Amends the Independent Safety Board Act of 1974 to require the President to appoint individuals as members of the National Transportation Safety Board based upon their technical qualifications, professional standing, and demonstrated knowledge in the fields of accident reconstruction, safety engineering, human factors, transportation safety, or transportation regulations. Declares that such amendment does not preclude the reappointment of an individual currently serving on the Board.

Directs the Board to withhold from public disclosure cockpit voice recordings and transcriptions of oral communications by and between flight crew members and ground stations associated with accidents or incidents being investigated. Allows the Board to make public transcribed portions of relevant and pertinent oral communications at the time of its public hearing, not later than 60 days after the incident. Authorizes the Board to refer to cockpit voice recorder information in making safety determinations.

Amends the Federal Aviation Act of 1958 to extend to September 30, 1987, the authority of the Secretary of Transportation to provide war risk aviation insurance and reinsurance.

Eliminates the transfer to the Department of Justice on January 1, 1983, of the authority of the Civil Aeronautics Board to approve certain consolidations, mergers, acquisitions and interlocking relationships relating to interstate and overseas air transportation. Provides for such transfer on January 1, 1985.

Amends the Independent Safety Board Act of 1974 to require the President to appoint individuals as members of the National Transportation Safety Board based upon their technical qualifications, professional standing, and demonstrated knowledge in the fields of accident reconstruction, safety engineering, human factors, transportation safety, or transportation regulations. Declares that such amendment does not preclude the reappointment of an individual currently serving on the Board.

Directs the Board to withhold from public disclosure cockpit voice recordings and transcriptions of oral communications by and between flight crew members and ground stations associated with accidents or incidents being investigated. Allows the Board to make public transcribed portions of relevant and pertinent oral communications at the time of its public hearing, not later than 60 days after the incident. Authorizes the Board to refer to cockpit voice recorder information in making safety determinations.

Amends the Federal Aviation Act of 1958 to extend to September 30, 1987, the authority of the Secretary of Transportation to provide war risk aviation insurance and reinsurance.

Empowers the Civil Aeronautics Board to determine whether a consolidation, merger, or acquisition of control of qualifying air carriers warrants the imposition of certain labor protective provisions. Grants jurisdiction to the district courts to enforce such determination.

Repeals provisions of such Act relating to interlocking relationships (a relationship between an officer or director of an air carrier who has an interest in any other person engaged in the business of aeronautics).

Transfers the authority of the Civil Aeronautics Board for employee arrangements, qualifying transactions, and the imposition of labor protective provisions to the Department of Transportation on January 1, 1983.

Amends the Independent Safety Board Act of 1974 to require the President to appoint individuals as members of the National Transportation Safety Board based upon their technical qualifications, professional standing, and demonstrated knowledge in the fields of accident reconstruction, safety engineering, human factors, transportation safety, or transportation regulation.

Directs the Board to withhold from public disclosure cockpit voice recordings and transcriptions of oral communications by and between flight crew members and ground stations associated with accidents or incidents being investigated. Allows the Board to make public transcribed portions of relevant and pertinent oral communications at the time of its public hearing, not later than 60 days after the incident. Authorizes the Board to refer to cockpit voice recorder information in making safety determinations.

Amends the Federal Aviation Act of 1958 to extend to September 30, 1987, the authority of the Secretary of Transportation to provide certain aviation insurance and reinsurance.

Directs the Civil Aeronautics Board (CAB) to disapprove transactions involving consolidation, merger, and acquisition of control between air carriers unless the CAB imposes standard labor provisions required prior to enactment of the Airline Deregulation Act of 1978.

Cancels the transfer of CAB authority relating to interstate and overseas air transportation to the Department of Justice scheduled to go into effect on January 1, 1983. Transfers certain authorities, which are currently slated to go to the Department of Justice, to the Department of Transportation instead.

Amends the Federal Aviation Act of 1958 to extend to September 30, 1987, the authority of the Secretary of Transportation to provide certain aviation insurance and reinsurance.