Continental Airlines Welcomes Senate Appropriations Committee Vote Blocking Foreign Control of U.S. Airlines
WASHINGTON, -- Continental Airlines (NYSE:CAL) today released the following statement from Jeff Smisek, president of the company, in response to the Senate Appropriations Committee vote on the Transportation, Treasury, Housing and Urban Development Appropriations bill for FY 2007:
"Continental welcomes the Senate Appropriations Committee's action to block the Department of Transportation from implementing its flawed rulemaking on foreign control of U.S. airlines.
"Today the Senate Appropriations Committee voted three to one to prohibit the Department of Transportation from using appropriated funds to finalize or implement its proposed rulemaking on foreign control, just as the House did, voting two to one, in June.
"Both the Senate and the House have expressed strong bipartisan opposition to DOT's rulemaking proposal, which would unlawfully give foreign investors the right to control U.S. airlines. The message has never been clearer that Congress will stop the Department of Transportation from implementing its foreign control rulemaking."
The next step IMHO will be for the EC to direct their 'offending' member states to tear up their open skies agreements with the US, as they are not in compliance with EU law. Should be an interesting decade before we get this sorted. Ironic that Bermuda II won't be one of these, because it was ratified before the EU had jurisdiction.
I still don't understand why the US simply cannot agree to reduce (or eliminate) their ownership and control rules. (and please don't flame me with 'National Security issues', the US moves so many troops around that any company - US or non-US would be happy with the business). This IS free enterprise, isn't it. P.S. this would actually mean more jobs, rather than fewer too.
[Edited 2006-07-23 18:59:12]