To amend the Fair Labor Standards Act of 1938 to increase the Federal minimum wage.

American Family Fair Minimum Wage Act of 1998 - Amends the Fair Labor Standards Act of 1938 to increase the Federal minimum wage per hour, beginning on September 1 of the years specified, to: (1) $5.65 in 1998; (2) $6.15 in 1999; (3) $6.65 in 2000; and (4) in 2001 and subsequent fiscal years, $6.65 adjusted to reflect increases in the Consumer Price Index for All Urban Consumers.