A bill to require an employer which assumes the ownership or operation of a business to honor the terms and conditions of a collective-bargaining contract.

Amends the National Labor Relations Act to require an employer which assumes the ownership or operation of a business to honor any applicable collective bargaining contract in its entirety.

Amends the Labor Management Relations Act to permit a labor organization to bring suit against a new employer which refuses to honor an existing agreement in United States district court regardless of the citizenship of the parties or amount in controversy.