Photo: Drew Angerer/Getty Images

The House Transportation Committee on Wednesday released a scathing report, highlighting "repeated and serious failures" by Boeing and the Federal Aviation Administration that preceded two deadly 737 MAX jet crashes in 2018 and 2019.

The big picture: The 239-page report says the crashes, which killed 346 people, were the result of a "horrific culmination" of poor technical assumptions by Boeing’s engineers, a lack of transparency by Boeing’s management and insufficient oversight by the FAA.

The report's findings:

FAA management overruled the conclusions of their own technical experts "at the behest of Boeing."

  • This was consistent with a recent survey in which FAA employees said they believed management was more concerned with helping the aviation industry achieve its goals.
  • The FAA's oversight structure for Boeing created "inherent conflicts of interest that have jeopardized the safety of the flying public," pointing to instances in which Boeing employees who work on behalf of the FAA didn't alert the agency about potential certification and safety issues.

Production pressures at Boeing to compete with its European counterpart Airbus led to "extensive efforts to cut costs, maintain the 737 MAX program schedule, and avoid slowing the 737 MAX production line."

  • Boeing made "faulty assumptions" about the plane's MCAS software, designed to push the nose of the plane down in certain conditions given the plane's structural changes from a traditional 737. Many pilots worldwide weren't aware of the system.
  • Boeing also "withheld crucial information from the FAA, its customers, and 737 MAX pilots," including about the MCAS software.

The bottom line: "The fact that a compliant airplane suffered from two deadly crashes in less than five months is clear evidence that the current regulatory system is fundamentally flawed and needs to be repaired," the report concluded.

Read the report.

Go deeper: Everything you need to know about the Boeing 737 MAX crashes

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Where the Boeing-Airbus duopoly stands

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Data: FactSet; Chart: Axios Visuals

The pandemic put Boeing and its European competitor Airbus on nearly the same playing field, at least in the eyes of investors.

Between the lines: Boeing and Airbus have a duopoly on the plane manufacturing market. In the midst of Boeing's 737 MAX crisis, Airbus delivered more than Boeing and became the world's top aircraft deliverer for the first time in years. But it was COVID-19 — not that victory — that brought the companies’ market caps to the narrowest gap on record earlier this year. Since then, Boeing has rebounded to widen its lead.

Updated 1 hour ago - Politics & Policy

What they're saying: Trump nominates Amy Coney Barrett for Supreme Court

Judge Amy Coney Barrett in the Rose Garden of the White House on Sept. 26. Photo: Oliver Douliery/AFP via Getty Images

Democratic and Republican lawmakers along with other leading political figures reacted to President Trump's Saturday afternoon nomination of federal appeals court Judge Amy Coney Barrett to succeed Justice Ruth Bader Ginsburg on the Supreme Court.

What they're saying: "President Trump could not have made a better decision," Senate Majority Leader Mitch McConnell said in a statement. "Judge Amy Coney Barrett is an exceptionally impressive jurist and an exceedingly well-qualified nominee to the Supreme Court of the United States."

Amy Coney Barrett: "Should I be confirmed, I will be mindful of who came before me"

Trump introduces Amy Coney Barrett as nominee to replace Ruth Bader Ginsburg. Photo: Olivier Douleiry/Getty Images

In speaking after President Trump announced her as the Supreme Court nominee to replaced Ruth Bader Ginsburg, Circuit Court Judge Amy Coney Barrett said on Saturday she will be "mindful" of those who came before her on the court if confirmed.

What she's saying: Barrett touched on Ginsburg's legacy, as well as her own judicial philosophy and family values. "I love the United States and I love the United States Constitution," she said. "I'm truly humbled at the prospect of serving on the  Supreme Court."