A bill to provide that the salaries of the Members of Congress shall be subject to reduction if a level of inflation determined by the Congress to be acceptable is exceeded, and to repeal provisions of law allowing cost-of-living adjustments for such salaries.

Amends the Legislative Reorganization Act of 1946 to require the downward adjustment of the annual rate of pay for Members of Congress if the level of inflation for any calendar year exceeds the acceptable level of inflation established by Congress for such year.