Industrial Reorganization Act

Industrial Reorganization Act - Title I: Possession of Monopoly Power - Makes it unlawful for any corporation or two or more corporations, whether by agreement or not, to possess monopoly power in any line of commerce in any section of the country or with foreign nations. Sets forth rebuttable presumptions that monopoly power is possessed by a corporation or corporations. States that in other instances the burden shall lie on the Industrial Reorganization Commission established under this Act to prove the possession of monopoly power.

Title II: Industrial Reorganization Commission - Establishes an independent agency to be known as the Industrial Reorganization Commission. Provides that the Commission shall be under the direction and supervision of a Commissioner, who shall be appointed by the President, by and with the advice and consent of the Senate, for a term of seven and one-half years. Provides that the Commission shall terminate its operations fifteen years after the date of enactment of this Act, and the functions, jurisdiction, powers, and duties of the Commission shall be transferred to the Federal Trade Commission.

Provides that the Commission shall study the structure, performance, and control of seven industries: chemicals and drugs, electronic computing and communication equipment, electrical machinery and equipment, energy, iron and steel, motor vehicles, and non-ferrous metals. States that such studies shall be made in order to determine whether or not there are violations of Title I of this Act and also to determine how each industry could be reorganized in order to make competition more effective.

Requires the Commission to report to the Congress not later than June 30, in each odd-numbered year with respect to the status of this title, together with such recommendations, including recommendations for legislation, as it deems necessary.

Sets forth the powers of the Commission.

Provides that any person who is a director or officer of a registered corporation shall file a report under this title with the Commission in such form and at such times as the Commission may require.

Specifies penalties for violations of this title.

Title III: Establishment of Industrial Reorganization Court - Provides that the President shall appoint, by and with the advice and consent of the Senate, a chief judge and fourteen associate judges who shall constitute a court of record known as the United States Industrial Reorganization Court. Declares that such court is established under article III of the Constitution of the United States.

Makes provision for single-judge trials; except that three judges may be designated to hear and determine any civil action which the chief judge finds: (1) raises an issue of the constitutionality of an Act of Congress, a proclamation of the President, or an Executive order; or (2) has broad or significant implications in the administration or interpretation of this Act.

Provides that the Court shall have original jurisdiction to hear and determine all complaints and proposed orders or reorganizations filed by the Commission under Title I of this Act. Allows any corporation or corporations to, within sixty days from the entry of judgment, file a reorganization. Provides that the Court shall conduct a proceeding to determine whether or not the proposed order or orders of reorganization would restore effective competition. States that the Court shall then enter an order of reorganization to effectuate the purposes of this Act.

Provides that appeal from any final order of the Court will lie only to the Supreme Court. Limits the scope of review on appeal to: (1) whether or not the Court proceeded correctly under the provisions of this title; and (2) whether or not the findings of fact of the Court are supported by substantial evidence.