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Senator: 'Obama's Energy Policy Has Been a Win-Win for China'

In response to news that China-based investor Wanxiang Group Corp would be investing in the federally back A123 battery company, Senator John Thune said, “President Obama's energy policy has been a win-win for China and a lose-lose for the American taxpayer.”

The South Dakota senator's statement continued, "“The president borrowed money from China to pay for his $800 billion stimulus bill, and then gambled these funds away on now-bankrupt green energy ventures. Now we learn that a Chinese company has bought one of these companies for pennies on the dollar. In the end, the taxpayers will be left having to repay interest to China for a business that a Chinese company now owns. Given the important national security interests at stake, we expect a full review of the bankruptcy transaction by the Treasury Department.”

Senator Chuck Grassley of Iowa also weighed in with a prepared statement. “Shortly before the election, this administration told the American people that A123’s government-financed technology would stay in the United States,” he said. “This assurance turned out to be false. Now, we need to find out why the administration said this, what classified technology will be at risk, and whether the more than $100 million in taxpayer money given to A123 will end up in Wanxiang’s pockets. The review process at the Treasury Department is the last hope for ensuring some regard for U.S. interests. I look forward to a decision.”

Both senators are Republicans.

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