Staff Reports
In a classic case of ‘move fast and break things,’ the Biden administration is pushing through loan approvals at a breakneck pace, leaving a wake of warnings about fraud, waste, and abuse in its approach to taxpayer dollars. The Department of Energy’s inspector general has flagged this rush to allocate funds, calling it a “significant risk,” akin to throwing cash into the wind and hoping it lands responsibly.
With a whopping $385 billion in loans resulting from the Inflation Reduction Act and the Infrastructure and Investment Jobs Act, the Department of Energy’s Loan Programs Office seems more interested in handing out money than ensuring an effective oversight system is in place. Apparently, the agency’s idea of regulatory compliance involves more of a nod-and-a-wink strategy. According to the inspector general, they’re administering these loans without a solid plan to manage conflicts of interest—because who needs checks and balances when the objective is to get money out the door?
Energy Department watchdog warns rushed loan approvals under Biden creates risk of fraud and abuse https://t.co/jucn93oIqg
— John Solomon (@jsolomonReports) December 23, 2024
The report reveals that the LPO has been busy with a flurry of loan approvals, recently closing seven loans totaling $5.9 billion in just two months. For those keeping score, this is quite a jump from the previous 27 months, where they closed five loans for $6.5 billion—talk about cranking up the cash machine! Two of these loans were approved post-election, further stoking suspicions that the administration is keen on closing deals before any rational oversight can occur.
To sprinkle some salt on the wound, Project Veritas recently unveiled an undercover video featuring an EPA employee. In this blockbuster reveal, the employee candidly discusses the mad dash to release as much funding as possible before a potential regime change could put the brakes on the money train. Apparently, this administration’s strategy resembles a toddler at a candy shop—grab as much as you can before the adults figure out what’s happening.
Any rational American would hesitate to trust an organization managing risky projects that couldn’t secure funding from “traditional sources” like banks. If a financial institution thinks a project looks too shaky to support, perhaps it’s time for the government to reconsider throwing taxpayer dollars at it. Yet here we are, watching as the Biden administration skips through a field of “green energy” dreams, disregarding the old adage that if it sounds too good to be true, it probably is.
