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SECTION 1. REDUCTION OF U.S. CITIZENSHIP VOTING INTEREST OWNERSHIP
REQUIREMENT.

Subchapter I of chapter 417, of title 49, United States Code, is
amended by adding at the end the following new section:

''SEC. 41714. REDUCTION OF U.S. CITIZENSHIP VOTING INTEREST OWNERSHIP
REQUIREMENT.

''(a) General Rule.--Notwithstanding the requirement of section
40102(15) that at least 75 percent of the voting interests of an air
carrier be owned or controlled by persons who are citizens of the
United States or of one of its possessions, a person who is not a
citizen of the United States may purchase voting interests of a
corporation or association which is, or owns or controls, an air
carrier without regard to whether or not such purchase would result in
the corporation or association failing to meet such voting interest
requirement of section 40102(15) if the Secretary of Transportation
finds that--
''(1) after the purchase--
''(A) the president, chairman of the board of
directors, chief operating officer, and two-thirds or
more of the board of directors of the corporation or
association which is, or owns or controls, the air
carrier would be citizens of the United States or one
of its possessions; and
''(B) at least 51 percent of the voting interests
of the air carrier would be owned or controlled by
persons who are citizens of the United States or one of
its possessions; and
''(2) the purchase is in the public interest.
''(b) Factors To Consider for Public Interest Finding.--The
Secretary, in making the finding required by subsection (a)(2), shall
consider the following:
''(1) The financial condition of the air carrier and the
importance of the purchase to the carrier's ability to survive
and effectively compete.
''(2) The effect of the purchase on the employees of the
air carrier.
''(3) The effect of the purchase on competition in
interstate, overseas, and foreign air transportation.
''(4) Whether the laws and regulations of the foreign
country of which the purchaser is a citizen would permit a
citizen of the United States to acquire, under similar terms
and conditions, the same percentage of stock of a person who
provides in such foreign country transportation by aircraft of
persons or property as a common carrier as the percentage of
stock which the person making the purchase would have in the
air carrier after the purchase.
''(5) The extent to which the purchaser is owned,
controlled, or subsidized by a government of a foreign country.
''(6) The extent to which a person who is not a citizen of
the United States or one of its possessions would, after the
purchase, have the power to exercise control over the air
carrier.
''(7) The extent to which the foreign country of which the
purchaser is a citizen permits air carriers to have access to
its aviation markets equivalent to the access that the foreign
citizen would have to the aviation markets of the United States
after the purchase.
''(c) Application.--
''(1) Submission.--A person interested in making a purchase
with respect to which subsection (a) applies must submit an
application with respect to such purchase to the Secretary. The
application must be in such form and contain such information
as the Secretary may, by regulation, require.
''(2) Approval or disapproval.--Within 90 days after an
application meeting the requirements of paragraph (1) and any
regulations issued thereunder is submitted to the Secretary,
the Secretary shall approve the application, approve the
application subject to such conditions or modifications as the
Secretary determines appropriate to carry out the objectives of
this section, or disapprove the application.
''(3) Presidential review.--
''(A) Presentation.--The approval, with or without
conditions or modifications, of any application under
this section shall be presented to the President for
review.
''(B) Disapproval; conditions.--The President shall
have the right to disapprove or impose conditions on
the application solely on the basis of national defense
considerations including the effect of the purchase on
the Civil Reserve Air Fleet program. Any such
disapproval or conditions shall be issued in a public
document, setting forth the reasons for the disapproval
or conditions to the extent national security permits,
within 30 days after submission of the Secretary's
action to the President.
''(C) Effect of disapproval.--Any action of the
Secretary disapproved by the President under this
paragraph shall be null and void.
''(D) Effect of expiration of time limit; judicial
review.--Any action of the Secretary not disapproved
within the 30-day period referred to in subparagraph
(B) shall take effect as an action of the Secretary,
not the President, and as such shall be subject to
judicial review as provided in section 1006 of this
Act.''.

SEC. 2. CONFORMING AMENDMENT.

The analyses for chapter 417 of title 49, United States Code, is
amended by inserting after the item relating to section 41713 the
following:

''41714. Reduction of U.S. citizenship voting interest ownership
requirement.''.
Amends Federal transportation law to authorize foreign persons to purchase more than a specified percentage of the voting interests of a U.S. air carrier under certain conditions, including continued minimum 51 percent ownership or control of the voting interests, and continued predominant management of the corporation or association, by U.S. citizens.