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

(Reported to Senate from the Committee on Armed Services with amendment, S. Rept. 95-846)

Retitles the Strategic and Critical Materials Stock Piling Act as the National Defense Stockpile Act. Restates the purpose of such Act to include provision for disposal of excess stockpiled materials. Defines "strategic and critical materials" and "national emergency.

Directs the President to make determinations of which materials are strategic and critical materials and the quality, quantity, and form in which they shall be stockpiled. Sets principles on which the President's determinations shall be made, including that: (1) the stockpile serve national security and not economic or budgetary purposes; (2) the stockpile be sufficient to sustain the United States for up to three years; and (3) quantity determinations be revised only if differing ten percent or more and if Congressional committees are notified in advance.

States the composition of the stockpile, including materials acquired under the Agricultural Trade Development and Assistance Act of 1954 and the Defense Production Act of 1950.

Directs the President to designate management responsibility for the stockpile and provides procedures for acquisitions, disposals, and barter as a means of accomplishing stockpile transactions.

Grants the President special authority to release stockpiled goods if required for national defense. Permits the delegation of such authority under specified circumstances. Requires written reports to Congress on any such release.

Permits the President to make scientific, technologic, and economic investigations concerning stockpiled goods.

Establishes within the Treasury a National Defense Stockpile Transaction Account. States that all moneys covered into the account shall be available, when appropriated, only for procurement and rotation of materials.

Grants the President authority to establish committees from industry to supply advice on stockpile operations.

Requires semi-annual reports by the President to Congress to include an explanation of the financial status of and anticipated appropriations to the account.

Prohibits the President from regulating importation of strategic and critical materials if the exporting country is not Communist-dominated and if the importation of the material is not prohibited by law.