A bill to establish an earmark moratorium for fiscal years 2010 and 2011.

Makes it out of order in the Senate to consider any of the following legislation that includes a congressional earmark or limited tax or tariff benefit: (1) a bill or joint resolution reported by any committee; (2) a Senate bill or joint resolution not reported by committee; (3) a conference report; (4) a floor amendment to a bill or joint resolution; or (5) an amendment between the two chambers.

Provides that if such prohibition is sustained, the legislation shall be returned to the calendar until compliance with this Act is achieved.

Permits a waiver of such prohibition in the Senate by an affirmative vote of two-thirds of the Members.

Applies such prohibition only to legislation in FY2010-FY2011 providing or authorizing discretionary budget authority, credit authority, or other spending authority, providing a federal tax deduction, credit, or exclusion, or modifying the Harmonized Tariff Schedule in a manner that benefits 10 or fewer entities.

Exempts from such prohibition any authorization of appropriations to a federal entity which is not specifically targeted to a state, locality, or congressional district.