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LEGISLATION TRACKER
Terminate loan guarantees for speculative alternative technology ventures like Solyndra

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BACKGROUND INFORMATION: SAVES AT LEAST $380 MILLION OVER TEN YEARS
The Energy Policy Act of 2005 established a program at the Department of Energy to provide federal loan guarantees to private "clean energy" companies developing commercial uses of innovative "green" technologies. The program was intended to be self-financing, with full costs charged to the borrowers. President Obama expanded the program in the 2009 stimulus law, and weakened protections in the law that protected taxpayers from exposure in the case of losses. Since the expansion of the program, questions have been raised about political influence in the awarding of loan guarantees under the program. More importantly, at least three companies which received Title XVII loans have defaulted on the loans, including the solar panel manufacturer Solyndra, whose loan guarantees left taxpayers holding the bag for $535 million in losses. Terminating the program would prevent the proceeds of loan repayments from being re-used to finance further loan guarantees, protecting taxpayers from further losses on questionable ventures, and saving $38 million in annual costs to administer the program.

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