NewsBlaze search box Daily News header

Legislation to Repeal Risky Stimulus Loans Approved In Committee

By  

California 4th District Congressman, Tom McClintock's Taxpayer Protection Legislation to Repeal Risky Stimulus Loans has been approved by The House Natural Resources Committee.

The target for this new legislation is part of the 2009 Stimulus Act.

McClintock's legislation is H.R. 2915, titled the American Taxpayer and Western Area Power Administration Customer Protection Act of 2011. McClintock proposes repeal of the 2009 Stimulus Act's new $3.25 billion Western Area Power Administration (WAPA) loan authority, including the taxpayer bailout provision for failed renewable energy transmission projects.

"Recent events make it clear that billions of dollars of taxpayer funds have been placed in jeopardy to support companies that obviously lack the merit to attract private investments." - Congressman McClintock.

Congressman McClintock says taxpayers are footing the bill for billions of dollars handed out to unviable companies. He thinks that some of the companies have relied on political connections with government officials to access taxpayer funds.

McClintock wants the energy industry to raise its own capital through its own merit rather than to perpetuate what he calls the "crony capitalism that is now running rampant through this government."

The legislation in H.R. 2915 specifically aims to repeal Section 301 of the Hoover Power Plant Act of 1984. That section was amended by the Stimulus Act to create the new borrowing authority. H.R. 2915 does not apply to projects already approved before September 15, 2011.

The next step for this legislation is a vote in the House of Representatives.

  Please leave a comment here     If it does not display within 10 seconds, please refresh the page

Related Top Stories News

Rishi of Khrish Trading Brings Caribbean style of Netherlands' Curacao to downtown LA fashion district. Exclusive interview with the fashion designer and import/export entrepreneur.
The Assam State Disaster Management Authority (ASDMA) said in its report that a total of 5,76,537 persons in 1,071 villages in 19 districts are affected by the flood.
Katia Vaz, as seen on the hit show Dancing With the Stars, opens up the doors of her private dance school in Hollywood to very special VIPs.
The reason for this change in the dalue of devaluation is the greater integration of countries like China into the world economy.
According to Secretary Kerry, in 2014, at least 329 humanitarian aid workers around the world were victims of major attacks, more than 100 were kidnapped, scores were wounded, and 120 died in the service of millions of people in need.
Philip Kapneck celebrates 40 successful years as Maryland Trade Ambassador. Governor Marvin Mandel first appointed Philip Kapneck to the post in 1974.

 

NewsBlaze Writers Of The Month


Popular Stories This Month

newsletter logo

NewsBlaze
Copyright © 2004-2015 NewsBlaze Pty. Ltd.
Use of this website is subject to our Terms of Service and Privacy Policy  | DMCA Notice               Press Room   |    Visit NewsBlaze Mobile Site