A bill to amend the Strategic and Critical Materials Stock Piling Act.

Authorizes the Director of the Office of Emergency Preparedness under the Strategic and Critical Materials Stock Piling Act to determine if the importation from a Communist dominated country or area of material previously determined tp be strategic under the provisions of such Act is contrary to the policy of preventing the dependence of the United States upon such Communist dominated country for such material, or any other policy set forth in such Act. Provides that if the Director determines that the importation of such a material is contrary to such policy he shall promptly so advise the President.

States that when the President is so advised he shall promptly order the imposition of quantitative restrictions upon such importation. Provides that the President may permit additional economy and to maintain the capability of the United States to meet national security requirements.