Products and Materials Shortages Research and Development Act

Products and Materials Shortages Research and Development Act - States that it is the purpose of this Act to establish within the Department of Commerce, utilizing the National Bureau of Standards, a research and development program to alleviate existing and potential product and material shortages, and to improve technology with respect to such products and materials.

Directs the Secretary of Commerce to, not later than one hundred and eighty days after the enactment of this Act, compile and publish a report identifying existing and potential product and material shortages and those research and development projects which are most likely to substantially reduce such shortages and improve product and materials technology consistent with the provisions of this Act.

Authorizes the Secretary to make grants and to guarantee loans to promote research and development programs within the National Bureau of Standards and by private interests.

Provides that, prior to making any financial assistance available under this Act to any person for a research and development project or prior to making any commitment to conduct any research and development project under this Act within the Department of Commerce, the Secretary shall afford to the Administrator of the Environmental Protection Agency and the Administrator of the Federal Energy Administration an opportunity, not to exceed thirty days, to review and, if necessary, to modify such project.

Provides that information, processes, or patents obtained as a result of research or demonstration projects solely funded by financial assistance under this Act may, as a matter of agreement, become the property of the United States and be dedicated to the general public.