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Sat, Jan 10, 2009

GAMA Weighs In On TARP Reform Bill

Says House Proposal Would Eliminate Jobs In GA

On Friday the House Financial Services Committee released a proposal to reauthorize the Troubled Assets Relief Program (TARP) that includes a business aircraft divestiture provision similar to the provision that was included in the auto bailout bill proposed in December.

That doesn't sit well with the General Aviation Manufacturers Association... which fears the current anathema against business aviation will hit manufacturers of both large and small aircraft.

"Targeting our industry is an unacceptable and counterproductive response to our nation’s economic situation," said Pete Bunce, GAMA’s president and CEO. "If passed, this provision will have an adverse impact on our industry and jeopardize high-paying manufacturing jobs. A decision like this would be completely inappropriate at a time when general aviation manufacturers are already suffering from a weak economy. The last thing we need is for Congress to pursue an effort that will ultimately weaken an important domestic manufacturing industry."

GAMA notes that general aviation contributes more than $150 billion to the US economy annually and employs more than 1,265,000 people.

In 2007, US general aviation airplane manufacturers delivered over 3,279 airplanes to customers in the United States and abroad. The total value of these aircraft was close to $11.9B of which 38.4 percent were exported. The general aviation industry is one of the few remaining industries that maintain a positive trade balance for the United States.

FMI: www.gama.aero

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