The U.S. House of Representatives will vote this Friday on legislation that would phase out the U.S. Department of Energy's loan-guarantee program.
The bill, dubbed the ‘No More Solyndras Act,’ was introduced by Reps. Fred Upton, R-Mich., and Cliff Stearns, R-Fla., in July and was passed by the House Energy and Commerce Committee last month by a vote of 29-19.
The legislation would forbid the DOE from issuing a loan guarantee for any application received after Dec. 31, 2011. Pending applications that were submitted before that date would remain active, but companies would have to meet a host of criteria in order to receive a loan guarantee.
The committee approved the legislation after adopting amendments from Reps. Mike Pompeo, R-Kan., and Tim Murphy, R-Pa., that require the U.S. Government Accountability Office to complete a study of U.S. and foreign subsidies in energy markets.
The committee also adopted an amendment offered by Stearns to reaffirm the prohibition of subordination and an amendment from Rep. Michael C. Burgess, R-Texas, to increase penalties for senior federal employees and federal appointees who violate any requirements of the Title XVII loan-guarantee program.
