Federal Maritime Administration Act

Federal Maritime Administration Act - Replaces provisions of chapter 1 (Organization) of title 49 (Transportation) of the U.S. Code relating to the Coast Guard, the Maritime Administration, and the Saint Lawrence Seaway Development Corporation with a provision establishing the Federal Maritime Administration (Administration) in the Department of Transportation. States that the Administration shall consist of the Coast Guard and the National Maritime Service and be headed by the Under Secretary for Maritime Affairs and Readiness.

Redesignates the Maritime Administration transferred to the Department of Transportation by the Maritime Act of 1981 as the National Maritime Service.

Transfers to the Secretary of Transportation, acting through the Administration, certain functions of: (1) the National Ocean Service in the National Oceanic and Atmospheric Administration of the Department of Commerce; and (2) the National Weather Service of the Department of Commerce. Redesignates the Commissioned Officer Corps of the National Oceanic and Atmospheric Administration as the Commissioned Officer Corps of the Administration.

Provides for related transfers and terminations. Sets forth savings and transition provisions.

Establishes the Merchant Marine Reserve within the Coast Guard, to consist of members of the Coast Guard Reserve with special knowledge or expertise regarding merchant marine affairs.

Directs the Secretary of Transportation to report to the Congress with recommended methods to consolidate in a single functional category for purposes of the Congressional Budget and Impoundment Control Act of 1974 all budget authority relating to the Administration, including the military programs conducted by the Coast Guard.