Commercial Aviation Regulatory Reform Act

[AI summary unavailable — showing source text] Commercial Aviation Regulatory Reform Act - Sets forth the congressional findings that the present system of Federal economic regulation of commercial air transportation is inappropriate for today's modern commercial aviation system and that a progressive transition to an air transportation system which relies to the maximum extent practicable on natural market forces is in the long-term public interest. Amends the Federal Aviation Act of 1958 to revise the definition of "foreign air carrier" so as to authorize the Civil Aeronautics Board to exempt such carriers from the provisions of such Act under certain circumstances. Amends such Act to direct the Board, in the exercise of its duties with respect to interstate and overseas air transportation, to consider as being in the public interest the progressive transition to an air transportation system which relies on natural competitive market forces and the continued access of rural areas to the Nation's air transportation network with direct Federal assistance where appropriate. Directs the Board, with respect to foreign air transportation, to recognize the inherent differences between the competitive dynamics of domestic and foreign…