A congressional investigative committee on Wednesday grilled officials from two agencies that backed a $535-million loan package to failed Northern California solar panel manufacturer Solyndra.
Republicans on the House Energy and Commerce Committee's Subcommittee on Oversight and Investigations said they want to know why the Energy Department approved the Solyndra loans in 2009 and then restructured the loan this February despite evidence that the company was struggling financially.
Solyndra, which was hailed by President Obama in 2010 as an innovative company that would use stimulus money to create jobs and lead the economic recovery, laid off most of its 1,100 workers Aug. 31 and announced it would cease operations. The company filed for Chapter 11 bankruptcy Sept. 6.
Two days later, agents with the FBI and Energy Department's inspector general served a search warrant at Solyndra's Fremont headquarters. The company's failure and the criminal investigation have raised questions about the administration's decision to pour billions of dollars into clean-energy programs.
Rep. Cliff Stearns (R-Fla.), the subcommittee's chairman, pressed Energy Department loans director Jonathan Silver on Wednesday to explain how the agency could approve more than half a billion dollars in loans despite questions about the company's financial health.
He also cited internal emails that he said show White House officials appeared to be pressuring Energy Department and the Office of Management and Budget to speed up approval of the Solyndra loans.
"You should have protected the taxpayers and made some forceful actions here," Stearns said.
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