WASHINGTON (AP) _ Bank executives will get to fly their company
jets after all.
House legislation initially had barred financial institutions that get assistance through the $700 billion Troubled Asset Relief Program from owning or leasing private aircraft.
But Kansas is one of the nation's centers of aircraft manufacturing. And Kansas lawmakers complained that the provision could reduce aircraft orders, cost jobs, and damage the industry's image.
Democratic Congressmen Dennis Moore sent a letter Monday to the bill's author, House Financial Services Committee Chairman Barney Frank. And Republican Congressman Todd Tiahrt advised Monday that he would seek an amendment to have the provision removed.
Frank decided Tuesday to lift the jet ban from the bill.
(Copyright 2009 by The Associated Press. All Rights Reserved.)