On Capitol Hill, Energy Secretary Steven Chu appeared before a congressional panel on Thursday to face questioning on the Obama administration’s bailout of the failed solar energy firm Solyndra. The White House has faced scrutiny following the disclosure it rush to approve a $535 million loan guarantee to the firm despite warnings it had not been properly vetted. Solyndra went bankrupt despite the aid, laying off about a thousand workers. Opponents have accused Obama of rewarding a wealthy donor with ties to Solyndra for his financial backing. In his testimony, Chu said political considerations played no role in the Solyndra loan.
Energy Secretary Steven Chu: “The loan guarantee to Solyndra was subject to proper, rigorous scrutiny and healthy debate during every phase of the process. As the Secretary of Energy, the final decisions on Solyndra were mine, and I made them with the best interests of the taxpayer in mind. And I want to be clear: over the course of Solyndra’s loan guarantee, I did not make any decision based on political considerations. My decision to guarantee a loan to Solyndra was based on the analysis of professional—experienced professionals and on the strength of the information they had available to them at the time.”
Democrats have accused Republicans of over-blowing the Solyndra controversy in order to taint efforts toward a green economy. Democratic Rep. Henry Waxman of California said, “It is time for the Republicans to stop dancing on Solyndra’s grave and get serious about energy policy.”