Congressman Fred Upton tells us that a House subcommittee has signed off on a bill that's designed to prevent more government loans to companies like Solyndra. That was a solar energy firm that went bankrupt after getting hundreds of millions in federal loans, and Upton's Energy and Commerce Committee has been investigating. He says that, this week, the Oversight and Investigations Subcommittee voted 14 to six to phase out the Department of Energy's loan guarantee program, and begin setting up a new program that would require more congressional oversight and Treasury Department insight into future loans:
Upton says that the No More Solyndras Act would ensure that taxpayer money isn't wasted on failed business ventures. It's expected to be considered by the full Energy and Commerce Committee soon, and Upton's aiming to get it before the full House in September.
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Upton says that the No More Solyndras Act would ensure that taxpayer money isn't wasted on failed business ventures. It's expected to be considered by the full Energy and Commerce Committee soon, and Upton's aiming to get it before the full House in September.
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