PRESS RELEASES

No More Solyndras

STEARNS’ “NO MORE SOLYNDRAS” ACT APPROVED IN COMMITTEE

 

STEARNS ALSO RELEASES REPORT ON SOLYNDRA INVESTIGATION


Click to see Fox News coverage of Stearns’ “No More Solyndras” Act



AUGUST 2, 2012 – “Due to my investigation of Solyndra, the firm has become a symbol of President Obama’s crony capitalism and why the White House should not be picking winners and losers in the marketplace,” said Rep. Cliff Stearns (R-FL), Chairman of the House Energy and Commerce Committee’s Subcommittee on Oversight and Investigations.  “Through this investigation, we uncovered that the Solyndra loan was rushed to closing by the White House for political reasons.  This failure to adequately review the risks of this loan guarantee has resulted in a loss of $535 million for American taxpayers.  The White House also illegally subordinated the taxpayers to two hedge firms during the restructuring of the Solyndra loan. ”

The Energy & Commerce Committee approved Stearns’ “No More Solyndras” Act, which now goes to the House floor for approval.  Stearns’ legislation will effectively end the loan guarantee program that funded Solyndra, increase oversight and accountability on any outstanding loan guarantees, and prohibit the subordination of taxpayers to other financing.”

In addition to moving the “No more Solyndras” Act forward, the Energy and Commerce Committee also released a comprehensive report on Stearns’ investigation of Solyndra.  The report states:

Link to the report and supporting documents


Paid for by Friends of Cliff Stearns, Copyright 2012