Airplane Ban Stripped From Bailout Bill

By: Associated Press
By: Associated Press
To join the conversation on this story and others, "like" our KKTV 11 News Facebook page!

WASHINGTON (AP) -- Executives of banks that benefit from the federal bailout will get to fly their company jets after all.

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.

(Copyright 2009 by The Associated Press. All Rights Reserved.)

KKTV firmly believes in freedom of speech for all and we are happy to provide this forum for the community to share opinions and facts. We ask that commenters keep it clean, keep it truthful, stay on topic and be responsible. Comments left here do not necessarily represent the viewpoint of KKTV 11 News.

If you believe that any of the comments on our site are inappropriate or offensive, please tell us by clicking “Report Abuse” and answering the questions that follow. We will review any reported comments promptly.

powered by Disqus
KKTV 520 E. Colorado Colorado Springs, CO 80903 Office: (719) 634-2844 Fax: (719) 632-0808 News Fax: (719) 634-3741
Copyright © 2002-2016 - Designed by Gray Digital Media - Powered by Clickability 37543069 -
Gray Television, Inc.