Airline Competition and Fairness Act of 2001

Airline Competition and Fairness Act of 2001 - Amends Federal aviation law to direct the Secretary of Transportation, whenever a major air carrier is competing with a new entrant air carrier in providing air transportation on a route between a hub airport and another airport, to investigate whether the major air carrier has been or is engaged in an unfair method of competition if: (1) the major air carrier has added seat capacity on the route and has sold such a large number of seats on it at very low fares that the ensuing self-diversion of revenue has resulted in lower local revenue than would have resulted from a reasonable alternative response by the major air carrier to the competition; or (2) the number of passengers that the major air carrier has carried on the route at the new entrant air carrier's low fares has exceeded the new entrant air carrier's total seat capacity on such route, or the number of low-fare passengers carried by the new entrant carrier, resulting, through self-diversion, in lower local revenue than would have resulted from a reasonable alternative response by the major air carrier to the competition.