Airplane ban stripped from bailout bill
WASHINGTON (AP) - January 13, 2009 House Financial Services Committee Chairman Barney Frank has
lifted the ban from proposed legislation.
Kansas lawmakers had complained that the restriction on use of
private jets by financial institutions receiving federal bailout
funds would cost the state jobs. Kansas is one of the nation's
centers of aircraft manufacturing, and Kansas lawmakers argued the
provision could reduce aircraft orders and damage the industry's
image.
Relinquishing the jets was part of a broader measure that
includes limits on executive compensation, the same type of limits
included in government loan agreements with automakers.
