H.R.3443 - To amend the Federal Aviation Act of 1958 to provide for review of certain acquisitions of voting securities of air carriers, and for other purposes.101st Congress (1989-1990)
|Sponsor:||Rep. Oberstar, James L. [D-MN-8] (Introduced 10/11/1989)|
|Committees:||House - Public Works and Transportation|
|Committee Reports:||H.Rept 101-303|
|Latest Action:||Senate - 11/06/1989 Received in the Senate. Read twice. Placed on Senate Legislative Calendar under General Orders. Calendar No. 355. (All Actions)|
|Roll Call Votes:||There have been 5 roll call votes|
This bill has the status Passed House
Here are the steps for Status of Legislation:
- Passed House
Summary: H.R.3443 — 101st Congress (1989-1990)All Information (Except Text)
Passed House amended (11/01/1989)
Amends the Federal Aviation Act of 1958 to prohibit any person from acquiring 15 percent or more of the voting securities of a major air carrier or person who controls a major air carrier, unless such person complies with specified waiting period requirements under the Act and the Secretary of Transportation has not disapproved the acquisition. Makes the same requirement for any person with less than a 15 percent ownership if the acquisition would increase ownership to 15 percent or more.
Requires the Secretary to disapprove an acquisition if he or she finds that: (1) it is likely to weaken the acquired person financially; (2) the intent of the acquired person is to make a major reduction of the air carrier; (3) the acquisition would result in a non-U.S. citizen having control over the air carrier; (4) the acquisition would give a person who controls air carriers which have filed, collectively, more than one petition for bankruptcy control over the acquired air carrier; (5) the acquisition would result in a reduction in wages, benefits, or number of the air carriers employees; or (6) the acquiring person does not provide the documentary material and information required by the Secretary to make a decision regarding such acquisition.