Political Quotes

“Mr. Chairman, since 2009, the Department of Energy has used title 17, and specifically 1705--section 1705--to create a government-run venture capital firm using taxpayers' hard-earned funds. Unfortunately, in this zero-sum game being played and led by this administration, American taxpayers have continually ended up on the short end of the stick as we have watched companies like Solyndra, Beacon Power, and others lose hundreds of millions of taxpayer dollars. Through section 1705, DOE has closed transactions that guarantee approximately $16.15 billion of loans for renewable-energy projects through a policy of acceleration implemented by Secretary Chu. With 82 percent of all funding within section 1705 going to solar projects, it appears that even in the field of renewable energy this administration has a very aggressive policy of picking winners and losers. Throughout the program, there have been countless red flags raised by career DOE staff about the financial viability of firms looking for taxpayer funding, as was the case with Solyndra. Many of us have been around solar power for years. We have watched it go through many stages of development; And while many of these companies have great ideas, they are just not ready for prime time. The high level of frustration with the loan guarantee program is not only being felt by taxpayers, but by companies who have also tried to go through the loan guarantee process.…”