Renegotiation Act Amendments

Renegotiation Act Amendments - Revises the procedures under the Renegotiation Act of 1951 for the determination of excessive profits by national defense contractors.

Sets terms of office for members of the Renegotiation Board at five years except for those members appointed to fill a vacancy occurring prior to the expiration of a term.

Sets the method and form of commencing renegotiation proceedings under this Act. Eliminates specified exemptions for products and equipment of oil and gas wells which the Board may presently make to some or all of the provisions of the Renegotiation Act of 1951.

Provides for the payment of interest on amounts of excessive profits at a rate to be specified by the Secretary of the Treasury.

Authorizes the appropriation of such sums as are necessary to carry out this Act.