House passes No More Solyndras Act

WASHINGTON, D.C. — The U.S. House passed Friday the No More Solyndras Act, a bill aimed at limiting the Department of Energy's loan guarantee program that supported failed solar companies Solyndra and Loveland-based Abound Solar.

The measure, passed on a 245-161 vote, would bar the energy department from authorizing loan guarantees for applications received after 2011. The Department of Treasury would have to approve applications already under consideration.

Rep. Cory Gardner, R-Yuma, said that at town hall meetings throughout the 4th Congressional District, "people talked about responsibility ... of the federal government to watch how our dollars are being spent."

"The American people are tired of waste and abuse and fraud and that's exactly what happened here," he said on the House floor.

Democrats criticized the bill as hopeless, while others said it didn't go far enough.

Abound Solar Inc. received a $400 million loan guarantee, of which it drew down $70 million. In July, the company declared bankruptcy, leaving taxpayers with losses expected at $40 million to $60 million.

Despite passage in the House, the Senate likely won't consider the legislation.