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Letter from Douglas Holtz-Eakin, Director Congressional Budget Office regarding the Effects of Excluding Bean Stuyvesant from Nonhopper Dredging in U.S. Markets - Including Report Summary [i] (October 2003)

handle is hein.congrec/cbo10477 and id is 1 raw text is: CONGRESSIONAL BUDGET OFFICE Douglas Holtz-Eakin, Director U.S. Congress Washington, DC 20515 October 21, 2003 Honorable Don Young Chairman Committee on Transportation and Infrastructure U.S. House of Representatives Washington, D.C. 20515 Dear Mr. Chairman: I am responding to your letter of June 5, 2003, requesting that the Congressional Budget Office (CBO) analyze an amendment that would limit the participation of the Bean Stuyvesant company in the U.S. dredging market on the basis of the percentage of the company's foreign ownership. On the basis of an analysis of the relevant bidding data for dredging contracts let by the Army Corps of Engineers, CBO estimates that preventing Bean Stuyvesant from operating its nonhopper dredging fleet independently of its hopper dredges would likely increase the cost of an average contract by between $50,000 and $250,000. Those effects are in the range of 0.4 percent to 2 percent of current annual federal spending for nonhopper dredging if current levels of activities are maintained. Proponents of the amendment have asserted that Bean Stuyvesant has bid predatorily, but CBO's analysis provides no support for that claim. The details of the analysis are provided in the enclosure. An identical letter is being sent to the Chairman of the Subcommittee on Coast Guard and Maritime Transportation. Should you have any further questions or concerns, please do not hesitate to contact me directly or either of the analysts who conducted this work, David Moore or David Austin of the Microeconomic and Financial Studies Division at (202) 226-2940. Sincerely, Douglas Holtz-Eakin Enclosure cc: Honorable James L. Oberstar Ranking Democratic Member www.cbo.gov

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