Washington (CNN) - The White House is ordering an outside review of all loans the Department of Energy made to clean energy companies. This comes in the wake of the decision to offer federal loan guarantees to the now-bankrupt solar company Solyndra.
In all, the White House will review loans that total $35.9 billion.
The review, ordered by White House Chief of Staff Bill Daley, is due in sixty days - right around Christmas. It will be run by Herb Allison, who has served in both Republican and Democratic administrations. In the Bush administration he was appointed to run Fannie Mae when it was placed into conservatorship.
Earlier in the Obama Administration he was confirmed by the Senate to oversee the TARP Program. According to an administration official, Allison’s report will be released to the public and will take on three issues: evaluate the status of companies that received loans, recommend ways to manage those loans, and set up a method for the Department of Energy to identify signs of trouble emerging at these companies before they might reach bankruptcy.
In a statement, White House Chief of Staff Bill Daley said, “The President is committed to investing in clean energy…we must also ensure that we are strong stewards of taxpayer dollars.”
Allison released a statement saying, “This Administration clearly recognizes the challenges and opportunities that coexist with these programs. My goal is to assess the current financial state of the portfolio and to ensure effective monitoring and management of the loan portfolio going forward.”
This news comes the same day Rep. Cliff Stearns, chair of the House Energy and Commerce Committee, announced his intention to seek subpoenas of all internal White House communications regarding the Solyndra loan. In an earlier letter to the Committee the White House Counsel said they had already turned over 900 pages of White House documents and do not plan to turn over other internal White House documents. Additionally, the administration says they’ve given the committee 70,000 pages from three agencies and are prepared to cooperate further with investigators.