Civil Aeronautics Board Sunset Act of 1981

Civil Aeronautics Board Sunset Act of 1981 - Amends the Federal Aviation Act of 1958 to revise provisions concerning Federal preemption in regard to rates, routes, or services of air carriers.

Repeals provisions concerning Civil Aeronautics Board reports on: (1) State subsidies for small community air service; and (2) air carrier marketing of tours.

Eliminates certificates of public convenience and necessity for air carriers engaged in domestic transportation.

Repeals special operating authorizations and requirements concerning certificates for all-cargo air service.

Revises requirements concerning certification of fitness for foreign air transportation.

Prohibits air carrier operating certificates from being issued unless applicants for such certificates comply with all applicable insurance regulations.

Repeals provisions concerning the transportation of mail by air carriers.

Grants the Civil Aeronautics Board the right to intervene in specified merger and interlocking relationship cases proceeding under the antitrust laws. Requires that the Board be a party to such actions which involve foreign air transportation.

Amends such Act, the Federal Trade Commission Act, and the Consumer Credit Protection Act to repeal provisions concerning the treatment of unfair competitive practices.

Amends the Federal Aviation Act of 1958 to revise provisions concerning guaranteed essential air transportation to small communities.

Deregulates domestic cargo and mail air transportation. Declares the necessity of providing safe and adequate service for such transportation.

Directs the Board to reduce reporting requirements imposed on air carriers under such Act to the minimum necessary to accomplish the purposes of such Act.

Terminates the Civil Aeronautics Board and transfers specified functions to the Secretary of Transportation, the Postal Service, and the Federal Trade Commission.

Directs the Director of the Office of Management and Budget to make such determinations as the Board and the: (1) Secretary; (2) Postal Services; or (3) Commission may agree are necessary to effectuate such transfers.

Declares that all orders, rules, and regulations issued or granted by the Board shall continue in effect according to their terms.

Amends specified Acts, including the International Aviation Facilities Act and the Transportation Act of 1940, to reflect the termination of the Board.

Accelerates, to specified dates, the termination of the Board.