Energy Department officials announced they’re giving a new jolt to the controversial loan guarantee program that became a political football following the 2011 bankruptcy of one of its beneficiaries, the Solyndra solar panel maker.
As one of an array of green initiatives under new Secretary Ernest Moniz, Energy is reviving the program — launched in 2005 but expired since coming under attack by congressional Republicans — with a broadened focus to help the oil and gas industries producer cleaner energy. As reported first by The New York Times, Peter Davidson, executive director of Energy’s loan department, said, “We have a real problem, and that’s ‘How do we get new technology to market?’ We partner with industry developers and entrepreneurs to demonstrate a new technology at the industrial scale or utility scale,” before handing the funding over to private investors, he said.
Energy is earmarking $8 billion from $50 billion in appropriated funds it still controls. Officials have emphasized that the losses from the loan program amount to only 3 percent of the loan guarantee portfolio, but lawmakers continue their skepticism, citing the $535 million Solyndra was given and $168 million given to the unsuccessful electric car company Fisker Automotive, whose loan the department auctioned this week.
“The Obama administration has gotten into the business of picking winners and losers at a significant cost to taxpayers,” said Sen. John Thune, R-S.D., in a statement calling for an end to Energy’s related Advanced Technology Vehicles Manufacturing loan program. “From Fisker and Vehicle Production Group, to the Chinese-owned A123 [green battery manufacturer], this administration should not be making questionable investments with the American people’s hard-earned money.”
Senate Energy and Natural Resources Committee Republican spokesman Robert Dillon said, “there is not a demand nor a need for this program — the government has gone out and sought companies.” He referred Government Executive to a report released in February by the committee’s ranking member, Sen. Lisa Murkowski, R-Alaska, that recommends an end to some of the loan programs and a broadening of another to “allow a wider range of vehicle technologies and projects to qualify.”
What We're Following See More »
After a lighthearted beginning, Donald Trump's appearance at the Al Smith charity dinner in New York "took a tough turn as the crowd repeatedly booed the GOP nominee for his sharp-edged jokes about his rival Hillary Clinton."
Evan McMullin came out on top in a Emerson College poll of Utah with 31% of the vote. Donald Trump came in second with 27%, while Hillary Clinton took third with 24%. Gary Johnson received 5% of the vote in the survey.
A new Quinnipiac University poll finds Hillary Clinton leading Donald Trump by seven percentage points, 47%-40%. Trump’s “lead among men and white voters all but” vanished from the university’s early October poll. A new PPRI/Brookings survey shows a much bigger lead, with Clinton up 51%-36%. And an IBD/TIPP poll leans the other way, showing a virtual dead heat, with Trump taking 41% of the vote to Clinton’s 40% in a four-way matchup.