A bill to prohibit the buying and selling of operating rights at high density traffic airports, and for other purposes.

Requires the Secretary of Transportation (the Secretary) and the Administrator of the Federal Aviation Administration (the Administrator) to: (1) repeal a certain final rule which permits airlines to buy and sell landing rights at specified high density traffic airports; and (2) refrain from issuing a rule, regulation, or order restricting instrument flight rule takeoffs or landings at any airport that is inconsistent with this Act (thus prohibiting future rules permitting the transfer of operating rights).

Requires the Administrator to establish a method for the equitable allocation of operating rights ("slots") at high density traffic airports which is consistent with aviation safety. Requires that such slot allocations be made by separate air and commuter carrier scheduling committees established for each high density traffic airport. Directs the Administrator to establish the composition of such committees. Requires such committees to allocate and reallocate slots according to a time schedule established by the Administrator.

Requires the Administrator to provide slots for foreign air transportation and for essential air transportation.

Requires the Administrator to: (1) establish a special mechanism for slot allocation if the scheduling committee is unable to agree on allocation within the established time schedule; and (2) formulate an allocation mechanism for all new, voluntarily returned, and unused slots. Terminates such special slot mechanism after December 31, 1988.

Requires that any slot allocation mechanism established by the Administrator: (1) adequately ensure the opportunity for new entry; (2) maintain essential air transportation; and (3) protect the access rights of commuter operators.

Prohibits the sale, lease, or transfer of allocated slots by an air carrier or a commuter air carrier, with specified exceptions.

Declares that slots are public property and that their use represents a nonpermanent operating privilege within the exclusive control and jurisdiction of the Administrator. Authorizes the Administrator to recall or reallocate such slots for specified reasons (including withdrawal if a slot is substantially unused).

Requires the Administrator to employ a slot withdrawal method that ensures that no carrier incurs the loss of an undue proportion of its slots.

Prohibits the Administrator from restricting aircraft operation at certain airports by means of slot control (except on an emergency basis) unless a written report has been transmitted to the Congress justifying the need for such a restriction within a 90-day notice period.

Requires the Secretary to conclude a rulemaking to reauthorize or eliminate all high density traffic airport slot controls no later than January 1, 1987, and every two years thereafter.

Terminates any slot control regulation two years from the date it becomes effective (unless such regulation has been reauthorized).

Requires the Secretary and the Administrator to report to the Congress regarding legislative recommendations and the extent to which slot allocation mechanisms and slot control regulations have minimized barriers to entry at high density traffic airports.