An Act to amend the Endangered Species Act of 1973 in order to permit the disposal of certain endangered species products and parts lawfully held within the United States on the effective date of such Act.

(Senate agreed to House amendment with an amendment)

Defines, under the Endangered Species Act of 1973, the term "pre-Act endangered species part" to mean any sperm whale oil (including derivatives thereof) or any finished scrimshaw product or raw material lawfully held within the United States on December 28, 1973, in the course of commercial activity. Defines "scrimshaw product," for purposes of the Act.

Authorizes the Secretary of Interior to exempt any pre-Act endangered species part from the export prohibitions of the Endangered Species Act. Sets forth requirements for applications for such exemptions.

Provides that any contract for the sale of pre-Act Endangered Species parts which is entered into by the Administrator of General Services prior to the effective date of this Act and pursuant to the notice published in the Federal Register on January 9, 1973 shall not be rendered invalid by virtue of the fact that fulfillment of such contract may be prohibited under such Act.

Authorizes the arrest without warrant of persons violating provisions of such Act where agents of the Secretary have reasonable grounds to believe that persons to be arrested are committing the violations in the view or presence of such agents.