A bill to provide for efficient and equitable use of operating rights at congested airports, and for other purposes.

(Reported to Senate from the Committee on Commerce, Science, and Transportation with amendment, S. Rept. 99-299)

Requires the Secretary of Transportation (the Secretary) and the Administrator of the Federal Aviation Administration (the Administrator) to: (1) repeal the rule which permits airlines to buy and sell landing rights at specified high density traffic airports; and (2) refrain from issuing any rule, regulation, or order regarding such airports that is inconsistent with this Act (thus prohibiting future rules permitting the transfer of landing rights).

Requires the Administrator to: (1) recall for reallocation any air carrier or commuter operator operating rights ("slots") which are regulated at high density traffic airports and which are substantially unused; and (2) provide a mechanism for the allocation and reallocation of such slots.

Exempts essential air travel and international operations from such reallocation.

Requires that slot allocations be made by a separate scheduling committee whose composition shall be established by the Administrator. Requires such scheduling committee to allocate and reallocate slots according to a time schedule established by the Administrator. Directs the Administrator to establish a special mechanism for slot allocation if the scheduling committee is unable to do so within such time schedule.

Terminates such special mechanism after December 31, 1988.

Requires that revenues generated under such special slot allocation mechanism be credited to the Airport and Airway Trust Fund.

Requires the Administrator to formulate an allocation mechanism for all new, voluntarily returned, and unused slots.

Requires that any slot allocation mechanism established by the Administrator: (1) adequately ensure the opportunity for new entry; (2) maintain essential air transportation; and (3) protect the access rights of commuter operators. Requires the Administrator to employ a slot withdrawal method that ensures that no carrier incurs the loss of an undue proportion of its slots.

Declares that slots are public property and that their use represents a nonpermanent operating privilege within the exclusive control and jurisdiction of the Administrator. Authorizes the Administrator to recall or reallocate such slots for specified reasons.

Prohibits the Administrator from restricting aircraft operation at certain airports by means of slot control (except on an emergency basis) unless a written report has been transmitted to the Congress justifying the need for such a restriction within a 90-day notice period.

Requires the Secretary to conclude a rulemaking to reauthorize or eliminate all high density traffic airport slot controls no later than January 1, 1987, and every two years thereafter.

Terminates any slot control regulation two years from the date it becomes effective (unless such regulation has been reauthorized).

Requires the Secretary and the Administrator to report to the Congress regarding legislative recommendations and the extent to which slot allocation mechanisms and slot control regulations have minimized barriers to entry at high density traffic airports.