Washington, D.C. – Congressman Randy Weber (R – Friendswood) introduced legislation prohibiting the Department of Energy from issuing new loan guarantees. After introducing H.R. 4035, DOE Loan Guarantee Program Repeal Act, Congressman Weber released the following statement:

"The Department of Energy is a research and development institution, not a venture capitalist. DOE’s controversial program to provide taxpayer-backed loan guarantees to private energy companies skews the market and stifles innovation. My bill will end this program, allowing DOE to prioritize the basic research it does best.

The American people will be better served when the federal government stops picking winners and losers. Market forces, not Washington, should direct the flow of private sector investments in innovative energy technology.”

###