To amend title 49, United States Code, to permit air carriers to meet and discuss their schedules in order to reduce flight delays, and for other purposes.

Amends Federal aviation law to authorize an air carrier to file with the Secretary of Transportation a request for: (1) authority to discuss with one or more other air carriers or foreign air carriers agreements or cooperative arrangements limiting flights at an airport during a time period when scheduled air transportation exceeds airport capacity; and (2) approval of such agreements or cooperative arrangements with respect to such limits on interstate air transportation. Directs the Secretary to approve such requests if: (1) such discussions and resulting agreements are not adverse to the public interest; (2) they will facilitate voluntary adjustments in air carrier schedules that could lead to a substantial reduction in travel delays and improvement of air transportation service to the public; and (3) such reduction in delays cannot be achieved by any other immediately available means. Prohibits participants in approved discussions from: (1) discussing or entering into agreements regarding rates, fares, charges, or in-flight services; or (2) discussing particular city pairs, or submitting to other air carriers or foreign air carriers information on their proposed service or schedules in a fashion that indicates the involvement of city pairs. Exempts such agreements from U.S. antitrust laws.