A bill to amend the Public Works and Economic Development Act of 1965 in order to establish a regional impact and development assistance program.

Authorizes the Secretary of Commerce, under the Public Works and Economic Development Act, to provide funds to each multistate regional commission Federal cochairman, upon specific recommendation of the regional commission of which he is a member, to be used for grants to eligible recipients within economic development regions established under this Act.

States that such grants shall be used for the purpose of meeting social, economic, or environmental impacts resulting from natural resource developments, significant changes in Federal Government policies, programs, or regulations, or significant shifts in employment opportunities. Provides that such assistance shall not be in lieu of assistance authorized under other provisions of the Public Works and Economic Development Act.

Defines "eligible recipient" as a redevelopment area or economic development district established under such Act, an Indian tribe, a State, a city or other political subdivision of a State, or a consortium of such political subdivisions.

Allows grants made under this Act to be used for public facilities, public service, business development, mortgage payment assistance, and for other specified purposes. States that the regional commission may administer the assistance at the request of the recipient, or arrange for appropriate Federal agencies to administer such assistance.

Requires each regional commission to develop and prescribe policies and guidelines to be observed in approving applications to eligible recipients.

Authorizes to be appropriated to carry out this Act an amount not to exceed $200,000,000 for fiscal year 1976, and $200,000,000 for each of the subsequent four fiscal years. States that for each fiscal year, not less than 10 percent nor more than 20 percent of the funds appropriated under this Act shall be available for assistance to any one regional commission.