No More Solyndras Act would cost $1 million over four years, CBO says

Paul Sakuma/AP

A House Republican bill to tighten oversight of the Energy Department’s controversial loan guarantee program would impose “negligible” implementation costs of about $1 million over four years, the Congressional Budget Office has reported.

The No More Solyndras Act, (H.R. 6213), named for the solar panel manufacturing company that went bankrupt in August 2011 after eating up a $535 million loan under the guarantee program established at Energy in 2005, would reorganize the program to restrict eligibility for future guarantees to projects that submitted applications before Dec. 31, 2011.

The legislation would require the Treasury secretary to review those guarantees and oblige Energy to consult with the Treasury Department on any changes in the terms and conditions of a loan guarantee. The bill also would impose administrative sanctions and civil penalties of $10,000 to $50,000 on federal officials who violate the requirements of the program. It would direct the Government Accountability Office to prepare a comprehensive report on federal energy subsidies.

The bill was introduced July 26 by House Energy and Commerce Chairman Fred Upton, R-Mich., and cleared his committee Aug. 1.

CBO on Tuesday estimated that implementing the bill would cost about $1 million from 2013-2017, an amount it said would have “no significant impact on spending subject to appropriation.”

Correction: An earlier version of this story significantly overstated the amount of money Solyndra received from the loan program. It was about $535 million. 

Stay up-to-date with federal news alerts and analysis — Sign up for GovExec's email newsletters.
FROM OUR SPONSORS
JOIN THE DISCUSSION
Close [ x ] More from GovExec
 
 

Thank you for subscribing to newsletters from GovExec.com.
We think these reports might interest you:

  • Going Agile:Revolutionizing Federal Digital Services Delivery

    Here’s one indication that times have changed: Harriet Tubman is going to be the next face of the twenty dollar bill. Another sign of change? The way in which the federal government arrived at that decision.

    View
  • Cyber Risk Report: Cybercrime Trends from 2016

    In our first half 2016 cyber trends report, SurfWatch Labs threat intelligence analysts noted one key theme – the interconnected nature of cybercrime – and the second half of the year saw organizations continuing to struggle with that reality. The number of potential cyber threats, the pool of already compromised information, and the ease of finding increasingly sophisticated cybercriminal tools continued to snowball throughout the year.

    View
  • Featured Content from RSA Conference: Dissed by NIST

    Learn more about the latest draft of the U.S. National Institute of Standards and Technology guidance document on authentication and lifecycle management.

    View
  • GBC Issue Brief: The Future of 9-1-1

    A Look Into the Next Generation of Emergency Services

    View
  • GBC Survey Report: Securing the Perimeters

    A candid survey on cybersecurity in state and local governments

    View
  • The New IP: Moving Government Agencies Toward the Network of The Future

    Federal IT managers are looking to modernize legacy network infrastructures that are taxed by growing demands from mobile devices, video, vast amounts of data, and more. This issue brief discusses the federal government network landscape, as well as market, financial force drivers for network modernization.

    View
  • eBook: State & Local Cybersecurity

    CenturyLink is committed to helping state and local governments meet their cybersecurity challenges. Towards that end, CenturyLink commissioned a study from the Government Business Council that looked at the perceptions, attitudes and experiences of state and local leaders around the cybersecurity issue. The results were surprising in a number of ways. Learn more about their findings and the ways in which state and local governments can combat cybersecurity threats with this eBook.

    View

When you download a report, your information may be shared with the underwriters of that document.