A bill to provide for a 5 percent reduction in pay for Members of Congress, Federal officers and employees covered by the Executive Schedule or Senior Executive Schedule under title 5, United States Code, and certain other high level Federal officers and employees.

Reduces by five percent the rate of pay as of March 1, 1982, of any Member of Congress and any Federal official whose pay is fixed at or limited to a rate equal to or greater than the rate of pay for level V of the Executive Schedule.

Declares that such reduced rates shall be subject to comparability adjustments, except that such an adjustment in the pay rate for Members of Congress is prohibited during 1982.

Sets the pay rates for March 1, 1982, for positions which did not exist on such date at the rates payable for comparable positions for purposes of determining such reduction.

Exempts from this Act the President, Vice President, and any individual whose compensation is protected from diminishment under the Constitution.