Fair Minimum Wage Act of 2004 - Amends the Fair Labor Standards Act of 1938 to increase the Federal minimum wage to: (1) $5.85 an hour, beginning on the 60th day after enactment of this Act; (2) $6.45 an hour, beginning 12 months after that 60th day; and (3) $7.00 an hour, beginning 24 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.