A bill to amend the Japan-United States Friendship Act to recapitalize the Friendship Trust Fund, to broaden investment authority, and to strengthen criteria for membership on the Japan-United States Friendship Commission.

Amends the Japan-United States Friendship Act to authorize appropriations for the Japan-United States Friendship Trust Fund.

Sets forth requirements for the members of the United States Panel of the Joint Committee on United States-Japan Cultural and Educational Cooperation.

Requires certain investment duties of the Secretary of the Treasury involving the Fund to be taken at the direction of the Chairman of the Japan-United States Friendship Commission. Permits investments only in instruments of public debt with maturities suitable to the Fund's needs (currently, in interest-bearing obligations of or guaranteed by the United States).