Since regaining control of the House of Representatives in 2011,
Republicans have closely probed the loss of $535 million in taxpayer
dollars on the failed green energy firm Solyndra. Now the man
who chaired most of the Congressional hearings tells us about the report
released by Republicans.
Rep. Cliff Stearns, R-Fla., chairs the House Energy and Commerce Subcommittee on Oversights and Investigations. Stearns details how taxpayers were supposed to be first in line to get their money back but private investors got their money back while taxpayers got nothing.
White House emails "indicated the people at Solyndra, and including the White House, thought the government could be a bank for Solyndra in case it ran into problems," Stearns told WND.
He also discusses what he sees as the problems
with the Energy Department's loan program that Stearns says tried to
pick winners and losers and failed miserably.
Moreover, Stearns says government should not be trying to artificially control the energy sector. The congressman contends that market forces should be allowed to dictate winners and losers and federal interference needs to be rooted out.
As a result, Stearns is sponsoring the "No More Solyndras
It would codify that taxpayers are always the first to be
reimbursed when a firm receiving taxpayer dollars goes bankrupt. But it
would also oversee the type of investments government makes and encourage a
market-oriented approach to the energy sector and beyond.