A bill to protect the constitutional rights of the subjects of arrest records and to authorize the Federal Bureau of Investigation to disseminate conviction records to State and local government agencies.

Requires the Attorney General to: (1) acquire, collect, classify and preserve criminal records; and (2) exchange such records with the Federal Government, the States, cities, and penal and other institutions for law enforcement purposes. Authorizes the Attorney General to exchange such records with the officials of Federally chartered or insured banking institutions to promote or maintain the security to those institutions. States that any such exchange under this Act shall be made only for the official use of any such official.

Provides that all copies of records of information filed as a result of an arrest that is legally terminated in favor of the arrested individual shall be returned to that individual within sixty days of final disposition and shall not be maintained in the files of any Federal agency. States that the Attorney General's authority to disseminate records indicating that an individual has been arrested or charged with any criminal offense to noncriminal justice agencies shall expire on December 31, 1974.