Federal Firefighter Pay Equity Act This bill modifies certain pay calculations that are used to determine retirement and annuity benefits for federal firefighters. Specifically, the bill adjusts the method of determining the average pay of a federal firefighter by adding one-half of a firefighter's basic hourly rate multiplied by the number of overtime hours included as part of such firefighter's regular tour of duty. It also requires the Office of Personnel Management to issue regulations that cap the number of hours in a regular workweek, which may not exceed 60 hours per week.