These regulations are issued under Section 102(c)(2)(B) of the Air Transportation Safety and System Stabilization Act. That section states that ``the Director of the Office of Management and Budget shall issue regulations setting forth procedures for application and minimum requirements * * * for the issuance of Federal credit instruments under Section 101(a)(1)'' of the Act. Section 101(a)(1) authorizes the Air Transportation Stabilization Board, which is established by section 102(b)(1) of the Act, to issue Federal credit instruments (as defined in section 107(2) of the Act) that, in the aggregate, do not exceed $10 billion. The purpose of these Federal credit instruments is to assist air carriers who suffered losses due to the terrorist attacks of September 11, 2001, and to whom credit is not otherwise reasonably available, in order to facilitate a safe, efficient, and viable commercial aviation system in the United States. The Act was signed into law on September 22, 2001, and directs the Office of Management and Budget (``OMB'') to issue implementing regulations ``[n]ot later than 14 days after the date of enactment of this Act.'' Consistent with this requirement, these regulations are issued on a final basis and are effective upon publication.
Agency Contact: Clare Doherty, Office of Management and Budget, Washington, DC 20503. Telephone (202) 395-5704.
This rule is final. Its effective date is October 12, 2001.