FAA explains rules for flying candidates

Business Jet Traveler » August 2008
Friday, August 1, 2008 - 5:00am

The FAA has responded to a query about the Honest Leadership and Open Government Act of 2007, which changed the law with respect to what candidates for federal
election must pay when traveling on noncommercial aircraft. The act requires presidential, vice presidential and senatorial candidates to reimburse the aircraft provider at the fair market charter rate, while House of Representatives candidates are prohibited from traveling on a non-Part 135 aircraft unless they are operated by the federal or a state government or owned by the candidate or immediate family members. However, current Federal Election Commission (FEC) regulations regarding reimbursement are inconsistent with the act, leaving operators uncertain about whether they can accept reimbursement. In its written response, the agency said Part 91 operators can accept reimbursement based on the act while FEC regulations are being revised.

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Quote/Unquote

““CEOs go to their vacation homes just after companies report favorable news, and CEOs return to headquarters right before subsequent news is released. More good news is released when CEOs are back at work, and CEOs appear not to leave headquarters at all if a firm has adverse news to disclose. When CEOs are away from the office, stock prices behave quietly with sharply lower volatility. Volatility increases immediately when CEOs return to work.” —David Yermack, a New York University finance professor, whose recently released study shows a correlation between when CEOs take their private jets on vacation and movements in their companies’ stock price ”

-David Yermack