A bill to amend the Fair Labor Standards Act of 1938 to encourage the employment of full-time students under the age of 21 and of other persons under the age of 18.

Amends the Fair Labor Standards Act of 1938 to permit any employer to hire an employee: (1) who is 16 or 17 years of age, or a full-time student between the ages of 15 and 21, at a wage rate not less than 80 percent of the minimum wage; or (2) who is 14 or 15 years of age at a wage rate not less than 60 percent of the minimum wage.

Requires the Secretary of Labor to prescribe regulations to insure that the enactment of this Act will not create a substantial probability of reducing the full-time employment opportunities of other individuals to whom this Act does not apply.