A bill to amend the Strategic and Critical Materials Stock Piling Act.

Amends the Strategic and Critical Materials Stock Piling Act to direct the Secretaries of the Army, Air Force, and Navy to require the Administrator of General Services to establish a program which: (1) will provide for the acquisition of strategic and critical materials from foreign countries through the barter of goods owned by the United States; and (2) will insure the active cooperation and participation of each appropriate department and agency having custody of goods suitable for barter.

Requires the annual stock piling report submitted to the Congress by such Secretaries to include a report regarding such barter program.

Makes excess materials in the inventory maintained under the Defense Production Act and in the national and supplemental stockpiles available, where authorized, for transfer at fair market value as payment for expenses in the acquiring, refining, and rotating of materials pursuant to such barter program.

Establishes within the Treasury a Strategic and Critical Materials Procurement Fund. Stipulates that all moneys received from the sales of materials under the Strategic and Critical Materials Stock Piling Act shall be placed into the Fund and that moneys from such Fund shall be available only, when appropriated, for the procurement, transportation, maintenance, rotation, storage, refining or processing of materials under such Act.

Requires the Secretary of the Treasury to annually report to Congress on the operation of the Fund. Requires the Secretary to invest unneeded portions of the Fund in interest-bearing guaranteed obligations of the United States. Authorizes the Secretary to sell such obligations except public-debt obligations issued exclusively to the Fund.

Prohibits the use of any funds appropriated to the Department of Defense for the procurement of strategic and critical materials.