Federal Aviation Amendments

[AI summary unavailable — showing source text] Federal Aviation Act Amendments - Amends the Federal Aviation Act of 1958 to define "charter trip" for purposes of such Act and to eliminate the terms "supplemental air carrier" and "supplemental air transportation." Directs the Civil Aeronautics Board, in the exercise and performance of its duties and powers, to regard a phased transition to an air transportation system which relies on competitive market forces as being in the public interest. Prohibits States or subdivisions thereof from enacting any legislation or regulation relating to any rates, routes or services in air transportation covered under such Act. Creates an additional operating authority for air carriers termed a "license" in addition to the present "certificates of public convenience and necessity." Directs the Board to issue licenses to applicants for all-cargo and overseas charter air transportation if such applicant is fit, willing, and able to perform such transportation. Exempts air carriers which operate aircraft solely below a specified passenger or cargo capacity from being required to obtain a certificate or license to engage in air transportation if such carrier conforms to the liability insurance requi…