Push Made In Senate For $100M In Title XI Funding

Wednesday, May 09, 2001
A bipartisan group of 38 Senators have written to Senators Judd Gregg and Ernest Hollings, chairman and ranking member, respectively, of the Appropriations Committee's Subcommittee on Commerce, Justice, State and the Judiciary, requesting $100 million for the Title XI maritime loan guarantee program in Fiscal Year 2002. The Senators noted that "far from an unnecessary corporate subsidy, but rather a stabilizing force to the defense industrial base as it has grappled with major defense reductions over the past decade. Beyond its importance to the shipbuilding industry, Title XI has generated roughly $150 million in revenue from fees charged to Title XI applicants since 1993." "It is incomprehensible that anyone could define a program as a subsidy when the program generates more direct revenues to the U.S. Treasury than it expends," added Cynthia Brown, president of the American Shipbuilding Association. "For the past nine years … the U.S. Navy has procured only six ships per year on average … Commercial work, generated through Title XI Loan Guarantees, has been instrumental in sustaining the Nation's defense shipbuilding industrial base." Signatories to the letter, sponsored by Majority Leader Trent Lott, include: 10 members of the Senate Appropriations Committee, including one half (five) of Chairman Gregg's subcommittee; the Chairman and Ranking Member of the authorizing subcommittee, the Surface Transportation and Merchant Marine subcommittee of the Senate Commerce, Science and Transportation Committee; and, the Chairman of the Senate Armed Services Committee.
Maritime Reporter September 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Legal

Court Dismisses Boating Industry’s Challenge to EPA Misfueling Rule

The National Marine Manufacturers Association (NMMA) said it is disappointed with the U.S. Court of Appeals decision released on Tuesday, October 21, 2014 for the D.

Lavrov: No need for NATO in the Arctic

During the open lecture on Russia’s foreign policy, Foreign Minister Sergei Lavrov stated that he could see no need for NATO presence in the Arctic. ‘From time to time,

ITIC Measures against Ebola

The International Transport Intermediaries Club (ITIC) has issued the following general advice related to the outbreak of Ebola. Vessels that have recently

Bulk Carrier Trends

Cargill: 50,000T of Sugar Affected by Brazil Fire

Approximately 50,000 tonnes of sugar were stored in a warehouse affected by fire in the Teag terminal in Brazil on Monday, Cargill Inc said in a statement. The terminal,

Simushir Under Tow by Barbara Foss

Foss Maritime's ocean-going tug, the Barbara Foss, is towing the Russian cargo vessel, Simushir, which lost power late Thursday night off the west coast of Haida Gwaii.

Vancouver Welcomes Bulker on Her Maiden Voyage

The Port of Vancouver USA welcomed the M/V Jobst Oldendorff, commanded by Capt. Baisie of Ghana, on her maiden voyage October 16. Capt. Baisie and his 21-member

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Navigation Ship Electronics Ship Repair Ship Simulators Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1115 sec (9 req/sec)