Engine code P1554 on a Monte Carlo typically indicates an issue with the throttle actuator control system, often related to the throttle position sensor or the actuator itself. To repair it, first check for any loose connections or damaged wiring in the throttle control system. If the wiring is intact, you may need to replace the throttle position sensor or the throttle body assembly. After repairs, clear the code using an OBD-II scanner and test drive the vehicle to ensure the issue is resolved.