AFTER NEARLY NINE MONTHS, WHITE HOUSE STILL HINDERING INVESTIGATION INTO LOAN GUARANTEE PROGRAM

WASHINGTON, NOV. 2, 2011 – “In conducting a review of the first loan guarantee provided by the Obama Administration under this program, which went to Solyndra, we discovered that inadequate due diligence was provided and that taxpayers were subordinated to outside commercial interests during the restructuring of the loan in violation of the Energy Policy Act of 2005,” said Rep. Cliff Stearns (R-FL), Chairman of the House Energy and Commerce Committee’s Oversight and Investigations Subcommittee.  “Throughout this investigation, now nearing nine months, the White House has failed to cooperate in this inquiry, hampering our effort to determine how $535 million in taxpayer funds were put at risk.  The documents we already have clearly show that the White House closely monitored the Solyndra loan guarantee, had contacts with Solyndra investors while the loan was under review, and joined in planning the Solyndra announcement and rushed the review by the Office of Management and Budget.  Taxpayers have a right to know how those contacts impacted the White House’s involvement in Solyndra.”

On Thursday, November 3, 2011, the Subcommittee on Oversight and Investigations will hold a business meeting in 2123 RHOB at 9:00 AM to consider a motion authorizing the issuance of a subpoena for White House documents related to the Solyndra loan guarantee.