Cliff Stearns: “And my colleagues, later today, we will begin debate on the rule for H.R. 6213, the No More Solyndras Act, which, along…”

“And my colleagues, later today, we will begin debate on the rule for H.R. 6213, the No More Solyndras Act, which, along with my chairman, Fred Upton of Michigan, I am proud to sponsor. This legislation is a culmination of an intensive and thorough 18-month investigation by the Subcommittee on Oversight and Investigations, which I chair, and will fix the problems we have uncovered. Specifically, the No More Solyndras Act will phase out the Department of Energy's grossly mismanaged loan guarantee program by prohibiting DOE from issuing any loan guarantees for applications submitted after December 31, 2011, and it will provide taxpayers strong, new protection for any pending participants in this program. {time} 1050 The bill provides greater loan guarantee transparency by requiring the DOE to report to Congress on the decisionmaking process, and, of course, the details of the loan. The bill also prohibits DOE from restructuring the terms of any guarantee and forbids the subordination of United States taxpayers' dollars at any time to private investors and holds the Department of Energy officials accountable for their actions by imposing penalties by failing to follow this law. As many of you know, Solyndra was the first recipient of a DOE loan guarantee from title XVII of the Energy Policy Act of 2005 and, frankly, was the poster child for President Obama's stimulus-driven green economy.…”