HOUSE TO MARK UP AVIATION ASSISTANCE LEGISLATION
The U.S. House Aviation Subcommittee will mark up legislation Thursday, which provides assistance to general aviation firms for direct financial losses resulting from the temporary U.S. ban on flights after the Sept. 11 terrorist attacks.
The General Aviation Industry Reparations Act of 2001, H.R. 3347, authorizes $5 billion in loan guarantees to the airline industry. It gives priority consideration to companies based on the length of time they had been unable to operate.
The Stabilization Board created to manage the airline loan guarantees will also oversee the loan guarantees under this bill. Aviation firms will be required to document their losses, which will be subject to an audit.
The legislation also makes general aviation firms eligible for war risk insurance.