A bill to amend title 10, United States Code, to limit, and to provide more effective control with respect to the use of Government production equipment by private contractors under contracts entered into by the Department of Defense and certain other Federal agencies.

Provides that the use of Government production equipment by private contractors under contracts entered into by the Department of Defense, and other Federal agencies, may be arranged by such Departments or agencies only upon the conditions set out in this Act.

Requires Government officials to promulgate regulations for control of production equipment which is the property of their respective agencies and which is presently or hereafter may be furnished by their agencies by any means to a private contractor. Requires inventory records to be kept by those contractors covered by this Act.

Provides for the sale and continued maintenance of equipment by agency heads. Requires an explanatory statement of the circumstances of each sale under this Act of property having an original acquisition value in excess of $25,000.

Provides for annual reports to the Congress detailing all such sales of property valued at $25,000 or more. (Adds 10 U.S.C. 2315)