Washington, D.C. – Today, U.S. Representative John D. Dingell released the following opening statement at the House Energy and Commerce Subcommittee on Oversight & Investigations hearing examining the Department of Energy’s loan guarantee program, focusing on a 2009 loan to Solyndra in light of the company’s recent bankruptcy announcement:

“As members of this subcommittee should know, I am a strong proponent of fighting government waste and corruption through vigorous oversight regardless of what Administration is in charge.  I agree that it is this Committee’s duty to ensure that the departments and agencies under our jurisdiction are complying fully and faithfully with the law.

“However, I hope the record of this proceeding will not show that this Committee is conducting a political witch hunt for the purpose of embarrassing this Administration, rather than fulfilling our duty to conduct honest and vigorous oversight over an agency that has abhorrently shirked their duties.

“Based on the testimony submitted to this subcommittee, the Department of Energy, under both the Bush and Obama Administrations, two administrations, one Republican and one Democratic, did their due diligence on vetting the Solyndra proposal. Through independent engineers, market consultants, legal counsel, and the Department of Energy’s Credit Committee, a conclusion was made that the Solyndra proposal was well prepared and worthy of support. I might add that this conclusion was reached as early as September 2008, before President Obama was elected to office.

“After this determination was made, the Department of Energy’s Credit Review Board developed a schedule for the Loan Program Office to complete its due diligence. Once again this schedule was developed before the Obama Administration took office and estimated that the loan could be issued during the spring of 2009. The Credit Review Board provided time for further market analysis and completion of a final draft of an independent engineer’s report. Once those reports were completed, the Loan Program Office continued on the schedule developed during the Bush Administration and issued a conditional loan commitment to Solyndra in March 2009.

“Based on the due diligence work from two administrations over a three year period, I don’t see how the charge could be made that this was in any way rushed through. The Loan Guarantee Office did the work it needed to in order to justify a loan guarantee, but unfortunately Solyndra couldn’t compete with their Chinese counterparts who shamelessly manipulate their currency, subsidize their industry as it competes with ours, and dreadfully underpay their workers.”

To view Congressman Dingell questioning Office of Management and Budget Deputy Director Jeffrey Zients and DOE Loan Programs Office Executive Director Jonathan Silver, click here.

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