DOE MADE QUESTIONABLE LOAN GUARANTEES INCLUDING TO THE TROUBLED SOLYNDRA COMPANY

Washington, Jun 23 - "As the subcommittee's investigation into the U.S. Department of Energy's (DOE's) use of stimulus funds continues, including a $535-million loan guarantee to the financially troubled Solyndra, Inc., we have learned that the Office of Management and Budget (OMB) played an important role in this loan program," said Rep. Cliff Stearns (R-FL), Chairman of the House Energy and Commerce Committee's Subcommittee on Oversight and Investigations. "We also learned that OMB staff had raised concerns over some of these loans. The subcommittee is seeking certain documents to further its inquiry, but OMB is delaying and frustrating this investigation. It is not OMB's role to decide what documents we can have or how this investigation is conducted."

Stearns is holding a hearing entitled "OMB's Role in the DOE Loan Guarantee Process." The hearing will be held on Friday, June 24, 2011, at 9:30 AM in Room 2123RHOB. Jeffrey Zients, Deputy Director of OMB, has been asked to testify.