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Online Stock Market Trading A Senate committee, acting on a Missouri lawmaker's request, recently voted to block California from adopting tough new air pollution standards for garden equipment. The key rationale: A lawn mower engine manufacturer with two plants in Missouri warned that the measure would cost tens of thousands of jobs.

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Stock Investing Course But the company, Briggs & Stratton Corp., later told the Securities and Exchange Commission that it "does not believe" the proposed California rule "will have a material effect on its financial condition or results of operations" because the Golden State represents a relatively small percentage of the company's engine sales.

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Stock Market Game Some Senate Democrats and environmentalists now say Briggs & Stratton misled lawmakers and the public. If Congress approves the amendment, offered by Sen. Christopher S. Bond (R-Mo.), it would not only block the proposed California rule but also thwart efforts to further reduce health-threatening diesel emissions in virtually every other state, they say.

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Stock Investing Game Sen. Dianne Feinstein (D-Calif.) said yesterday she has asked the SEC to investigate whether Briggs & Stratton officials violated securities laws by issuing contradictory statements in a 10-K SEC filing and to the media and senators. She said she will oppose the amendment when the spending bill reaches the Senate floor later this month.

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Journal Prime Rate Street Wall "I think Briggs & Stratton's tactics are rather unsavory," Feinstein said in an interview. "They are either not telling the truth on their 10-K statement or they are not telling the truth to the American people, or specifically the Senate."

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Stock Market News Briggs & Stratton officials denied lying about the potential impact of the proposed California pollution regulation and said their statements to the SEC and the public were not contradictory.

Stock Investing Basics Thomas R. Savage, senior vice president of administration, said Briggs & Stratton never suggested that the California regulation would harm the company financially, only that the company would have to relocate some of its plants overseas to minimize the cost of retooling. Savage said his company did not raise the issue of job transfers or losses in its SEC filing because the subject was not germane to a discussion of the company's long-term financial health.

Stock Investing Software "We never said that we would lose money, and we never said that in our filing with the SEC," Savage said. "What we said [publicly] is this California action would have terrible effects on the employees."

Stock Market Trading Milwaukee-based Briggs & Stratton has lobbied Bond and other lawmakers to kill the regulation being drafted by the California Air Resources Board, designed to cut by half emissions from lawn care and agricultural equipment with small engines. Briggs & Stratton paid Washington lobbyists $180,000 during 2002 to work against the clean air proposal, according to disclosure forms.

Stock Investing For Dummy A spokesman said Bond decided to offer the amendment to the 2004 veterans and housing spending bill out of concern for the 2,000 Briggs & Stratton employees at two Missouri plants.

Stock Market Crash "Can Briggs & Stratton live with California's proposed regulation? Yes," said Ernie Blazar, the spokesman. "But that would require moving almost 2,000 good-paying jobs from Missouri to other countries, and Senator Bond believes that is too high a price for Missouri's working families to pay."

Stock Investing Tip Bond, chairman of the Senate Appropriations subcommittee with jurisdiction over veterans and housing programs, successfully defended the amendment over Feinstein's objections during a full committee meeting Sept. 4. He was backed by Sen. Herb Kohl (D-Wis.), who said he was equally concerned about protecting 2,000 Briggs & Stratton jobs in his state.

Stock Market Chart The Clean Air Act allows California and other states with severe air pollution to require cleaner new vehicles and engines than otherwise are mandated by the Environmental Protection Agency. The pending California rule would slash soot and fine particle emissions from lawn equipment and small industrial equipment beginning in 2007. Bond's amendment would block that regulation and strip other states of authority to require cleaner non-road engines.

Online Stock Investing "What is so disconcerting is that this provision will take away from the states one of the most important regulatory tools in the Clean Air Act to help achieve and maintain clean air standards," said S. William Becker, executive director of two associations of state and local air pollution program administrators.

Stock Market Crash Of By Eric Pianin
Washington Post - 9/18/2003

Topic: Air Pollution

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