Air Transportation Safety and System Stabilization Act

Summary

Air Transportation Safety and System Stabilization Act - Directs the President to take certain actions to compensate air carriers for losses incurred by them as a result of the terrorist attacks on the United States on September 11, 2001, including to: (1) issue Federal credit instruments (including subsidy amounts for such instruments) to such air carriers; and (2) compensate them for direct losses incurred as a result of any Federal ground stop order issued by the Government and any incremental losses incurred as a direct result of such attacks. Establishes an Air Transportation Stabilization Board to issue such Federal credit instruments. Urges the Secretary of Transportation to take appropriate action to ensure the continuation of scheduled air service to all communities, including essential air service to small communities. Authorizes the Secretary of Transportation to provide insurance and reinsurance against loss or damage arising out of any risk from the operation of an American aircraft or foreign-flag aircraft while in the United States (domestically) (effectively eliminating the Government from insuring or reinsuring such aircraft in international air transportation). Sets forth certain insurance requirements, including limiting air carrier liability for losses incurred as a result of acts of terrorism. Extends the period of time that an air carrier must make certain airline-related excise tax deposits under the Internal Revenue Code. Declares that nothing in this Act shall be construed to exclude from an air carrier's gross income compensation received under this Act. September 11th Victim Compensation Fund of 2001 - Establishes a compensation program for any individual who was injured or killed as a result of the terrorist-related aircraft crashes of September 11, 2001. Sets forth certain program requirements. Affirms the President's decision to spend $3 billion on airline safety and security.

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Documents

4 official files

• Considered and Passed Senate (text)

  Considered and Passed Senate · EN · 21 September 2001

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• Considered and Passed Senate (PDF)

  Considered and Passed Senate · EN · 21 September 2001

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• Passed Senate without amendment

  summary · EN · 21 September 2001

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• Introduced in Senate

  summary · EN · 21 September 2001

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