Oversight Committee Chairman Issa Statement on Release of Energy Department Loan Review Report

February 10, 2012

Report finds flawed process, department ill-equipped to assess risk, lack of guidelines and reliance on ad-hoc process

(WASHINGTON)—Oversight and Government Reform Committee Chairman Darrell Issa (R-CA) today released the following statement regarding the publication of a report critical of the Department of Energy’s handling of green energy loans:

“The findings of today’s report are startling. The Obama Administration has acted as if Solyndra was a fluke, but the reality is—as this report concludes—the entire process was flawed. Most concerning is the revelation that the Secretary of Energy was not adequately informed about loan performance and risk while his department was ill-equipped to assess that risk. The report also noted that the Department did not have clear guidelines for granting loans and relied on an ad-hoc decision-making process.

“Billions of taxpayer dollars were—and remain—in jeopardy because of President Obama’s green energy gamble, while private capital has been pushed aside by government money and markets disrupted by government intervention.

“This report underscores the importance of our Committee’s and Congressional investigations into Department of Energy and Obama Administration agencies to shed light on a process that has been shielded from the scrutiny of the very public who are underwriting the risk.”

Click here for a copy of the Committee’s most recent letter to Secretary Chu.

Other Energy Department loan letters below:

• Click here for a copy of the letter to the Energy Department about Beacon Power’s CCC+ rating.

• Click here for a copy of the letter to the Energy Department about Nevada Geothermal’s questionable loan guarantee backfilling previous company debt.

• Click here for a copy of the letter to the Energy Department about the equal footing credit terms for multiple companies granted DOE loans.

• Click here for a copy of the letter to the Energy Department regarding a loan to Severstal, which has since been revoked.

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