A bill to establish and to change the procedure for establishing the rates of compensation of Members of Congress.

Declares that the rate of compensation for Senators, Representatives in Congress, Delegates from the Territories, and the Resident Commissioner from Puerto Rico shall be $42,500 annually. States that the Speaker of the House of Representatives shall receive $62,500 per year, and that the President pro tempore of the Senate and the majority and minority leaders of the House of Representatives shall receive $49,500 per year.

Repeals the requirement for a triennial review of the rates of pay of Senators, Members of the House of Representatives, and the Resident Commissioner from Puerto Rico by the Commission on Legislative, Executive, and Judicial Salaries.