A bill to amend section 7119 of title 5, United States Code, to provide for binding arbitration in disputes between the Federal government and labor organizations representing employees of the Federal government under certain circumstances.

Requires parties to a Federal labor-management collective bargaining agreement to notify the Federal Service Impasses Panel if negotiations on a new collective bargaining agreement are at an impasse on the date their existing collective bargaining agreements expires.

Requires that within five days of the expiration of an existing collective bargaining agreement, each party to such negotiations select an individual to serve on a three member arbitration board. Directs the two board members so selected to select the third member of the board.

Requires the board to hold hearings on the negotiation impasse. Requires the board to send to each party to such impasse a preliminary report of the board's findings and a tentative draft of a new collective bargaining agreement within seven days following the end of the hearings. Directs such parties to send the board comments on the report and draft within ten days of their receipt. Requires the board, within a specified time period, to issue a final report containing: (1) its findings and conclusions; (2) a new collective bargaining agreement which shall be binding on all parties to the negotiation impasse; and (3) its recommendations on any issues raised in the negotiations which the board is not authorized to resolve. Sets forth the procedure for implementing a board solution requiring the enactment or amendment of Federal law.