Resolves, that in holding hearings, reporting such hearings, and making investigations as authorized by sections 134(a) and 136 of the Legislative Reorganization Act of 1946, as amended.

Authorizes the Senate Committee on Armed Services, or any subcommittee thereof, from March 1, 1974, through February 28, 1975, for the purposes stated and within the limitations imposed by the following sections, in its discretion: (1) to make expenditures from the contingent fund of the Senate; (2) to employ personnel; and (3) with the prior consent of the Government department or agency concerned and the Committee on Rules and Administration, to use on a reimbursable basis the services of personnel of any such department or agency.

Authorizes the Committee on Armed Services from March 1, 1974, through February 28, 1975, to expend not to exceed $25,000, for the procurement of the services of individual consultants, or organizations thereof, as authorized by the Legislative Reorganization Act of 1946, as amended.

Authorizes the Committee on Armed Service, or any subcommittee thereof, from March 1, 1974, through February 28, 1975, to expend not to exceed $495,000, to examine, investigate, and make a complete study of any and all matters pertaining to each of the subjects set forth below in the succeeding sections of this resolution.

Provides that not to exceed $346,000 shall be available for a general study or investigation of the common defense, space activities, strategic materials, petroleum reserves, and related activities.

Provides that not to exceed $149,000 shall be available for studies and investigations pertaining to military readiness and preparedness for the common defense generally.

Requires the committee to report its findings, together with such recommendations for legislation as it deems advisable with respect to each study or investigation for which expenditure is authorized by this resolution, to the Senate at the earliest practicable date, but not later than February 28, 1975.