Financial Reform Bill Passage commended by ATA.
Press Release Summary:
ATA applauded U.S. Senate and leadership of Arkansas Senator Blanche Lincoln for passing "Restoring American Financial Stability Act of 2010," legislation which will stop speculation on Wall Street. James C. May, ATA President and CEO, called the passage "an enormous step forward in stopping Wall Street's manipulation of energy prices." If provisions are retained in conference, legislation will help lower fuel costs for all Americans and let supply and demand dictate energy prices.
Original Press Release:
ATA Applauds Senate Passage of Financial Reform Bill, Commends Sen. Lincoln's Leadership in Protecting Aggressive Derivatives Reform
WASHINGTON - The Air Transport Association of America (ATA), the industry trade organization for the leading U.S. airlines, today applauded the U.S. Senate, and the strong leadership of Arkansas Sen. Blanche Lincoln, for new legislation to stop rampant speculation on Wall Street by passing the "Restoring American Financial Stability Act of 2010."
"Today, Americans can claim a victory in the long, arduous and ongoing battle to reform financial market activity," said ATA President and CEO James C. May. "Through the leadership of Agriculture Committee Chairman Blanche Lincoln and the relentless outreach by advocates for transparency in oil markets, including the aviation community, its coalitions, CMOC1 and hundreds of thousands of concerned citizens, the Senate passed the bill and rejected amendments that would have weakened speculation reform. This is an enormous step forward in stopping Wall Street's manipulation of energy prices.
"As Congress works to reconcile the legislation with the House-passed bill in a conference committee, ATA will remain focused on ensuring that the greed of Wall Street does not neuter the bill and cede ground gained during this hard-fought battle," said May. "Our goal is to defend and retain the robust and aggressive provisions in the derivatives title of the Senate bill."
If the strong provisions championed by Sen. Lincoln are retained in conference, the legislation will help lower fuel costs for all Americans and let supply and demand - not Wall Street banks - dictate energy prices. "Energy consumers, including airlines, who are among the largest end users of fuel, along with other coalitions, have exposed Wall Street speculators, pushed the issue of oil speculation into the national limelight and convinced Congress to pass speculation reform in both the House and the Senate," said May. "By continuing to press our elected officials in Washington, we can put excessive and unchecked speculators out of business once and for all."
Annually, commercial aviation helps drive more than $1 trillion in U.S. economic activity and nearly 11 million U.S. jobs. On a daily basis, U.S. airlines operate nearly 25,000 flights in 80 countries, using more than 6,000 aircraft to carry an average of two million passengers and 50,000 tons of cargo.
ATA airline members and their affiliates transport more than 90 percent of all U.S. airline passenger and cargo traffic. For additional industry information, visit www.airlines.org. To learn more about oil speculation and its effects on the American economy, please visit www.StopOilSpeculationNow.com.
1 Commodity Markets Oversight Coalition
