White House Chief of Staff Bill Daley has ordered an independent review of Department of Energy loan guarantees in wake of the Solyndra scandal.
According the Obama administration, "Daley is directing that an independent analysis be conducted to evaluate the state of the Department of Energy loan portfolio and make recommendations to the Administration about how to improve the loan monitoring process. This review will focus on the current state of the loan portfolio and improvements to the monitoring program.”
Daley said, “And while we continue to take steps to make sure the United States remains competitive in the 21st century energy economy, we must also ensure that we are strong stewards of taxpayer dollars.”
Congress has been investigating the now-bankrupt California solar company amid revelations that federal officials offered continued support despite warnings that it was ailing financially.
The House Energy and Commerce Committee could vote next week to subpoena White House records related to the loan.
Former Treasury official Herb Allison has been tapped by Daley to conduct the review. Allison will conduct a 60-day audit of DOE's loan portfolio. Following the 60-day review, Allison will issue a public report to the administration.