A bill to amend the Federal Aviation Act of 1958 to authorize the Administrator of the Federal Aviation Administration to prescribe schedules for operations of air carriers and foreign air carriers at an airport whenever necessary to ensure that the capacity of the airport to handle such operations is not exceeded.

Amends the Federal Aviation Act of 1958 to authorize the Administrator of the Federal Aviation Administration to prescribe schedules for operations of air carriers at an airport when necessary to ensure that the capacity of the airport is not exceeded.

Provides that an antitrust exemption for an agreement on airport operation schedules may be granted if the Administrator (or a representative) is present during any negotiation of such agreement.

Authorizes the Administrator to prohibit operations (takeoffs and landings) at an airport which are inconsistent with a scheduling agreement for such airport.

Declares that the provisions of this Act shall cease to be in effect one year after enactment.

Transfers to the Department of Transportation the authority of the Civil Aeronautics Board to grant antitrust exemptions under this Act.