A bill to provide that the salaries of the Members of Congress shall be subject to reduction if a level of inflation determined by the Congress to be acceptable is exceeded, and to repeal provisions of law allowing cost-of-living adjustments for such salaries.

Amends the Legislative Reorganization Act of 1946 to repeal the provisions allowing annual cost-of-living salary adjustments for Members of Congress. Subjects the salaries of Members of Congress to a downward adjustment if the level of inflation for any calendar year exceeds the acceptable level of inflation established by Congress. Specifies that such adjustment shall be equal to the percentage of such annual rate which corresponds to the percentage points by which the level of inflation for such year exceeds the acceptable level of inflation for such year.