This morning, the House Energy and Commerce committee is holding a hearing on the U.S. Treasury Department’s involvement in the Obama administration decision to restructure the $535 million loan guarantee to solar panel manufacture Solyndra. The restructuring put private investors ahead of American taxpayers for repayment in the event that the company went bankrupt, as it happened last month.
Rep. Cliff Stearns, D-Fl., chairman of the panel’s oversight subcommittee, highlighted an email sent by a Treasury official to the White House Office of Management and Budget on August 2011, which sought more consultation from the Department of Energy.
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The official, assistant Treasury secretary Mary Miller, emailed: “since July of 2010, Treasury has asked DOE for briefing on Solyndra’s financial condition and any restructuring of terms. The only information we have received about this has been through OMB, as DOE has not responded to any reguests for information about Solyndra.
Stearns said, “I look forward to better understanding why the Department of Treasury felt so strongly about being consulted prior to the restructuring of the loan guarantee and whether they believe DOE violated the Energy Policy Act of 2005.”
