Final answer:
The Airline Deregulation Act that Federal Express lobbied for was legislated in 1978. It marked a significant shift in economic policy, reducing government control over the airline industry and allowing for greater competition and market efficiency.
Step-by-step explanation:
In the mid-1970s, Federal Express was a proponent of the move towards air cargo deregulation. This economic policy change was part of a wider shift towards deregulation in various industries in the United States. The landmark event in this context was the enactment of the Airline Deregulation Act of 1978, which was legislated during the presidency of Jimmy Carter. The act significantly reduced government control over the airline industry, which until then had been regulated by the Civil Aeronautics Board (CAB) since 1938. For four decades, the CAB strictly controlled airfares, approved routes, and entry and exit from the marketplace, which prohibited the entry of new airlines on the main routes across the country. The adoption of the Airline Deregulation Act allowed airlines to set their own fares, choose routes, and generally compete in the market, which led to a dynamic and arguably more efficient and economical airline industry.