Beef Import Act

(Reported to Senate from the Committee on Finance with amendment, S. Rept. 95-777)

Beef Import Act - Subjects specified kinds of processed and unprocessed beef and veal to the policy of Congress restricting beef imports. Revises the formula for determining limitations on beef and veal imports by varying yearly quotas on such imports inversely with domestic production of beef and veal.

Directs the Secretary of Agriculture to estimate and publish each year the amount of beef and veal that is authorized for importation under the limitations established by this Act as well as the amount that would be imported but for such limitations. Directs the President to limit by proclamation the amount of processed and unprocessed beef and veal imports when such amount equals or exceeds 110 percent of the Secretary's estimate.

Limits the amount of beef or veal that may be imported in any six month period to 54 percent of current import quotas.

Requires the Secretary to allocate the total allowable imports of processed and unprocessed beef and veal among supplying countries on the basis of their respective shares of imports during a representative period.

Revises the criteria under which the President may suspend a proclamation limiting beef and veal imports to permit such suspension only during a national emergency or when the supply of such products are inadequate to meet domestic supply at reasonable prices.

Directs the Secretary to study the regional economic impact of imports of meats and report on such study to the appropriate committees of Congress.