Editing Airline (section)

====Bailout====
Congress passed the [https://www.congress.gov/bill/107th-congress/house-bill/2926 Air Transportation Safety and System Stabilization Act] (P.L. 107–42) in response to a severe liquidity crisis facing the already-troubled airline industry in the aftermath of the [[September 11 attacks]]. Through the [[Air Transportation Stabilization Board|ATSB]] Congress sought to provide cash infusions to carriers for both the cost of the four-day federal shutdown of the airlines and the incremental losses incurred through December 31, 2001, as a result of the terrorist attacks. This resulted in the first government bailout of the 21st century.<ref>{{cite web |url=http://ostpxweb.ost.dot.gov/aviation/Data/stabilizationact.pdf |title=Air Transportation Safety and System Stabilization Act |access-date=3 June 2009 |url-status=dead |archive-url=https://web.archive.org/web/20090409061950/http://ostpxweb.ost.dot.gov/aviation/Data/stabilizationact.pdf |archive-date=9 April 2009 }}</ref> Between 2000 and 2005 US airlines lost $30 billion with wage cuts of over $15 billion and 100,000 employees laid off.<ref name="Bamber, G.J., Gittell, J.H., Kochan, T.A. & von Nordenflytch, A. 2009">{{cite book|url=http://www.cornellpress.cornell.edu/book/?GCOI=80140100965480 |author=Bamber, G.J. |author2=Gittell, J.H. |author3=Kochan, T.A. |author4=von Nordenflytch, A. |year=2009 |title=Up in the Air: How Airlines Can Improve Performance by Engaging their Employees|publisher=Cornell University Press, Ithaca |chapter=chapter 5}}</ref>

In recognition of the essential national economic role of a healthy aviation system, Congress authorized partial compensation of up to $5 billion in cash subject to review by the [[U.S. Department of Transportation]] and up to $10 billion in loan guarantees subject to review by a newly created [[Air Transportation Stabilization Board]] (ATSB). The applications to DOT for reimbursements were subjected to rigorous multi-year reviews not only by DOT program personnel but also by the [[Government Accountability Office]]<ref>{{cite web |url=https://www.gao.gov/new.items/d04725r.pdf |archive-url=https://ghostarchive.org/archive/20221009/https://www.gao.gov/new.items/d04725r.pdf |archive-date=2022-10-09 |url-status=live |title=Subject: Aviation Assistance: Compensation Criteria and Payment Equity under the Air Transportation Safety and System Stabilization Act|date=4 June 2004 |website=www.gao.gov|access-date=18 July 2020}}</ref> and the DOT Inspector General.<ref>[http://www.oig.dot.gov/StreamFile?file=/data/pdfdocs/aa20011024.pdf] {{webarchive|url=https://web.archive.org/web/20090717225216/http://www.oig.dot.gov/StreamFile?file=%2Fdata%2Fpdfdocs%2Faa20011024.pdf|date=17 July 2009}}</ref><ref>[http://www.oig.dot.gov/StreamFile?file=/data/pdfdocs/cr2003092.pdf] {{webarchive|url=https://web.archive.org/web/20090717231319/http://www.oig.dot.gov/StreamFile?file=%2Fdata%2Fpdfdocs%2Fcr2003092.pdf|date=17 July 2009}}</ref>

Ultimately, the federal government provided $4.6 billion in one-time, subject-to-income-tax cash payments to 427 U.S. air carriers, with no provision for repayment, essentially a gift from the taxpayers. (Passenger carriers operating scheduled service received approximately $4 billion, subject to tax.)<ref>{{cite web|url=http://www.dot.gov/affairs/carrierpayments.htm |title=U |publisher=Dot.gov |access-date=22 August 2010 |url-status=dead |archive-url=https://web.archive.org/web/20100527104415/http://www.dot.gov/affairs/carrierpayments.htm |archive-date=27 May 2010 }}</ref> In addition, the ATSB approved loan guarantees to six airlines totaling approximately $1.6 billion. Data from the [[United States Department of the Treasury|U.S. Treasury Department]] show that the government recouped the $1.6 billion and a profit of $339 million from the fees, interest and purchase of discounted airline stock associated with loan guarantees.<ref>{{cite web|url=http://www.treas.gov/offices/domestic-finance/atsb/ |title=Air Transportation Stabilization Board |publisher=Treas.gov |date=22 September 2001 |access-date=22 August 2010|archive-url = https://web.archive.org/web/20080709052637/http://www.treas.gov/offices/domestic-finance/atsb/ |archive-date = 9 July 2008|url-status=dead}}</ref>

{{As of|May 2018}} the four largest [[Major airlines of the United States|major carriers]] controlled 70% of the U.S. passenger market.<ref name=AvWeek14May2018/>