((a)) ** .—** Not later than , the Secretary of Transportation shall establish by regulation a national aviation noise policy that considers this subchapter, including the phaseout and nonaddition of stage 2 aircraft as provided in this subchapter and dates for carrying out that policy and reporting requirements consistent with this subchapter and law existing as of .
((b)) ** .—** The policy shall be based on a detailed economic analysis of the impact of the phaseout date for stage 2 aircraft on competition in the airline industry, including—
((1)) the ability of air carriers to achieve capacity growth consistent with the projected rate of growth for the airline industry;
((2)) the impact of competition in the airline and air cargo industries;
((3)) the impact on nonhub and small community air service; and
((4)) the impact on new entry into the airline industry.