Tags: Solyndra | Watchdog | Critical | Loan Review

Solyndra Watchdog Critical Of WH Loan Review

Saturday, 29 Oct 2011 02:38 PM

By Gary Cohen

House Oversight and Investigations Subcommittee Chairman, Rep. Cliff Stearns, R-Fla., is criticizing a White House review of the Energy Department's loan program triggered by the Solyndra debacle, as reported in The Hill.

white house loan reviewIn a statement on his congressional website, Stearn said, "In early October, when asked about the DOE loan guarantee responsible for Solyndra, President Obama casually stated, 'The nature of these programs are going to be ones which, you know, for every success there may be one that does not work out well.' With billions of dollars at stake, taxpayers cannot afford more Solyndras."

"Finally, officials at the White House are acknowledging that the program responsible for Solyndra may not have been the jobs program that was promised to the American people.

"This 60-day review would have been more sensible before billions of dollars in loans were rushed out the door in the program's final hours on September 30," his statement goes on.

Stearns also emphasizes, "We remain hopeful the administration's call to review the loan guarantee program will be different from previous internal reviews - like the regulatory and line-by-line reviews that the Oversight and Investigations subcommittee revealed as being merely PR campaigns without any real results."

Stearns is the tip of the Republican Party spear looking into the $535 million DOE loan guarantee to California-based Solyndra in 2009. Solyndra went bankrupt in September.

Stearns' office says his subcommittee is preparing to conduct a business meeting on Thursday to consider a resolution authorizing the issuance of a subpoena for internal White House communications relating to the Solyndra loan guarantee.

White House Chief of Staff Bill Daley said yesterday in announcing the review that "the president is committed to investing in clean energy because he understands that the jobs developing and manufacturing these technologies will either be created here or in other countries.

"And while we continue to take steps to make sure the United States remains competitive in the 21st century energy economy, we must also ensure that we are strong stewards of taxpayer dollars."

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