Fox Business:

(The following story has been corrected to reflect that the Federal Financing Bank is an on-balance sheet bank whose activities are reported in the Department of Treasury’s financial statements. The story also inaccurately stated that the FFB provides a “backdoor government bailout” of the U.S. Postal Service. In fact, Congress provides the USPS with statutory authority to borrow up to $15 billion to finance its business operations, and the FFB lends money to the USPS pursuant to this longstanding authority. The Treasury Department was unavailable for comment prior to publishing of the story, but its subsequent responses have been included below.)

Sitting at the center of the Solyndra scandal is a little-known bank at the Treasury Department that dates back to 1973.

This government bank, the Federal Financing Bank [FFB], had a zero balance in 2008 for green energy projects, but now, with little Congressional oversight — the FFB’s oversight committees are the Senate Banking Committee and the House Ways and Means Committee, and once a year the FFB submits its performance plan to both committees — it is giving out billions of dollars in loans to White House pet projects often at dirt-cheap interest rates below 1%. In July alone, the government bank, which had $61 billion in assets, lent nearly three quarters of a billion dollars in taxpayer funds.

Read more at Fox Business…