To modify the price support program for milk; to establish a class IV account applicable to the products of milk; to modify the dairy export incentive program; and to consolidate and reform Federal milk marketing orders.

Amends the Agricultural Act of 1949 to establish milk price support provisions for calendar years 1996 through 2002.

Mandates establishment of a special milk marketing order to equalize returns on all milk used in the 48 contiguous States to produce Class IV final products (butter, nonfat dry milk, and dry whole milk) among all milk marketed by producers for commercial use in those States.

Amends the Food Security Act of 1985 to extend the termination date of the dairy products export incentive program (renaming it as the exporter bid program). Establishes a dairy products export incentive program (the price equalization program), requiring it to provide for payments by the Commodity Credit Corporation to the Administrator of the Class IV account established under the Agricultural Reconciliation Act of 1995.

Mandates inviting proposals and conducting expedited hearings on consolidating and reforming Federal milk marketing orders issued under specified provisions of the Agricultural Marketing Agreement Act of 1937, including considering how all milk shall be regulated under Federal or State order, with manufacturing grade producers receiving pool proceeds from Class III and Class IV sales only. Declares that it is the sense of the Congress that Federal milk marketing orders in operation under the Agricultural Adjustment Act should be consolidated to between 8 and 14 orders.