A bill to amend the Fair Labor Standards Act of 1938 to authorize a special minimum wage for the limited employment of individuals under the age of nineteen and for the employment of full-time students.

Amends the Fair Labor Standards Act of 1938 to permit employers, without prior or special certification by the Secretary of Labor, to pay 85 percent of the minimum wage: (1) to a youth under age 19, for a 180 day period; and (2) to certain full-time students, for part-time work up to 20 hours per week or full-time work during vacation periods.

Provides that the total number of hours in any workweek for which an employer may employ such youth or full-time students at such special wage rate may not exceed 20 percent of the total number of hours in the workweek for which the employer employed individuals subject to the regular minimum wage rate.

Directs the Secretary to insure against specified violations of requirements for such special minimum wages for youth and students. Makes employers liable for unpaid wages and overtime compensation for such violations.