House Energy And Commerce Committee Passes 'No More Solyndras Act'
| in News Departments > Policy Watch |
| After a hearing and mark-up session that lasted several hours, the U.S. House of Representatives' Energy and Commerce Committee passed the No More Solyndras Act by a vote of 29-19. The legislation - introduced last month by Reps. Fred Upton, R-Mich., and Cliff Stearns, R-Fla., two central figures leading the epic Solyndra investigations - would phase out the U.S. Department of Energy's loan-guarantee program by prohibiting new applications. The committee approved the legislation after adopting amendments from Reps. Mike Pompeo, R-Kan., and Tim Murphy, R-Pa., that require the U.S. Government Accountability Office to complete a study of U.S. and foreign subsidies in energy markets. The committee also adopted an amendment offered by Stearns to reaffirm the prohibition of subordination and an amendment from Rep. Michael C. Burgess, R-Texas, to increase penalties for senior federal employees and federal appointees who violate any requirements of the Title XVII loan-guarantee program. Among the amendments that did not pass the committee were several offered by Rep. Ed Markey, D-Mass., that would have prevented the awarding of loan guarantees to failing companies or companies whose projects are already over budget. One Markey amendment would have prevented a loan guarantee from being awarded to companies that have been threatened with being delisted from a stock exchange. Another Markey amendment would have prevented loan guarantees from being awarded to companies that had either lost more than a net of $535 million in the last calendar year or those that applied for a loan guarantee for a project that is already more than $535 million over budget. The amendments were defeated along party lines. Markey expressed frustration that “nothing in the No More Solyndras Act would preclude DOE from awarding any of 48 pending applications worth upwards of $62 billion that are currently in due diligence, nor the two nuclear projects worth $10.3 billion DOE has already conditionally approved.” “I encourage you to further examine the No More Solyndras Act in order to determine whether the legislation actually lives up to either its name or its stated goal,” Markey wrote in a letter to several organizations. “I additionally would welcome your organization’s input regarding amendments that impose real constraints on the DOE’s authority to award further loan guarantees to companies whose projects or finances indicate a potential taxpayer exposure far greater than that of Solyndra.” The Solar Energy Industries Association (SEIA) was also disappointed with the committee’s passage of the bill, and said Congress should have made improvements to the loan-guarantee program rather than end it. “Both Congress and the administration identified ways to improve the Department of Energy loan-guarantee program to ensure that taxpayer dollars are protected and used wisely,” SEIA said in a statement. “Unfortunately, the bill passed by the committee today disregards the significant economic and energy policy benefits associated with the program. “We must improve and preserve the integrity of the DOE loan-guarantee program rather than hinder our nation’s ability to develop innovative energy infrastructure projects,” SEIA added. The legislation now moves to the full U.S. House of Representatives for further consideration. More details on the No More Solyndras Act can be found here. |
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Comments
 | bobbmoe | Reply |
| 03 Aug : 09:24 | ||
House Energy And Commerce Committee Passes 'No More Solyndras Act' I fully understand the desire to prevent another Solyndra fiasco and to protect taxpayers money. I applaud the effort to try and 'protect' us from failure. However, if this type of legislative enactment protects me, who protects us from the oil companies and their massive profits while renewable energy now doesn't even get thrown a bone? the rich will continue to suck us dry while a source of renewable energy continues to get wasted from sunrise to sunset each day. Pass something that makes sense and get on board with something that has been available instead of something that was created by an evolutionary event that will eventually be gone. When gas hits $25.00 a gallon then you'll probably act. By that time the 1% (eventually 0.5%) will have all the money and we'll be destined to be at the mercy of foolish legislation that protected the oil interests and let the developers of solar energy slip into darkness. I would rather pay for some failure now and move forward to a brighter future with renewable energy. Take you heads out of you a.... er sand and look beyond the right now and protect our future. | ||
| NOBAMA | Reply |
| 03 Aug : 09:28 | ||
House Energy And Commerce Committee Passes 'No More Solyndras Act' The Democrats still don't get it. Thankfully the Republicans are taking positive action to protect my tax money. I drive by the two vacant Solyndra buildings every work day - the unchecked spending by Democrats in California and Washington DC is a disgrace to the tax paying public. | ||
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| Muir Woods | Reply |
| 06 Aug : 12:38 | ||
House Energy And Commerce Committee Passes 'No More Solyndras Act' So let's see, "No More Solyndras" because the government can't pick winners. Fair enough, but VC's hope for 1 in 10 winners and a few breakeven deals. That suggests the private sector gets it wrong over half the time but we expect the government to never miss even though they finance the "moon shots" that are too risky for the VCs. BTW, the VCs make money with a 60% failure rate, and our DOD has produced some pretty amazing military hardware with similar troubles. And the DOE spent hundreds of millions on fracking before it became the commercial success that is lining the pockets of congress up one aisle and down the other. But, No More Solyndras! God forbid America should actually succeed at something. Better not to try. Sixteen tons and whaddaya get Another day older and deeper into debt St Peter don't you call me 'cause I can't go I owe my soul to the company store.[/i] | ||
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