A bill to amend Federal statutes regulating automobile emissions and automobile safety and to provide certain rules with respect to automobile fuel efficiency to permit the manufacture of safe, nonpolluting, fuel efficient automobiles.

Revises the Clean Air Act to extend until 1982 the reduction requirement standards for carbon monoxide and hydrocarbons. Extends the interim standards for light duty vehicles through 1981.

Extends the regulation for the emissions of nitrogen oxides from 1977 through 1982. Extends the interim standards for light duty vehicles to 1983.

Requires the Secretary of Transportation to take into account the cost of implementation and the benefits attainable in prescribing Federal motor vehicle safety standards.

Stipulates that Federal motor vehicle standards shall take effect two years from the date of issue. Requires that all information relating to the promulgation of a Federal motor vehicle standard be made public.

Requires the Secretary to include in his report to the President an analysis of motor vehicle safety regulations on passengers and pedestrian safety, and a certification that the cost of implementation and the benefits attainable were considered in the issuing of a safety standard.

Revises the Motor Vehicle Information and Cost Savings Act to require the Secretary to include in the report to Congress and to the President (1) a statement of the degree of observance of standards; (2) an analysis of research activities; (3) an analysis of the impact of the regulations on passenger and pedestrian safety; and (4) a certification that the cost of implementation and the benefits attainable were considered in promulgating any safety standard.

Prohibits the purchase of any motor vehicle after model year 1980 by the Federal Government unless such motor vehicle is more than 49 percent more efficient in fuel consumption than similar 1975 models.

Revises the Automobile Information and Disclosure Act to require that a statement of the fuel efficiency rate of such automobile be included on the label attached to new automobiles.

Requires the Administrator of the Environmental Protection Agency to publish annually a comparative analysis of the fuel efficiency of each new motor vehicle produced during the model year, and to report to the Congress on the progress made toward meeting the national fuel economy improvement standard.