A bill to authorize the Secretary of Agriculture to amend retroactively regulations of the Department of Agriculture pertaining to the computation of price support payments under the National Wool Act of 1954 in order to insure the equitable treatment of ranchers and farmers.

Authorizes the Secretary of Agriculture to amend retroactively the regulations of the Department of Agriculture pertaining to the computation of price support payments under the National Wool Act of 1954. Declares that such payments may, in the case of any rancher or farmer, be computed on the basis of (1) the net sales proceeds received, or (2) in the event that the amount provided in the sales document was not realized, the lesser of the following: (1) the net sales price that would have been received, or (2) the fair market value of the commodity concerned at the time of the sale.

Authorizes the Secretary to make such payment adjustments for any application filed for the payment of such price supports under the National Wool Act of 1954 with respect to any commodity marketed during the four years 1969 through 1972.