A bill to approve the Compact of Permanent Union Between Puerto Rico and the United States.

Approves the compact of permanent union between Puerto Rico and the United States. Accords to Puerto Rico the right of self-government and jurisdiction over the population, territorial seas, and Island of Puerto Rico, as well as jurisdiction over the adjacent population, territorial seas, and islands.

Gives the U.S. responsibility for and authority with respect to international relations and defense affecting Puerto Rico. Permits Puerto Rico to enter into specified categories of agreements with other countries consistent with the functions of the U.S. as determined by the President and the Governor of the Free Associated State of Puerto Rico on a case-by-case basis.

States that all persons born in Puerto Rico are citizens of the U.S. Makes U.S. currency the exclusive currency of Puerto Rico. Declares that economic, trade, and commercial relations between the two parties shall be conducted within the framework of the common market previously and henceforth established. Lists related rights and responsibilities.

Provides that U.S. immigration laws, rules, regulations, and procedures shall be applied to Puerto Rico except as the President and Governor agree to limit or increase the quota of aliens who may be admitted.

Directs that Puerto Rico be represented by one elected representative in each House of Congress. Provides that U.S. laws, present and past, be given full effect. Allows, prior to passage of any legislation affecting Puerto Rico, the Governor to submit to Congress objections to its applicability. Exempts Puerto Rico from the provisions of such legislation if the respective Congressional committee or committees by vote express agreement with the objections. Prohibits this procedure if proposed laws directly affect the rights and duties of citizens, security and common defense, foreign affairs, or currency. Allows the U.S. to transfer to Puerto Rico, with its consent, the total or partial performance of Federal functions.

Creates a six-member Joint Commission, three members and their successors to be appointed by the President, and three by the Governor. Subjects the Commission to review by the President and the Governor after an initial period of five years, such review to encompass the Commission's membership and continuation.

Assigns the Commission to help in the perfection of relations between the U.S. and Puerto Rico, directing it to study: (1) the desirability of retaining, modifying, or eliminating the application of specific Federal laws to Puerto Rico, giving priority to laws pertaining to communications, coastal shipping, and administration of Selective Service; (2) the possible transfer of Federal functions to Puerto Rican agencies; and (3) the desirability of recommending a system of contributory payments from Puerto Rico to the U.S. Treasury, based upon disbursements by the Puerto Rican legislature from the general fund or any other sources subject to its legislative action.

Grants concurrent jurisdiction to U.S. and Puerto Rican courts with respect to justifiable questions arising under this Act. Establishes a U.S. District Court for Puerto Rico.

Declares that the public policy of the U.S. and Puerto Rico is to make the minimum wage in Puerto Rico equal to that of the U.S. as soon as economic conditions permit. Grants Puerto Rico exclusive jurisdiction over all matters pertaining to minimum wage and working hours, labor-management relations, and occupational health and safety regulation, except as those areas apply to the shipping and aviation industries, where the appropriate Federal law governs.

Requires that this compact, to become effective: (1) be approved by the U.S. Congress; (2) be approved by the Puerto Rican electorate in a special referendum; and (3) be proclaimed approved by the electorate, such proclamation to include the effective date as agreed upon by the President and the Governor. (It must become effective within one year of approval).

Directs that the provisions of this Act shall not interrupt or impair pending matters before courts or quasi-judicial agencies, and shall not affect franchises, permits, and other grants previously issued.

Requires mutual agreement between the two governments for modification of this Act, and with respect to specified provisions concerning fundamental relations, the approval of the Puerto Rican electorate is also required.