OBAMA ADMINISTRATION AND DEPARTMENT OF ENERGY CONTINUE TO STALL INVESTIGATION INTO SOLYNDRA AND ENTIRE DOE LOAN GUARANTEE PROGRAM

WASHINGTON, JAN 30, 2012 – “The investigation into the Solyndra loan guarantee and the loss of $535 million in taxpayer funds brought up fundamental questions over the integrity of the entire loan program at the Department of Energy (DOE),” said Rep. Cliff Stearns (R-FL), Chairman of the House Energy and Commerce Committee’s Subcommittee on Oversight and Investigations.  “In September and in October, the Committee asked DOE to provide information on the Section 1705 loans to examine the health of the portfolio and how DOE has mitigated the risks to taxpayers presented by these loan guarantees.  Although Beacon Power, another loan guarantee recipient, has gone bankrupt since we requested this material, the DOE has failed to provide the bulk of this information.”

Stearns today requested that Herb Allison, the individual President Obama appointed on October 28, 2011 to study the entire DOE loan guarantee program, share the information he has developed from his investigation using taxpayer funds.  The letter to Allison states, “It is our hope that we can work collaboratively, given the Committee’s extensive investigation of the 1705 loan guarantee program to date.”   Rep. Fred Upton (R-MI), Chairman of the Energy and Commerce Committee, joined Stearns in sending the letter.

Added Stearns, “Although the White House and DOE are not providing the documents needed for this investigation, I hope that Mr. Allison will cooperate with us in determining the risks these loans pose to the American taxpayer.”