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Rep. Cliff Stearns, (R-Fla.), on efforts to prevent government waste on federal loan guarantees for green energy companies
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Territory slow things go now.
Higher gas is gonna cost you a lot more here.
But there's another agreements already costing you -- the White House is green agenda and even -- solar companies are going -- the administration saying that its loan program.
Is not a failure.
Don't you agree that the loan.
Guarantee programs had a tough record.
Not quite to the contrary sir I think it's been okay and another enormous six and -- we have.
All right quite to the contrary at a -- Florida congressmen.
-- cliff Stearns not surprise in an apartment is standing by these days.
He's got a Dell decides -- future failures to congress -- good to have you I was amazed at that exchange tonight give you credit for trying to get to the bottom of it but where do we stand now.
Obviously there's good money after bad not only in so lender ironically but.
But in other cylinders and and other technologies that have yet to pay off -- anything at throttle down more bucks.
While you're right there cylinder laid off 2000 people and they went bankrupt -- course abounds is another.
Energy company that it's interesting deal that particular company one and 400 million.
And recently have Friday -- two or three months ago I complained about that company because from my AS estimation it was gonna go into bankruptcy so the department.
He did not give them the full 400 million they gave them about 65 million so.
Just by getting alerting the -- Department of Energy -- able to say 330 million.
But also energy one is another company went bankrupt and -- is another -- so you have four of these these companies have gone bankrupt and yet this man.
Mr.
-- yet acting secretary of the loan guarantee program for DOE says its enormous success.
Well is he looking at.
Everything I mean I you know these numbers but -- an idea -- but.
Normally you can cite the failures and say -- but ended the media it is with the presence of the other day -- and focusing on our successes.
-- semite I couldn't find them -- you know so so in my missing something is there a separate.
A series of spreadsheets or they just spreading machine.
-- -- They're saying that you know these things are bound to go bankrupt we always think it's possible.
But the problem is these are taxpayers' money and then if ineffective even allowed to go bankrupt.
The don't subordinate to outside -- just let the taxpayers get some money that money back when they go bankrupt.
And unfortunately they believe that all these loan guarantees should be subordinated.
And outside -- should be of the coming in and that's contrary to the energy policy act of 2000 -- -- if that was the case and outside forces should come -- that's coal.
-- -- us private capital a private capital decide that who comes in and who doesn't but it shouldn't be up to the government to decide.
You know who's in who's out and whether it's even have worked -- merit but I just -- SE the guys that is in the end.
Where do we stand with this if we're gonna throw good money after bad if we're gonna continue with -- technology has yet to be -- on the idea of being -- If we don't do what the Chinese well the Indians well.
Will be at a disadvantage is that argument resonating or now.
Now do you understand that China is importing coal you know which country they're importing it from the United States.
Only 2% of their energy development comes from alternative energies like wind turbines and solar panels.
Yet they subsidize.
Their solar panel industry at thirty billion a year.
And you know what they do with their product they sell at the United States and we buy it because it's cheaper from them than for us do that building.
And so it's a lender was really starting to sell their product for less than they manufactured the bottom line is.
This new bill that them mr.
Upton who's the chairman and -- the chairman of the oversight committee had.
We'll shut down the seventeen -- five loan guarantee program secondly we'll make sure that any further loan guarantees on any other program.
The department of treasury has to get notice from the DO we.
About the marketing the economic viability.
Of these particular loan guarantees and lastly we're gonna make sure that DOE cannot.
Subordinate taxpayers' money if taxpayers are going -- to pay and it goes into bankruptcy they should have first.
How they should be able to buy the resource is so they can salvage some of their investment.
And not let outside groups -- in particularly groups that are tied to the president is fund raising operation.
And bottlers to tonight we are doing -- We just don't want that to happen again.
Current congress and thank you very very much we'll watch closely good seeing it yet thank.
