A bill to prohibit the buying and selling of certain operating rights at airports and to require implementation of a new rule relating to the allocation of such rights.

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

Sets forth transition provisions which: (1) retain the slot allocations in effect on the date of enactment of this Act; and (2) prohibit any slot transfers except for a trade of slots at the same airport.

Requires the Administrator to establish a slot allocation method using either allocation by scheduling committee or allocation by sale or lease.

Requires the Administrator to make slots available for foreign air transportation and essential air transportation. Declares that: (1) slot allocation is an exercise of the Administrator's authority to assign the use of navigable airspace; and (2) the use of a slot is an operating privilege within the Administrator's exclusive control and jurisdiction.

Outlines the composition of slot allocation scheduling committees. Requires such committees to reach slot allocation agreements by a unanimous vote of the members present and voting. Makes such allocation agreements (including any committee deadlock-breaking mechanism employed by the Administrator) effective for a six-month period. Requires the Administrator to allocate slots by either lease or lottery if a scheduling committee is deadlocked. Requires the proceeds of such slot leases to be deposited in the Airport and Airway Trust Fund. Authorizes air carriers to trade or sublease slots allocated by the Administrator as a result of a scheduling committee deadlock.

Requires the Administrator to redistribute a minimum of five percent of available slots to air carriers not currently serving an airport (or that have fewer than eight slots at such airport) if the Administrator has allocated slots by lottery in order to break a scheduling committee deadlock.

Authorizes air carriers to transfer slots acquired (from the Administrator) through either sale or lease. States that slots reserved for foreign or essential air transportation may only be traded for another slot at the same airport for foreign or essential air transportation. Requires a specified percentage of the gain from a slot transfer or disposition to be transferred to the Administrator for deposit in the Airport and Airway Trust Fund.

Prescribes guidelines under which the Administrator may withdraw slots. Prohibits the withdrawal of foreign and essential air transportation reserved slots. States that the Administrator is not required to compensate an air or commuter carrier for such withdrawals.

Prohibits the Administrator from imposing slot restrictions unless a report has been submitted to the Congress justifying the need for such restrictions. Requires the Administrator to: (1) biennially review and reauthorize (or eliminate) slot restrictions at high density airports; and (2) report to the Congress regarding such restrictions. Terminates such review authority upon its required completion date unless reauthorized by rule by the Administrator.