House-Senate Conference Agrees on $33 Million For Title XI Loan Guarantees
The House and the Senate have agreed to include $33 million for Title XI loan guarantees in Fiscal Year 2002 in the commerce, Justice, State and the Judiciary Appropriations conference report.The conference report filed on November 9, which also includes some $3.9 million for administering the program, is expected to be approved by the House and Senate this week. In addition to Title XI, the appropriations conference report funds State and Justice department programs, including the immigrations and border controls, the Federal Bureau of Investigation, embassy security, and diplomatic and consular affairs.
The Title XI funds provided in the conference report, coupled with the $7 million in carry-over funds still available from fiscal year 2001, will help to finance some $800 millionin vessel construction and shipyard modernization projects, creating thousands of American jobs and stimulating economic development throughout the United States.