Economic Adjustment Assistance Act

Economic Adjustment Assistance Act - Declares that it is the purpose of this Act to establish an Economic Adjustment Administration to: (1) provide improved administration of economic adjustment assistance programs benefiting regions and communities which suffer economic hardships and dislocations arising from the adverse impact of specified Federal decisions; (2) study existing adjustment assistance activities deficiencies; and (3) provide assistance to communities and regions to enable them to anticipate and plan for federally induced structural changes in their economies.

Establishes in the executive branch the Economic Adjustment Administration, to be directed by an Administrator appointed by the President, by and with the advice and consent of the Senate. Provides for a Deputy Administrator also appointed by the President, by and with the advice and consent of the Senate.

Enumerates the powers and duties of the Administrator, including the duty to appoint a National Public Advisory Committee on Economic Adjustment, to be composed of 25 members. States that such Committee shall make recommendations to the Administrator relative to the carrying out of his responsibilities under this Act.

Authorizes and directs the Administrator to undertake a comprehensive study of all Federal economic adjustment programs.

Requires all Federal departments and agencies, except regulatory agencies in the performance of specified functions as prescribed by the Administrator, to prepare an economic impact statement prior to implementation of any action which results in, or is likely to result in, a significant adverse impact on the economic viability and well-being of a region, community, or other specified community or regional entities.

Transfers to the Administrator specified functions of the Secretary of Commerce, Secretary of Labor, Secretary of Defense, and Secretary of Housing and Urban Development. States that any proceeding pending before any department, agency, or component thereof at the time any such transfer takes effect regarding any function so transferred, shall not be affected as a result thereof. Provides that no transfer of functions shall affect suits commenced before the date of enactment of this Act.

States that Congress shall exercise continuing oversight over the activities of the Economic Adjustment Administration.

Requires the Administrator to make annual reports to the Congress and President and states types of information such reports shall include.

Authorizes to be appropriated such funds as are necessary to carry out the provisions of this Act.