Strategic and Critical Materials Stock Piling Act Amendments

Strategic and Critical Materials Stock Piling Act Amendments - Amends the Strategic and Critical Materials Stock Piling Act to direct the President to appoint an interagency committee to determine which materials are to be acquired under such Act and what classification each such material shall be assigned. Stipulates that there are three such classifications as follows; (1) Class A materials are those essential and necessary materials not produced or produced in limited quantities in the United States which are obtained primarily from foreign sources; (2) Class B materials are those essential and necessary materials produced in the United States but which are not available in sufficient quantities and are obtained to a substantial extent from foreign sources; and (3) Class C are those essential and necessary materials which are produced in substantial quantities in the United States and are obtained to a lesser extent from foreign sources.

Stipulates that the stockpile objectives for Class A materials shall be equal to three years domestic net imports; for Class B materials two years' domestic net imports; and for Class C materials one years' net imports of such material.

Requires that such objectives be reviewed every four years by the interagency council. Stipulates that a revised objective for such material shall be made only if the average annual quantity of imports of such material during the previous five years increased or decreased by more than ten percent.

Directs the Secretaries of the Army, Navy, and Air Force to direct the Administrator of General Services to establish a barter program for the acquisition of strategic and critical materials.

Stipulates that no funds may be appropriated or obligated for the procurement of materials under such Act unless funds have been specifically authorized for such purpose.

Establishes within the Treasury a Strategic and Critical Materials Procurement Fund. Stipulates that all moneys received on account of sales of materials under such Act shall be covered into the fund. Sets forth the uses for which funds may be expended. Directs the Administrator of General Services to submit an annual report to the Congress regarding such fund.