Today the House Energy and Commerce Committee passed the so-called “No More Solyndras Act.” While the bill includes some taxpayer protections, it does not go far enough to ensure the Department of Energy (DOE) Loan Guarantee Program does not lose more on defaulted loans that carry much higher price tags than defaulted solar panel manufacturer, Solyndra. As currently drafted, the bill leaves $34 billion in loan guarantees on the table for projects ranging from coal and nuclear to biofuels and solar. Because these projects were vetted through the same flawed process as Solyndra, this bill could easily lead to billions in defaulted projects. Hence, it should really be titled the “More Solyndras Act.”

The vote, while largely party-line, did have a few departures. Reps. Matheson (D-UT), Barrow (D-GA) and Ross (D-AR) joined Republicans in supporting the bill and Reps. Bass (R-NH) and Bilbray (R-CA) joined Democrats in opposing the bill.

During the mark-up, an amendment to fully terminate the program was offered but it failed 3-39. Those voting in favor were Reps. Pompeo (R-KS), Burgess (R-TX) and Scalise (R-LA). Additional amendments were offered by Rep. Markey aimed at keeping the United States Enrichment Corporation (USEC) from getting a loan guarantee. The first would have prohibited companies that have received a delisting notice from the New York Stock Exchange from obtaining a loan guarantee and the second would have prevented companies that have had more than $535 million in cost overruns or net losses from being awarded a loan guarantee. Both would have prevented USEC from receiving a loan guarantee. Under the bill, USEC is still able to receive its $2 billion loan guarantee from DOE.

The bill’s next step will be the House floor when Congress returns from their summer recess.