A bill to authorize the Secretary of Agriculture to amend retroactively regulations of the Department of Agriculture pertaining to the computation of price support payments under the National Wool Act of 1954 in order to insure the equitable treatment of ranchers and farmers.

Authorizes the Secretary of Agriculture to amend retroactively regulations of the Department of Agriculture pertaining to the computation of price support payments under the National Wool Act in order that the amount of such payments may, in the case of any rancher or farmer, be computed on the basis of the net sales proceeds received, or, in the case of any rancher or farmer who failed to realize the amount provided for in the sales document, the lesser of the following: (1) the net sales proceeds based on the price the rancher or farmer would have received had there been no default of payment under such document; or (2) the fair market value of the commodity at the time of the sale.