The Air Transportation Stabilization Board (ATSB) is a regulatory body established by the Aviation and Transportation Security Act of 2001. The primary objective of the ATSB is to provide financial assistance, guidance, and oversight to the airline industry in times of financial crisis or instability.
The ATSB acts as a decision-making authority, responsible for reviewing and approving applications for financial assistance from air carriers that are suffering from severe economic challenges. The board evaluates the financial condition of the carrier, its business plan, and the potential for long-term viability before determining whether to provide a loan or loan guarantee.
In addition to providing financial aid, the ATSB also plays a crucial role in stabilizing the airline industry by assisting in the development and implementation of strategies to enhance security, safety, and efficiency in air transportation. The board works closely with other federal agencies, such as the Federal Aviation Administration (FAA) and the Transportation Security Administration (TSA), to ensure the implementation of effective measures.
The ATSB consists of a group of experienced individuals from the aviation industry, finance, and government sectors, appointed by the Secretary of Transportation. The board operates independently but reports to the Secretary of Transportation regarding its decisions and activities.
Overall, the Air Transportation Stabilization Board acts as a vital regulatory entity, providing assistance and oversight in times of financial crisis to stabilize the airline industry, safeguarding the continuity of air transportation services, and preserving national security.
