Hearing On Wednesday To Debate Removal Of Ban On BizJet
Ownership
As it
turns out, rumors of the death of anti-bizjet language in the
Troubled Asset Relief Program reform bill were somewhat
exaggerated. However, several Congressional lawmakers remain
optimistic that stipulation will be gone when the full bill goes to
vote later this week.
Kansas Congressman Todd Tiahrt (right) has introduced an
amendment to the TARP Reform and Accountability Act of 2009, which
if passed would nullify a controversial measure introduced by
Massachusetts Representative Barney Frank on Friday.
As ANN reported, Frank's proviso would
"require divestment of private aircraft or leases" by companies
receiving federal bailout assistance.
The Wichita Eagle reports the office of Kansas Senator Sam
Brownback jumped the gun Tuesday afternoon, issuing a statement
stating the language had been removed. That wasn't entirely
accurate; rather, the House Committee on Rules will hear debate on
the matter Wednesday, with a final vote expected Thursday or
Friday.
Kansas Representative Dennis Moore told the Eagle he's working
with Frank to strike the language from the bill, in exchange for
stronger oversight measures to hold executives of beleaguered
companies accountable for how they use the TARP funds... measures
that were curiously lacking when initial bailout aid was given to a
number of banks and other financial institutions last year.
The three lawmakers -- who represent a state
with significant interests in the aviation industry -- have
argued the language of Frank's bill would result in the loss of
tens of thousands of jobs tied to the manufacture and support of
corporate aircraft.
Ed Bolen, president of the National Business Aviation
Association, noted last week Frank's bill "could devastate the
small businesses that fuel and service general aviation airplanes,
further harm the manufacturers who are already laying off workers
and slowing assembly lines, and take away a tool from companies
that need general aviation airplanes to operate to and from the
thousands of US communities that have little or no scheduled
airline service."
Congressman Moore says he's heard Frank has since removed the
specific language against business jets from the TARP bill, though
automakers would still be banned from operating large fleets of
corporate aircraft.
Frank's bill was the latest sign of anti-BizAv sentiment
festering among lawmakers on Capitol Hill, in the wake of fallout
stemming from the circumstances surrounding
the disasterous first appearance by the CEOs of the Detroit
3 automakers before Congress late last year... in
which they each flew in corporate jets from Detriot to Washington
to ask for bailout assistance.