Clerk session vote number: 583
Description: No More Solyndras Act
Bill summary: No More Solyndras Act - (Sec. 3) Prohibits the Secretary of Energy (DOE) from issuing any new loan guarantee of an innovative energy project under title XVII (Incentives for Innovative Technologies) of the Energy Policy Act of 2005 for any application submitted to DOE after December 31, 2011.
Prohibits a loan guarantee for any application pending before that date until the Secretary of the Treasury furnishes, within 30 days after receiving the guarantee proposal from DOE, a written analysis of
the its financial terms and conditions. Requires DOE, before making such a guarantee, to take the written analysis into consideration.
Requires DOE also, if it makes a guarantee inconsistent with that written analysis, to give certain congressional committees, within 30 days after making the guarantee, a written explanation of any material inconsistencies.
Requires DOE, within 60 days after making a loan guarantee on a pending application, to report to specified congressional committees on: (1) the review and decisionmaking process used in making the guarantee; (2) the terms of the guarantee; and (3) the recipient, the technology, and project for which the loan guarantee will be used.
(Sec. 4) Directs the Secretary to consult with the Secretary of the Treasury regarding any restructuring of the terms and conditions of an innovative energy project loan guarantee, including any deviations from the financial terms of the guarantee.
(Sec. 5) Revises the condition on the loan guarantee that the obligation shall not be subordinate to any other financing for the project. Prohibits likewise subordination to other financing of any reorganization, restructuring, or termination of the obligation.
(Sec. 6) Subjects to certain administrative actions and civil penalties any federal official responsible for the issuance of an innovative energy project loan guarantee in violation of either the requirements of this Act or of title XVII of the Energy Policy Act of 2005. Specifies such sanctions as: (1) administrative discipline including, when circumstances warrant, suspension from duty without pay or removal from office; and (2) personal liability for a civil penalty of between $10,000 and $50,000 for each violation.
(Sec. 7) Directs the Comptroller General to study federal subsidies in energy markets from FY2003-FY2012, with particular focus upon subsidies supporting: (1) electricity production, transmission, and consumption; (2) transportation fuels and infrastructure; (3) energy-related research and development; and (4) facilities that manufacture energy-related components.
Requires the report to Congress on such study to identify and quantify: (1) costs to the U.S. Treasury; (2) impacts on U.S. energy security, electricity and transportation fuel prices, and private energy-related industries not benefitting from federal subsidies in energy markets; (3) federal subsidies in energy markets provided to foreign persons or corporations; and (4) subsidies and direct financial interest any of the 15 foreign countries with the largest gross domestic product (GDP) are providing to support energy markets in their respective countries.
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Bill titles: To limit further taxpayer exposure from the loan guarantee program established under title XVII of the Energy Policy Act of 2005.
Links for more info on the vote: congress.gov