Sunday, November 27, 2005
U.S. Government Accountability Office (GAO) Report on Byrd Amendment Exposes Flaws in Trade Law
One Company (Timken) and Its Subsidiaries Receive 40% of $1 Billion in Byrd Amendment Payouts
metalformingadvocate.com
the GAO concludes that more than $1 billion of Byrd funds have been disbursed to a small number of U.S. companies with "mixed effects," with one company, the Timken Company and its subsidiaries (The Torrington Company and MPB Corporation), receiving 40% of total disbursements, or $395 million — nearly equivalent to the total amount received by 731 other companies during FY2001 — FY2004.
Chairman Bill Thomas (R-CA) stated, "the GAO report provides objective analysis regarding the ineffective operation of the CDSOA and the extreme misuse of taxpayer dollars." Trade Subcommittee Chairman Clay Shaw also said that the CDSOA has created a "Millionaires" Club of very few corporations which receive tens to hundreds of millions of dollars." As Senator Chuck Grassley (R-IA) stated: "The CDSOA lines corporate coffers for a select few, and too many innocent companies and workers end up paying the tab. We need to end this unfair subsidization as soon as possible."
metalformingadvocate.com
the GAO concludes that more than $1 billion of Byrd funds have been disbursed to a small number of U.S. companies with "mixed effects," with one company, the Timken Company and its subsidiaries (The Torrington Company and MPB Corporation), receiving 40% of total disbursements, or $395 million — nearly equivalent to the total amount received by 731 other companies during FY2001 — FY2004.
Chairman Bill Thomas (R-CA) stated, "the GAO report provides objective analysis regarding the ineffective operation of the CDSOA and the extreme misuse of taxpayer dollars." Trade Subcommittee Chairman Clay Shaw also said that the CDSOA has created a "Millionaires" Club of very few corporations which receive tens to hundreds of millions of dollars." As Senator Chuck Grassley (R-IA) stated: "The CDSOA lines corporate coffers for a select few, and too many innocent companies and workers end up paying the tab. We need to end this unfair subsidization as soon as possible."
