A bill to amend the Fair Labor Standards Act of 1938 to provide for an increase in the Federal minimum wage.

Fair Minimum Wage Act of 2003 - Amends the Fair Labor Standards Act of 1938 to increase the Federal minimum wage to: (1) $5.90 an hour, beginning on the 60th day after enactment of this Act; and (2) $6.65 an hour, beginning 12 months after that 60th day. Makes Federal minimum wage requirements applicable to the Commonwealth of the Northern Mariana Islands. Sets forth a transition period during which a specified minimum wage there shall be gradually increased to equal the Federal minimum wage.