A bill to amend the Merchant Marine Act, 1936, as amended, by inserting a new title X to authorize aid in developing, constructing and operating privately owned nuclear-powered merchant ships.

Amends the Merchant Marine Act, 1936, to provide that any citizen of the United States may apply to the Secretary of Commerce for aid in developing and constructing a nuclear ship for operation in the commerce of the United States. Provides that before the Secretary grants such aid specified conditions must be met by the applicant, including assurances that the nuclear ship, as designed, appears capable of continued safe operation and that such design either embodies a significant departure from the design of existing nuclear ships which may lead to a significant reduction in the cost of constructing or operating future nuclear ships, or is one of a class of nuclear ships and is necessary for a demonstration of the commercial viability of that class.

Specifies the types of aid which the Secretary is authorized to offer, including: (1) payment to the contractor (not the applicant) for the cost of developing a proposed nuclear ship; (2) agreements to protect a nuclear ship project from the noncommercial risks associated with the nuclear aspects of such a project; (3) supplying nuclear material or training of crews for nuclear ships; and (4) insuring the creation of a mortgage or lien on a nuclear ship.

Requires applicants to agree: (1) to pay to the Secretary an amount equal to the aid granted plus interest; (2) to pay a percentage allowance adequate to cover administrative costs; (3) to execute a preferred mortgage on the nuclear ship; and (4) not to transfer ownership or to lease such ship without the consent of the Secretary.

Requires that all ships whose development, construction, or operation is aided by this Act shall be constructed in a shipyard within the United States.