A bill to amend the Intercoastal Shipping Act, 1933 by revising its suspension provisions and by authorizing periodic promulgation of rate of return guidelines.

(House agreed to Senate amendment with amendment)

Defines, under the Intercoastal Shipping Act, 1933, the terms "general increase in rates" or "general decrease in rates" from taking effect before the 16th day after such general increase or general decrease is posted and filed with the Federal Maritime Commission.

Directs the Commission, within one year after the effective date of this Act, to prescribe by regulation guidelines for the determination of what constitutes a just and reasonable rate of return or profit for common carriers by water in intercoastal commerce.

Requires the Commission: (1) to complete hearings on proposed rate changes within 60 days; (2) to enter an initial decision within 120 days; and (3) to issue a final decision on such rate changes within 180 days.

Prohibits the Commission from suspending certain tariff schedules or services.

Authorizes the Commission to order carriers to refund any unsuspended portion of the increase in carrier's operating revenues if such increase is found to be not just and reasonable.

Directs the Commission by regulation to require each common carrier by water in domestic offshore commerce to maintain such records and to sumit such report as the Commission may reasonably require.

Redesignates the "Intercoastal Shipping Act, 1933" the "Domestic Offshore Shipping Act." Directs the Commission to respond within ten days to Congressional requests for information and documents.

Directs the Commission to study and review: (1) the law of the United States relating to the Commission; and (2) the statutes and other authorities administered by or otherwise applicable to the Commission. Requires the Commission to establish an Advisory Commission on Law Revision to offer advice on such study and review.

Directs the Chairman of the Commission to submit to the Congress and the President a preliminary and final report with respect to such law revision activity.