House Committee Approves $30 Million For Title XI Guarantees

The House Committee on Appropriations approved a bill that would provide $30 million for Title XI loan guarantees in Fiscal Year 2002, the highest level of Title XI funding reported out of the House Committee since its Fiscal Year 1998 Appropriations bill.

"We're pleased that the Committee has provided $30 million in loan guarantees to fund this vital program," said Allen Walker, president of the Shipbuilders' Council of America. "But that level will only guarantee a small fraction of the $5 billion in projects pending Title XI approval."

The bill, which also includes $4 million for administering the program, is expected to be considered on the House floor next week. If approved, the funding provided by the House Committee will be a major victory for supporters of the Title XI program, particularly since the Administration's Fiscal Year 2002 budget request eliminated Title XI funding.