Pearce: Trial Lawyers Have Harmed the Taxpayers and Private Investments in Spaceport America

by Congressman Steve Pearce - Special interest groups in Santa Fe have harmed New Mexico’s competitive edge as the home to commercial space flight. Up until now, New Mexico had been the leader in this burgeoning global industry. Today, we stand on the precipice of losing our future to Colorado, Texas, Virginia and Florida.
It should surprise no one that spaceflight is still riskier than airline flight. In 2004, the Commercial Space Launch Amendments Act was signed into federal law and has worked very well in fostering the development of new companies in the United States—especially New Mexico.

This law has allowed for the creation of a new commercial business – suborbital spaceflight for average citizens. It allows commercial space travel companies to obtain insurance by having passengers sign a consent agreement, in exchange for the thrill, the excitement and the experience of a lifetime. To date, hundreds of potential passengers have signed a federally approved consent agreement that protects these new companies in federal court.

Recently, even in this climate of political discord in Washington, the federal statute was extended by BOTH the House and Senate through 2015, with bipartisan and bicameral support from a majority of New Mexico’s Congressional delegation. Just this week, President Obama signed this vital extension into law. Washington, remarkably, has done its job here. Why can’t Santa Fe?

Texas, Virginia and Florida already have this language in their statutes and are in sync with the federal law. Colorado’s legislature is expected to approve the legislation by May. In essence, recognizing the future growth and potential the commercial space flight industry offers, they acted and removed their state loophole laws. It was imperative that this law be passed in New Mexico to continue the expansion of commercial space travel here in our great state. Read rest of column here: News New Mexico

Pearce: Trial Lawyers Have Harmed the Taxpayers and Private Investments in Spaceport America