A bill to amend the Tennessee Valley Authority Act of 1933 to require certain audits, open meetings and public hearings.

Directs the Comptroller General to conduct a full and complete audit of the operations of the Tennessee Valley Authority for fiscal years 1965 through 1975, for the purpose of ascertaining: (1) comparable rates for power; (2) overall operating costs; (3) annual power proceeds; and (4) obligation of power proceeds in excess of operating costs.

Requires the Comptroller General to report to Congress on the results of such audit.

Prohibits any increase in the rate charged for electric power unless appropriate public hearings have been held on such increase.

Requires that local material men be used whenever possible to supply all articles, materials, supplies and services required by the Authority for any purpose not directly related to the production of electric power.