UNITED STATES CONGRESSMAN GARY MILLER Proudly Serving California's 31st District

Washington, Sep 14, 2012 -

Click here for entire Capitol Connection Newsletter  In 2009, the Obama Administration’s so-called stimulus law increased funding for an energy loan guarantee program within the Department of Energy (DOE). It was through this program that Solyndra was able to secure a $535 million federal loan guarantee, despite serious concerns in the Administration about the company’s long-term viability. These concerns were well-founded as the solar panel company filed for bankruptcy and was raided by the FBI in September 2011. Unfortunately, in early 2011 the Administration restructured Solyndra’s loan, putting private investors in front of taxpayers for repayment. H.R. 6213, the No More Solyndras Act was introduced to phase out the flawed program that enabled the Solyndra boondoggle. Specifically, the bill would prohibit the Department from issuing any loan guarantees for applications submitted for the loan program after December 31, 2011. Applications submitted prior to that date may still be considered, however H.R. 6213 would prohibit any loan guarantee from being made until the Treasury Secretary submits a recommendation in writing to the Department of Energy on the merits of the guarantee. While Congressman Miller would like to see an immediate end to the loan guarantee program, he supported the No More Solyndras Act to further the goal of ending the flawed program.