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Title 17 Coalition Letter

Title 17 Coalition Letter

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Published by james_valvo

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Published by: james_valvo on Jun 05, 2012
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10/12/2013

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STOP
 
DOE
 
LOAN
 
GUARANTEE
 
PROGRAM
 
FROM
 
MORE
 
TAXPAYER
 
LOSSES
 
Support 
 
the
 
Kucinich
McClintock 
 
 Amendment 
 
June
 
5,
 
2012
 
Dear
 
Representative,
 
Together
 
we
 
urge
 
you
 
support
 
the
 
amendment
 
offered
 
by
 
Reps.
 
Kucinich
 
(D
OH)
 
and
 
McClintock
 
(R
CA)
 
amendment
 
to
 
stop
 
the
 
Department
 
of 
 
Energy
 
(DOE)
 
Loan
 
Guarantee
 
Program
 
from
 
issuing
 
any
 
new
 
loan
 
guarantees
 
in
 
FY
 
2013.
 
Created
 
in
 
Title
 
17
 
of 
 
the
 
2005
 
Energy
 
Policy
 
Act,
 
the
 
DOE
 
Loan
 
Guarantee
 
Program
 
has
 
received
 
increased
 
scrutiny
 
with
 
the
 
recent
 
default
 
of 
 
a
 
loan
 
guarantee
 
to
 
the
 
solar
 
start
up
 
company,
 
Solyndra.
 
Taxpayers
 
stand
 
to
 
lose
 
$500
 
million
 
on
 
the
 
failed
 
solar
 
project
 
and
 
billions
 
more
 
could
 
be
 
lost
 
if 
 
the
 
program
 
continues
 
in
 
its
 
current
 
form.
 
The
 
Government
 
Accountability
 
Office
 
(GAO),
 
the
 
DOE
 
Inspector
 
General,
 
and
 
many
 
others
 
have
 
been
 
critical
 
of 
 
the
 
existing
 
loan
 
guarantee
 
effort.
 
Recently
 
the
 
GAO
 
found
 
that
 
DOE
 
could
 
not
 
even
 
provide
 
comprehensive
 
information
 
on
 
the
 
current
 
loan
 
guarantee
 
applicants
 
and
 
commitments,
 
and
 
a
 
recent
 
review
 
commissioned
 
by
 
the
 
White
 
House
 
found
 
the
 
program
 
was
 
not
 
proactively
 
protecting
 
the
 
taxpayer
 
or
 
providing
 
for
 
a
 
reasonable
 
prospect
 
of 
 
repayment.
 
A
 
recent
 
audit
 
of 
 
the
 
Loan
 
Guarantee
 
Program
 
by
 
the
 
Office
 
of 
 
the
 
Inspector
 
General
 
found
 
that
 
the
 
program,
 
“could
 
not
 
always
 
readily
 
demonstrate…how
 
it
 
resolved
 
or
 
mitigated
 
relevant
 
risks
 
prior
 
to
 
granting
 
loan
 
guarantees.”
 
This
 
creates
 
serious
 
concern
 
for
 
taxpayers
 
that
 
the
 
financial
 
terms
 
of 
 
the
 
loans
 
are
 
not
 
being
 
 judiciously
 
decided.
 
Furthermore,
 
loan
 
guarantees
 
provided
 
under
 
Title
 
17
 
guarantee
 
100%
 
of 
 
a
 
loan
 
for
 
up
 
to
 
80%
 
of 
 
the
 
project
 
cost—leaving
 
taxpayers
 
to
 
shoulder
 
far
 
too
 
much
 
of 
 
the
 
project
 
risk.
 
Adding
 
insult
 
to
 
injury,
 
the
 
little
 
protection
 
taxpayers
 
did
 
have
 
in
 
the
 
event
 
of 
 
project
 
default
 
was
 
undermined
 
in
 
2009
 
when
 
DOE
 
weakened
 
the
 
original
 
statute.
 
With
 
hundreds
 
of 
 
billions
 
in
 
bailouts
 
already
 
on
 
the
 
shoulders
 
of 
 
US
 
taxpayers,
 
the
 
country
 
cannot
 
afford
 
to
 
continue
 
a
 
program
 
that
 
could
 
easily
 
become
 
a
 
black
 
hole
 
for
 
tens
 
of 
 
billions
 
in
 
new
 
defaults.
 
We
 
urge
 
you
 
to
 
support
 
the
 
Kucinich
McClintock
 
amendment
 
to
 
stop
 
new
 
loan
 
guarantees
 
from
 
the
 
troubled
 
DOE
 
Loan
 
Guarantee
 
Program!
 
Sincerely,
 
Taxpayers
 
for
 
Common
 
Sense
 
Action
 
National
 
Taxpayers
 
Union
 

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