Federal Aviation Act Amendments

Federal Aviation Act Amendments - Amends the Federal Aviation Act of 1958 to direct the Civil Aeronautics Board in the performance of its functions to consider safety as the highest priority in air commerce and to consider the development of an air transportation industry which allows responsible new air carriers to enter the industry as being in the public interest.

Establishes time limitations during which the Board must act on applications for certificates to engage in air transportation.

Authorizes any air carrier to petition the Board to have granted to it the authority of another air carrier to provide nonstop scheduled interstate or overseas air transportation where the previous authority has not been exercised to a specified extent.

Establishes time limitations during which the Board must act on an application by an air carrier for the removal or modification of a term attached to a certificate to engage in air transportation.

Directs the Board to establish simplified procedures for the disposition of applications for certificates or permits to engage in air transportation and for applications to amend or modify such certificates. Stipulates that such procedures need not provide for oral evidentiary hearings.

Establishes time limitations during which the Board must act on applications to approve consolidation agreements, pooling agreements, or exemptions from air carrier economic regulation.