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.

[AI summary unavailable — showing source text] 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 allocati…