To amend title 49, United States Code, to provide slot exemptions for nonstop regional jet service, and for other purposes.

Amends Federal aviation law to require the Secretary of Transportation, after receiving a joint application from an air carrier and a community primarily served by a small hub airport or a nonhub airport for an exemption to provide nonstop regional jet air service that meets certain Federal noise limits between a small hub airport or nonhub airport and a high density airport, to grant the exemption, provided granting it would: (1) be in accordance with established principles of safety; or (2) not violate the National Environmental Policy Act of 1969. Authorizes the Secretary to grant an exemption for: (1) a period of not less than 12 months; (2) a minimum of two daily roundtrip flights; and (3) a maximum of four daily roundtrip flights.