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Understanding the Air Transportation System Stabilization Board and Its Impact on U.S. Aviation
Definition & Meaning
The Air Transportation System Stabilization Board is a federal agency within the U.S. Department of the Treasury. It was established to support U.S. airlines in response to the economic challenges following the September 11, 2001 attacks. The board has the authority to provide federal loan guarantees to airlines that are unable to secure credit through traditional means. Its primary goal is to ensure the safety, efficiency, and sustainability of the commercial aviation system in the United States.
Table of content
Legal Use & context
This term is primarily used in the context of federal financial assistance and aviation law. The Air Transportation System Stabilization Board plays a crucial role in the aviation sector, particularly during economic crises that threaten the viability of air carriers. Legal practitioners may encounter this term when dealing with aviation finance, federal loans, or regulatory compliance for airlines. Users can manage related legal forms and procedures using resources like US Legal Forms, which offers templates drafted by qualified attorneys.
Key legal elements
Real-world examples
Here are a couple of examples of abatement:
For instance, after the September 11 attacks, the board provided financial assistance to several major airlines that faced severe financial distress due to decreased travel demand. This assistance helped stabilize the airlines and allowed them to continue operations. (hypothetical example)
Relevant laws & statutes
Key regulations include:
14 CFR 1310.3 - outlines the authority and functions of the Air Transportation System Stabilization Board.
Comparison with related terms
Term
Definition
Key Difference
Federal Aviation Administration (FAA)
The agency responsible for regulating civil aviation.
The FAA focuses on safety and regulation, while the Stabilization Board provides financial support.
Air Carrier
A company that provides air transport services for passengers or cargo.
An air carrier may seek assistance from the Stabilization Board during financial crises.
Common misunderstandings
What to do if this term applies to you
If you are involved in the aviation industry and believe your airline may benefit from federal loan guarantees, consider consulting with a legal professional who specializes in aviation law. You can also explore US Legal Forms for templates that may assist you in navigating the application process for financial assistance.
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