Tags: Government | Loans | Renewable | Energy

House GOP Seeks End to Govt Loans for Renewable Energy

Tuesday, 10 Jul 2012 04:24 PM

By Newsmax Wires

House Republicans introduced a bill Tuesday to close the Department of Energy’s (DOE’s) troubled loan guarantee program for green energy projects.

The bill is called the “No More Solyndras Act,” after the solar panel maker that received a $535 million loan guarantee in 2009 and collapsed in 2009. The legislation would forbid the DOE from granting loan guarantees for any applications received after last Dec. 31, The Hill reports.

And the bill would tighten the rules for existing applications. The department currently is authorized to issue $34 billion worth of loan guarantees, according to the bill.

It’s sponsored by House Energy and Commerce Committee Chairman Fred Upton, R-Mich., and Rep. Cliff Stearns, R-Fla., who led the committee's Solyndra investigation. The committee is holding a hearing on the bill Thursday.

Stearns said Monday evening that he wants a floor vote on the measure before Congress begins its August recess. “Our ‘No More Solyndras Act’ will ensure taxpayers are no longer vulnerable to the Obama administration’s game of crony capitalism,” he said in a statement Tuesday.

The plan may run into opposition from congressmen who want it reformed rather than dropped, such as Alaska Sen. Lisa Murkowski, the ranking Republican on the Senate Energy and Natural Resources Committee.

Republicans are upset with the Solyndra debacle as well as the recent failure of Abound Solar, another company that received a DOE loan guarantee. Other DOE-backed companies have faced problems too, proving that Obama’s green energy policy is a loser, Republicans say.




© 2015 Newsmax. All rights reserved.

Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Lawmakers Submit Bill to Renew Export-Import Bank

Wednesday, 28 Jan 2015 17:48 PM

A group of U.S. Republican lawmakers introduced a bill on Wednesday to extend the term of the U.S. export credit agency  . . .

Sarah Palin: Media 'Herd Mentality' Behind Criticism of Speech

Wednesday, 28 Jan 2015 17:02 PM

Former Alaska Gov. Sarah Palin brushed of criticism of her speech at Saturday's Iowa Freedom Summit, saying the crowd cl . . .

GOP Wouldn't Mind Seeing a Warren-Clinton Brawl in 2016

Wednesday, 28 Jan 2015 15:42 PM

Some Republicans are secretly hoping that Massachusetts Sen. Elizabeth Warren decides to challenge Hillary Clinton for t . . .

Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved