A bill to amend the Renegotiation Act of 1951 to provide for the suspension of such Act pending the study thereof by an independent commission.

Permits the provisions of the Renegotiation Act of 1951 to be effective only when the President determines, during a period of national emergency, that having such provisions in effect is in the best interest of the United States and neither House of Congress passes a resolution within 60 days thereafter disagreeing with such determination.

Establishes a Commission to Study the Renegotiation Act of 1951 to consider and recommend to Congress whether the Act should be continued, amended, or repealed. Requires such recommendation to be made within two years from the date of enactment of this Act.