Airline Competition Act of 1987 - Amends the Federal Aviation Act of 1958 to terminate on October 1, 1987 (currently, January 1, 1989) the authority of the Secretary of Transportation to approve and exempt from the antitrust law airline agreements relating to interstate and overseas air transportation. Prohibits conduct pursuant to orders and exemptions granted under such authority prior to October 1, 1987, from being subject to the antitrust laws.
Terminates, upon enactment of this Act, the Secretary's authority to exempt from the antitrust laws transactions relating to airline mergers and acquisitions and interlocking directorates among airlines. (Current law terminates such authority on January 1, 1989.) Provides that rights, duties, and obligations arising pursuant to proceedings commenced before the Department of Transportation prior to April 1, 1987 or final orders adopted prior to enactment of this Act by the Secretary or the Civil Aeronautics Board with regard to such transactions, shall be adjudicated and administered as if such authority had not been terminated.
Amends the Clayton Act to prohibit any air carrier or foreign air carrier that is subject to the Federal Aviation Act of 1958, any person controlling such carriers, any other common carrier, or any person substantially engaged in the aeronautics business from acquiring the stocks or assets of one or more persons engaged in commerce where the effect of such acquisition may substantially lessen competition or tend to create a monopoly.
Terminates the authority of the Secretary to enforce the antitrust provisions of the Clayton Act with respect to air carriers and foreign air carriers who are subject to the Federal Aviation Act of 1958. Excludes such carriers from the antitrust authority of the Federal Trade Commission.