Political Quotes

“Federal loan guarantee programs transfer the risk of the loans to the taxpayer, pure and simple. As with any government subsidy, they reduce market discipline of loan recipients. You are not worried if you are getting a loan because the taxpayers are going to pay it. You don't care whether you produce anything or not. The checkered past of the DOE's loan guarantee program demonstrates that it is not immune from these concerns. Among the most egregious examples of title 17 loan failures are Solyndra, Fisker Automotive, and A123 Systems. All three entities received hundreds of millions of dollars in loan guarantees, paid for by the taxpayer, before filing for bankruptcy and leaving the taxpayer holding the bag and getting nothing for it. To add insult to injury, A123 Systems and Fisker Automotive were purchased by Chinese companies for pennies on the dollar. The taxpayers paid, and China was enriched, meaning the CCP was the ultimate beneficiary. Madam Chair, this is crazy that we are even talking about this. What government supports another government that says that they are your enemy or that you are their enemy? China has said that we are their enemy. Yet, we are selling them, at pennies on the dollar, these taxpayer subsidized failures. It is outrageous. Madam Chair, the so-called Inflation Reduction Act provides for approximately $11.7 billion for the Loan Program Office to issue new loans.”