigation has uncovered a number of disturbing truths behind DOE’s loan guarantee program, ground zero of the Obama administration’s failed stimulus,” House Energy and Commerce Committee Chairman Fred Upton, R-Mich., said in a statement today. “Our legislative fix will give taxpayers the peace of mind that such a disaster like Solyndra will never happen again. In light of the recent string of bankruptcies, Solyndra, Beacon Power, and Abound Solar just last week, our bill takes a stand for American taxpayers, declaring loud and clear that there will be ‘No More Solyndras.’” …

Read the full story HERE

 Republicans Offer Bill to Bar Backing for Future Solyndras
By Jim Snyder
July 10, 2012

House Republicans investigating the collapse of Solyndra LLC proposed legislation that would bar the U.S. Energy Department from issuing any loan guarantees for projects submitted this year or in the future.

The measure, which will be discussed by two House Energy and Commerce Committee panels at a July 12 hearing, also requires the Treasury Department to review U.S. financing for applications submitted before Dec. 31, a response to concerns among Republicans the Energy Department ignored “red flags” about Solyndra.

The bill is the first offered by Republicans in the wake of the Fremont, California, solar-panel maker’s collapse two years after receiving a $535 million loan guarantee.

The committee’s 17-month investigation found Solyndra’s award was “driven by politics and ideology and divorced from economic reality,” according to the legislation.

The bill will give “taxpayers the peace of mind that such a disaster like Solyndra will never happen again,” said Representative Fred Upton, a Michigan Republican and chairman of the committee, in an e-mailed statement. …

Read the full story HERE