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Solyndra and the Doe Loan Guarantee Program

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Solyndra and the Doe Loan Guarantee Program SOLYNDRA AND THE DOE LOAN GUARANTEE PROGRAM HEARING BEFORE THE SUBCOMMITTEE ON OVERSIGHT AND INVESTIGATIONS OF THE COMMITTEE ON ENERGY AND COMMERCE HOUSE OF REPRESENTATIVES ONE HUNDRED TWELFTH CONGRESS FIRST SESSION SEPTEMBER 14, 2011 Serial No. 112–84 ( Printed for the use of the Committee on Energy and Commerce energycommerce.house.gov U.S. GOVERNMENT PRINTING OFFICE 74–404 PDF WASHINGTON : 2013 For sale by the Superintendent of Documents, U.S. Government Printing Office Internet: bookstore.gpo.gov Phone: toll free (866) 512–1800; DC area (202) 512–1800 Fax: (202) 512–2104 Mail: Stop IDCC, Washington, DC 20402–0001 VerDate Aug 31 2005 12:35 Jun 10, 2013 Jkt 037690 PO 00000 Frm 00001 Fmt 5011 Sfmt 5011 C:\PROGRA~1\WS_FTP\74404.TXT WAYNE COMMITTEE ON ENERGY AND COMMERCE FRED UPTON, Michigan Chairman JOE BARTON, Texas HENRY A. WAXMAN, California Chairman Emeritus Ranking Member CLIFF STEARNS, Florida JOHN D. DINGELL, Michigan ED WHITFIELD, Kentucky Chairman Emeritus JOHN SHIMKUS, Illinois EDWARD J. MARKEY, Massachusetts JOSEPH R. PITTS, Pennsylvania EDOLPHUS TOWNS, New York MARY BONO MACK, California FRANK PALLONE, JR., New Jersey GREG WALDEN, Oregon BOBBY L. RUSH, Illinois LEE TERRY, Nebraska ANNA G. ESHOO, California MIKE ROGERS, Michigan ELIOT L. ENGEL, New York SUE WILKINS MYRICK, North Carolina GENE GREEN, Texas Vice Chairman DIANA DEGETTE, Colorado JOHN SULLIVAN, Oklahoma LOIS CAPPS, California TIM MURPHY, Pennsylvania MICHAEL F. DOYLE, Pennsylvania MICHAEL C. BURGESS, Texas JANICE D. SCHAKOWSKY, Illinois MARSHA BLACKBURN, Tennessee CHARLES A. GONZALEZ, Texas BRIAN P. BILBRAY, California JAY INSLEE, Washington CHARLES F. BASS, New Hampshire TAMMY BALDWIN, Wisconsin PHIL GINGREY, Georgia MIKE ROSS, Arkansas STEVE SCALISE, Louisiana JIM MATHESON, Utah ROBERT E. LATTA, Ohio G.K. BUTTERFIELD, North Carolina CATHY MCMORRIS RODGERS, Washington JOHN BARROW, Georgia GREGG HARPER, Mississippi DORIS O. MATSUI, California LEONARD LANCE, New Jersey DONNA M. CHRISTENSEN, Virgin Islands BILL CASSIDY, Louisiana KATHY CASTOR, Florida BRETT GUTHRIE, Kentucky PETE OLSON, Texas DAVID B. MCKINLEY, West Virginia CORY GARDNER, Colorado MIKE POMPEO, Kansas ADAM KINZINGER, Illinois H. MORGAN GRIFFITH, Virginia SUBCOMMITTEE ON OVERSIGHT AND INVESTIGATIONS CLIFF STEARNS, Florida Chairman LEE TERRY, Nebraska DIANA DEGETTE, Colorado SUE WILKINS MYRICK, North Carolina Ranking Member JOHN SULLIVAN, Oklahoma JANICE D. SCHAKOWSKY, Illinois TIM MURPHY, Pennsylvania MIKE ROSS, Arkansas MICHAEL C. BURGESS, Texas KATHY CASTOR, Florida MARSHA BLACKBURN, Tennessee EDWARD J. MARKEY, Massachusetts BRIAN P. BILBRAY, California GENE GREEN, Texas PHIL GINGREY, Georgia DONNA M. CHRISTENSEN, Virgin Islands STEVE SCALISE, Louisiana JOHN D. DINGELL, Michigan CORY GARDNER, Colorado HENRY A. WAXMAN, California (ex officio) H. MORGAN GRIFFITH, Virginia JOE BARTON, Texas FRED UPTON, Michigan (ex officio) (II) VerDate Aug 31 2005 12:35 Jun 10, 2013 Jkt 037690 PO 00000 Frm 00002 Fmt 0486 Sfmt 5904 C:\PROGRA~1\WS_FTP\74404.TXT WAYNE CONTENTS Page Hon. Cliff Stearns, a Representative in Congress from the State of Florida, opening statement ................................................................................................ 1 Prepared statement .......................................................................................... 4 Hon. Diana DeGette, a Representative in Congress from the State of Colo- rado, opening statement ...................................................................................... 6 Hon. Fred Upton, a Representative in Congress from the State of Michigan, opening statement ................................................................................................ 25 Prepared statement .......................................................................................... 27 Hon. Joe Barton, a Representative in Congress from the State of Texas, opening statement ................................................................................................ 29 Hon. Michael C. Burgess, a Representative in Congress from the State of Texas, opening statement .................................................................................... 29 Prepared statement .......................................................................................... 30 Hon. Henry A. Waxman, a Representative in Congress from the State of California, opening statement ............................................................................. 31 Hon. Marsha Blackburn, a Representative in Congress from the State of Tennessee, prepared statement .......................................................................... 153 WITNESSES Jonathan Silver, Executive Director, Loan Programs Office, Department of Energy ................................................................................................................... 33 Prepared statement .......................................................................................... 36 Answers to submitted questions ...................................................................... 167 Jeffrey D. Zients, Deputy Director for Management, Office of Management and Budget ........................................................................................................... 42 Prepared statement .......................................................................................... 44 Answers to submitted questions ...................................................................... 182 SUBMITTED MATERIAL Department of the Environment and Office of Management and Budget staff emails, dated January to August 2009, and OMB staff email, dated January 31, 2011, submitted by Ms. DeGette .................................................................. 8 Credit Committee Recommendation re: Solyndra Fab 2 LLC submission as of January 9, 2009, submitted by Ms. DeGette ................................................. 50 Article, ‘‘The Solar Hype Cycle: Don’t Let The Sun Go Down On Me,’’ dated August 4, 2008, by Mark Modzelewski for Xconomy.com, submitted by Mr. Pompeo ........................................................................................................... 94 Credit Committee Paper Request for Loan Guarantee Approval of Solyndra Fab 2, LLC, project, dated March 11, 2009, submitted by Ms. DeGette ......... 104 Majority supplemental memo, dated June 23, 2011, submitted by Mr. Stearns .................................................................................................................. 129 Majority slide presentation, submitted by Mr. Stearns ........................................ 154 (III) VerDate Aug 31 2005 12:35 Jun 10, 2013 Jkt 037690 PO 00000 Frm 00003 Fmt 5904 Sfmt 5904 C:\PROGRA~1\WS_FTP\74404.TXT WAYNE VerDate Aug 31 2005 12:35 Jun 10, 2013 Jkt 037690 PO 00000 Frm 00004 Fmt 5904 Sfmt 5904 C:\PROGRA~1\WS_FTP\74404.TXT WAYNE SOLYNDRA AND THE DOE LOAN GUARANTEE PROGRAM WEDNESDAY, SEPTEMBER 14, 2011 HOUSE OF REPRESENTATIVES, SUBCOMMITTEE ON OVERSIGHT AND INVESTIGATIONS, COMMITTEE ON ENERGY AND COMMERCE, Washington, DC. The subcommittee met, pursuant to call, at 9:35 a.m., in room 2123 of the Rayburn House Office Building, Hon. Cliff Stearns (chairman of the subcommittee) presiding. Members present: Representatives Stearns, Terry, Sullivan, Mur- phy, Burgess, Blackburn, Myrick, Bilbray, Gingrey, Scalise, Gard- ner, Griffith, Barton, Upton (ex officio), Pompeo, DeGette, Schakowsky, Markey, Green, Christensen, Dingell, and Waxman (ex officio). Staff present: Carl Anderson, Counsel, Oversight; Gary Andres, Staff Director; Sean Bonyun, Deputy Communications Director; Karen Christian, Deputy Chief Counsel, Oversight/Investigations; Todd Harrison, Chief Counsel, Oversight/Investigations; Carly McWilliams, Legislative Clerk; Andrew Powaleny, Deputy Press Secretary; Krista Rosenthall, Counsel to Chairman Emeritus; Alan Slobodin, Deputy Chief Counsel, Oversight; John Stone, Counsel, Oversight/Investigations; Kristen Amerling, Minority Chief Counsel and Staff Director, Oversight; Phil Barnett, Minority Staff Director; Brian Cohen, Minority Senior Policy and Staff Director, Investiga- tions; Karen Lightfoot, Minority Communications Director; Eliza- beth Letter, Minority Press Assistant; Alvin Banks, Minority Inves- tigator; Matthew Siegler, Minority Counsel; Stacia Cardille, Minor- ity Counsel; and Anne Tindall, Minority Counsel. OPENING STATEMENT OF HON. CLIFF STEARNS, A REP- RESENTATIVE IN CONGRESS FROM THE STATE OF FLORIDA Mr. STEARNS. Good morning, everybody. We convene this impor- tant hearing of the Subcommittee on Oversight and Investigations to examine the involvement of the Department of Energy and the White House Office of Management and Budget in the review, ap- proval, and subsequent restructuring of the $535 million loan guar- antee to Solyndra. The Obama administration has repeatedly touted its green en- ergy plan as the savior for our faltering economy. Solyndra was the first loan guarantee issued by the Obama administration using stimulus dollars. Administration officials held out the company as a shining example of how the stimulus was creating jobs and invig- orating the economy. However, just after 2 years of receiving this (1) VerDate Aug 31 2005 12:35 Jun 10, 2013 Jkt 037690 PO 00000 Frm 00005 Fmt 6633 Sfmt 6633 C:\PROGRA~1\WS_FTP\74404.TXT WAYNE 2 half-of-a-billion-dollar loan guarantee, and 6 months after DOE re- structured the terms of the deal, Solyndra has closed its door, laid off over a thousand employees, and filed for bankruptcy.
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