employee stock ownership in such corporation. The Sec-
retary shall determine when such personnel shall be trans-
ferred, but in no case later than 1 year after the date of 
enactment of this Act, and what if any property used for 
air traffic control services of the Federal Aviation Admin-
istration shall be transferred to a corporation. 
(b) CONSULTATION.—Before transferring any per-
sonnel to the corporation, the Secretary shall consult 
with— 
(1) the organization representing the largest 
number of air traffic controllers on such proposed 
transfer; 
(2) pilots; 
(3) representatives from passenger commercial 
airlines; and 
(4) representatives from commercial airlines. 
(c) BENEFITS
FOR AIR TRAFFIC CONTROL PER-
SONNEL.—The Secretary shall coordinate with the Direc-
tor of the Office of Personnel Management in the transfer 
of air traffic control personnel to the corporation, includ-
ing any necessary reduction in force actions and severance 
benefits that may be necessary to carry out this Act. 
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SEC. 3. REQUIREMENTS FOR THE CORPORATION. 
(a) IN GENERAL.—A corporation shall be considered 
to satisfy the requirements of this section if such corpora-
tion— 
(1) is incorporated under the laws of a State; 
(2) is not a department, agency, or establish-
ment of the United States; 
(3) issues securities in a manner consistent 
with subsection (b); and 
(4) satisfies such other requirements as the 
Secretary may by regulation prescribe in order to 
carry out the purposes of this Act. 
(b) SECURITIES.—Any securities issued by the cor-
poration, during the 1-year period beginning on the date 
of the enactment of this Act, shall be issued in a manner 
to be determined by the Secretary. 
SEC. 4. TRANSFER PLAN; DETERMINATION BY THE SEC-
RETARY. 
(a) TRANSFER PLAN.—Not later than the 60th day 
after the date on which a corporation first satisfies the 
requirements of section 3, as determined under subsection 
(b), the Secretary shall, in conformance with the require-
ments of section 2, transmit to Congress— 
(1) a comprehensive plan providing for the or-
derly transfer of all property subject to this Act, in-
cluding a timetable under which such transfer is 
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completed not later than 180 days after the date on 
which such corporation first satisfies such require-
ments; and 
(2) such recommendations for legislation as the 
Secretary considers necessary in order to carry out 
the plan described in paragraph (1), including rec-
ommendations for the repeal or modification of ap-
propriate Federal statutes. 
(b) DETERMINATION BY THE SECRETARY.—The Sec-
retary shall, for purposes of this section, determine the 
date on which a corporation first satisfies the require-
ments of section 3. 
(c) RETENTION
OF SENIOR MANAGEMENT.—The 
Secretary shall determine who of senior management in 
air traffic control services shall continue at the Federal 
Aviation Administration after such transfer takes place, 
not to exceed 1 percent of the total number of air traffic 
control personnel employed at the FAA on the day before 
the date of enactment of this Act. 
SEC. 5. DEFINITIONS. 
For purposes of this Act— 
(1) the term ‘‘air traffic control personnel’’ 
means not less than 95 percent employees of the 
Federal Aviation Administration working in the area 
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of air traffic control on the day before the date of 
enactment of this Act; 
(2) the term ‘‘FAA’’ means the Federal Avia-
tion Administration; 
(3) the term ‘‘property’’, when used with re-
spect to air traffic control services, means all assets 
and rights, and all liabilities and obligations, of the 
FAA; 
(4) the term ‘‘Secretary’’ means the Secretary 
of Transportation; and 
(5) the term ‘‘State’’ means each of the several 
States, the District of Columbia, and the Common-
wealth of Puerto Rico. 
Æ 
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