The House Committee on Rules decided yesterday to sideline an amendment offered by Representative Tom McClintock (R-CA) to stop all new loan guarantees from embattled Department of Energy Loan Guarantee Program. The amendment would have been offered to the “No More Solyndras Act” that is scheduled for final vote on the House floor this Friday, September 14th.
Rep. McClintock’s amendment would have fixed a glaring loophole in the current “No More Solyndras” bill that allows dozens of projects in the pipeline to still receive loan guarantees. Some of these projects, like an $8 billion loan guarantee for a nuclear reactor project, would jeopardize 15 times more taxpayer dollars than Solyndra. Rep. McClintock’s fix would have prevented all future taxpayer losses from the program. But rather than have an open and transparent debate on the issue with the full House, the Rules Committee decided to circumvent the issue– avoiding a sticky debate between the bill’s supporters and fiscally conservative lawmakers that think the bill does not go far enough to protect taxpayers. Unfortunately silencing this important debate will only cost taxpayers billions in loan guarantee losses down the road.
To view the bill visit: H.R. 6213, No More Solyndras Act
To view the Rule for the bill's debate: Rule Information for H.R. 6213
Read more about the fatal flaws in the No More Solyndras Act:
Statement: TCS President on No More Solyndras Act (September 12, 2012)
The Even “More” Solyndras Act (September 7, 2012)
DOE Loan Guarantees: Overview, Risks, and More (September 1, 2012)