Airlines

In 1978, the airline industry, which had been heavily regulated and controlled, was liberated from government oversight and released to the vagaries of the marketplace. As a result, the industry underwent significant change during the 1980s and 1990s. At the same time, several major air disasters took place, including the 1996 Valujet and TWA 800 aircraft crashes. In response to the post-accident events, Congress passed the Aviation Disaster Family Assistance Act (ADFAA) the same year. The terrorist attacks of September 11, 2001, wrought further change on the airline industry. Just weeks after the attacks, President GEORGE W. BUSH signed the Air Transportation Safety and System Stabilization Act (ATSSSA). According to a statement released by President Bush on September 22, 2001, the act was intended to ensure passenger safety and to "assure the safety and immediate stability of the nation's commercial airline system." It also created financial turmoil for nearly all the major carriers. What followed was a period of evolution and metamorphosis that changed the nature of flying forever.