Air Transport Association voices support for HR 6604 bill.
Press Release Summary:
According to ATA President and CEO, James C. May, HR 6604 bill to amend Commodities and Exchange Act is a good first step to limit excessive speculation. ATA strongly supports firm position limits for energy commodities in over-the-counter market. OTC position limits in this bill are discretionary, but should be mandatory.
Original Press Release:
Air Transport Association Voices Industry Support for HR 6604
WASHINGTON, July 30, 2008 - The Air Transport Association of America (ATA), the industry trade organization for the U.S. airlines, today issued the following statement regarding HR 6604:
"The bill being considered by the House today, HR 6604 to amend the Commodities and Exchange Act, is a good first step to limit excessive speculation. However, more needs to be done," said ATA President and CEO James C. May. "ATA strongly supports firm position limits for energy commodities in the over-the-counter (OTC) market. The OTC position limits in this bill are discretionary, but should be mandatory. However, given the urgent need for Congress to act before the August vacation, we support this first step in order to get to a conference committee in which the bill could be strengthened to include firm position limits and increased domestic production."
ATA airline members and their affiliates transport more than 90 percent of all U.S. airline passenger and cargo traffic. For additional information about the industry, visit www.airlines.org. To tell your member of Congress that you demand action now to stop excessive oil speculation, visit www.StopOilSpeculationNow.com.
CONTACT:
Elizabeth Merida
202-626-4205
Victoria Day
202-626-4141
