Materials Information and Economic Forecasting Act

Materials Information and Economic Forecasting Act - States that it is the purpose of this Act to establish the means to: (1) improve the regular collection, analysis, and dissemination of information on products, materials, and resources essential to industry and commerce, and market dislocation of such materials, and; (2) provide alternative policy options to the President and the Congress for administrative and legislative actions to alleviate shortages, environmental problems, and dislocations of such materials.

Specifies that it shall be the responsibility of the President to establish a materials and resource information system to achieve the purposes of this Act.

Requires the President, in carrying out the purposes of this Act, to give priority attention to: (1) industries which provide products, materials, resources, and services essential to the Nation's economy and industries which serve critical needs of the Nation's consumers, and (2) product, material, and resource shortages and other market dislocations expected in the long-term future.

Directs the President to maintain within the system the capability: (1) to perform analyses and verification of resource and materials information to the extent necessary to serve the purposes of this Act, and (2) to develop and evaluate models characterizing specific sectors of the economy and lines of commerce deemed critical to the economy and needs of the Nation's consumers.

Authorizes the President to provide for the collection of data for the system relating to current and long-term supply, demand, consumption, capital investment, wages, prices, imports, exports, changes in technology affecting supply and demand, environmental concerns and other relevant matters relating to the availability of products, materials and resources, and market dislocations.

Provides that any person who neglects or refuses when appropriately requested to answer completely and correctly to the best of such person's knowledge any question or to furnish information requested under the authority of this Act shall be fined not more than $25,000 or imprisoned not more than one year, or both; and if such person willfully provides a false answer to any such question, such person shall be fined not more than $50,000 or imprisoned not more than three years, or both.

Requires the President to report semiannually to the Congress with regard to materials and resources shortages and other related problems.

Establishes, within the Department of Commerce, the Bureau of Materials Forecasting. States that it shall be the function of the Bureau to collect and maintain such information as is required by the President to meet the purposes of this Act in order to provide for the collection of and to facilitate analyses on the long-term availability of critical products, materials, and resources essential to industry and commerce.

Provides that the Comptroller General shall be responsible for continuously monitoring and evaluating the operations of the President and Bureau pursuant to the requirements of this Act, including reporting requirements.

Authorizes to be appropriated $5,000,000 for fiscal year 1975, $16,000,000 for fiscal year 1976, including the transitional period, and $12,000,000 for fiscal year 1977, for the purpose of establishing and maintaining the material and information system authorized by this Act.

Authorizes to be appropriated $3,000,000 for fiscal year 1975, $12,000,000 for fiscal year 1976, including the transitional period, and $10,000,000 for fiscal year 1977 to the Bureau of Materials Forecasting.

Authorizes to be appropriated $1,000,000 for fiscal year 1975, $6,000,000 for fiscal year 1976, including the transitional period, and $5,000,000 for fiscal year 1977, to the General Accounting Office for the monitoring functions assigned to it under this Act.