Amends the Hobbs Act to redefine "extortion" to mean obtaining property from another with consent by use of actual or threatened force, violence, or fear thereof, or wrongful use of fear not involving force or violence, or under color of official right.

Expresses congressional intent: (1) not to exclude Federal jurisdiction on the ground that conduct involving force, violence, or fear thereof, takes place in the course of a legitimate business or labor dispute, or on the ground that the conduct violates State or local law; or (2) not to chill legitimate labor activity by authorizing Federal prosecution for offenses occurring during a labor dispute not involving extortion.