Republicans on the House Energy and Commerce Committee are calling on the Department of Energy's (DOE) Office of Green Technology Lending to halt lending amid the huge success of lame-duck loans.
Republican Reps. Cathy McMorris Rogers (Washington State), Jeff Duncan (South Carolina), and H. Morgan Griffiths (Virginia) sent a letter to DOE Loan Program Office (LPO) Director Jigar Shah. It called on LPOs to stop issuing new conditional commitments, loans and loan guarantees. The end of the Biden administration. The LPO, which supports emerging green technology companies that may struggle to obtain private sector financing, has significantly accelerated lending in recent months, and the firm said reportedly They are desperately trying to secure about $25 billion worth of funding by the time President-elect Donald Trump takes office in January 2025.
“On Election Day, the American people rejected the Biden-Harris Administration's fast-track climate policy,” the lawmakers said in a letter to Shah. “To respect the will of voters and promote an orderly transition of power, we urge the Biden-Harris administration to end its campaign to expedite the distribution of federal funds before the inauguration of the next administration. We urge the United States to suspend the issuance of additional conditional commitments, loans, and loan guarantees during the final weeks of this administration. (Related: 'A very bad view': Republican senator slams major energy sector lender for ties to green energy trade group)
LPO letter by nick pope On Scribd
The LPO has completed eight loans in the past two months or so, and since Election Day, the LPO has pledged four loans totaling $19.3 billion with conditions, the lawmakers wrote. Notably, DOE's Office of Inspector General (OIG) released a report in November that identified several potential risks to taxpayers in LPOs. Among them are concerns that the department is neglecting it in its rush to raise funds. To conduct appropriate due diligence on loan recipients.
On Tuesday, LPO closed a $303.5 million financing package for battery company Eos to cover the cost of up to four automated production lines at its factory outside Pittsburgh. According to Go to Politico. D.O.E. maintain This special loan will “create up to 1,000 high-quality union jobs.”
LPO was active during the Obama administration and provided a $535 million loan package to Solyndra, an environmental company that went bankrupt two years later. The office wasn't particularly busy during the Trump administration, but the Biden administration and Congress are revitalized. hundreds of billions Invest large amounts of dollars in LPOs for distribution to green technology companies.
“The Biden-Harris administration's last-minute spending is aimed at solidifying their ideological agenda ahead of President-elect Trump's inauguration, at the expense of everyday consumers,” said Consumers Union Executive Director. OH Skinner said. Statement regarding recent activities of Eos Loans and LPOs. “Consumers have made it clear that they don’t want more expensive, less capable products. But instead of listening to consumers, the Biden-Harris administration has made it clear that they don’t want more expensive, less capable products. Despite rapidly pouring hundreds of millions of dollars into the effort, the effort not only fails to meet consumer demand but also fails to deliver results despite relying entirely on government support to survive. Their promise to create new jobs for Americans.
The DOE did not immediately respond to a request for comment.
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