To amend title 49, United States Code, to authorize the Secretary of Transportation to reduce under certain circumstances the percentage of voting interests of air carriers which are required to be owned or controlled by persons who are citizens of the United States.

Amends Federal transportation law to authorize foreign persons to purchase more than a specified percentage of the voting interests of a U.S. air carrier under certain conditions, including continued minimum 51 percent ownership or control of the voting interests, and continued predominant management of the corporation or association, by U.S. citizens.