Amends the Federal Power Act to direct the Federal Power Commission to hold hearings and render decisions on proposed new rate schedules within 60 days of the date on which such schedule would otherwise go into effect. Suspends the operation of such new rate schedule until the effective date of the Commission's decision within the 60-day period.

Stipulates that public utilities may not file proposals for rate increases when similar schedules previously filed are pending before the Commission for final determination.