Republican House Representatives passed "No More Solyndras Act "
Republicans on Friday pushed a bill through the House phasing out federal loan guarantee program for green industries such as solar energy. The loan guarantee program falls under the Energy Policy Act of 2005 that was passed partly with the intention of promoting a revival of nuclear energy. President Obama has supported the development of innovative clean energy technologies. He has also supported nuclear and natural gas production. The Fremont, California based company, Solyndra LLC, was the first renewable energy company to receive a federal loan guarantee under the stimulus. The company failed financial woes in the face of Chinese competition. The Energy Department successfully supported projects such the world's largest wind farms in Oregon, a large solar generation project in California and a major photovoltaic solar power plant in Arizona. These projects have been saving nearly 300 million gallons of gasoline a year. The problem with this bill is that we are n...