A bill to provide price and income protection for cotton farmers and assure consumers plentiful supplies of food and fiber at reasonable prices.

Amends the Agricultural Adjustment Act of 1938 and the Agricultural Act of 1949 to extend through the 1981 crops specified provisions of the upland cotton program. Sets a new formula for the determination of the level for nonrecourse loans, and stipulates the established price per pound of cotton at 110 percent of the loan level. Sets conditions for, and formulas for the amounts of, mandatory special limited global import quotas.