Economic Adjustment Act

Economic Adjustment Act - Declares that it is the purpose of this Act to extend the Public Works and Economic Development Act of 1965 for one year in order to provide an orderly transition to an economic adjustment assistance program, and to establish an economic adjustment assistance program to help States and local governments to deal more effectively with problems resulting from changes in economic conditions. Defines the terms used in this Act.

Title I: Transition - Authorizes transitional appropriations under the Public Works and Economic Development Act of 1965.

Title II: Economic Adjustment Assistance Program - Enumerates the objectives of this title and the purposes for which funds provided by this title may be used, including: (1) for assistance for public facilities, public services, business development, planning, research, technical assistance, and such other economic adjustment purposes; and (2) by public entities, private profitmaking and nonprofit enterprises, organizations, and individuals.

Authorizes to be appropriated $100,000,000 for fiscal year 1975 and such sums as may be necessary for the four succeeding fiscal years. Provides for the allocation of such funds among the States.

Provides that funds allocated shall be obligated to the State upon submission by the Governor of the State, and approval by the Federal regional administrator, of a State plan or plans which contains specified elements, including: (1) an identification of the area or areas selected within the State for economic adjustment; (2) the criteria used in the selection of the areas; (3) statement of economic adjustment objectives; and (4) a description of the types of assistance for which funds obligated under this title shall be expended.

Requires that, within 60 days after the end of each fiscal year, States shall submit a report to the appropriate Federal regional administrator, including specified information on the progress made toward the objectives of the approved plan; how the funds were used; reasons for substantive variations from the approved plans; and corrective actions taken.

Prescribes procedures for hearings, evaluation, and termination, reduction, or limitation of obligations for a State's unsatisfactory compliance with the plan. Provides for judicial review of such proceedings.

Provides that the consent of Congress is hereby given to any two or more States to negotiate and enter into agreements or compacts for cooperative efforts in pursuing the objectives of this Act.

Title III: General Provisions - Directs the President to appoint a Federal regional administrator for each Federal region established pursuant to this Act. Provides that Federal regions shall be established and shall conform with the standard Federal regions established by the President for administration of Federal programs.

Provides that no person shall, on the ground of race, color, religion, national origin, sex, or age be excluded from participation in, be denied the benefits of, or be subjected to discrimination under, any program or activity funded in whole or in part with funds made available under title II. Sets forth labor standard wage requirements for laborers and mechanics employed on federally assisted projects under this Act.

Authorizes to be appropriated such sums as may be necessary for the Federal expenses of administration of this Act.