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No need to panic yet TARPs aircraft removal plan failed

siucavflight

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http://www.avweb.com/avwebbiz/news/BusinessAviationBanDroppedFromTARP_199573-1.html



Business aviation groups are breathing a collective sigh of relief with the news late Tuesday that Congress has dropped a provision from a business assistance plan that would have required companies to get rid of their aircraft to qualify for relief. In a last-minute revision, Congress agreed to drop an amendment that would have required companies applying for help under the Troubled Assets Relief Program (TARP) to divest themselves of corporate aircraft. "Congress has clearly recognized that it is important to provide Americans with strong oversight of the federal dollars in the TARP program, but that the language addressing business aviation had the potential to fuel job losses for countless people in the general aviation community," said NBAA President and CEO Ed Bolen. "We thank Congress for recognizing the importance of general aviation to companies and communities across the country with the elimination of this onerous requirement from the TARP proposal."
Although NBAA, the General Aviation Manufacturers Association (GAMA) and other groups were lobbying furiously to get the language out of the bill, Bolen said it was members who made the difference by contacting their elected representatives directly. "NBAA has long said that efforts by the association in Washington are most effective if its members also reach out to Congress," Bolen told NBAA members in an e-mail message today. "Today's outcome shows that our members' direct participation can make a difference."
 

blzr

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This is a good start, but there is still one more wek till Obama gets into office, then we will see if this "stay of execution" continues for corporate aviation.
 

siucavflight

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gret, I read the link you posted and it seems like the language was stripped, companies other then the big three are allowed to keep their private aircraft.
 

gret

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I think it probably will be removed or modified.

I believe the point is that it has not been officially removed and they are holding hearings on the issue. Moore thinks he has Frank's ear and that it will be removed.

Let's hope that the Kansas pols didn't blow it. We should know today or tomorrow for sure.

Here is a portion of the actual announcement from the Senator-

"U.S. Senator Sam Brownback applauded the removal of a divestiture provision in the House Troubled Assets Relief Program legislation which would have negatively affected the general aviation industry. The House is expected to vote to remove the provision later this week."

It's confusing.
 

gret

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"WASHINGTON—U.S. Representative Todd Tiahrt (R-Goddard) today received confirmation that House Financial Services Chairman Barney Frank (D-MA) agreed to accept Tiahrt’s amendment language stripping the business jet divestiture provision from the TARP Reform and Accountability Act of 2009. Tiahrt’s amendment is being rolled into Chairman Frank’s manager’s amendment that is expected to be passed on the House floor Thursday."


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siucavflight

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Thanks gret, good news for us. For now!

As a side note I hope you all like my new avatar.
 
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