A bill to amend title II of the Trade Act of 1974 relating to relief from injury caused by import competition.

Amends the Trade Act of 1974 with respect to trade adjustment allowances and assistance. Extends the period for which workers are eligible for such allowances. Directs that such payment be made to an adversely affected worker whose age and years of service with the firm exceed 50 until age 65. Extends the period during which a separated worker shall be eligible for such allowance. Makes eligible for such allowance and assistance workers or firms producing component parts of affected articles or engaged in the distribution thereof. Decreases the time period for approval of adjustment assistance and loans. Revises the method of computation for the interest rates on such loans. Redefines "adversely affected worker" under the Trade Act of 1974. Revises the circumstances under which a worker separated prior to the date of certification of eligibility may receive such allowance. Reduces the number of weeks of unemployment required for eligibility for such allowances. Revises the period of eligibility for job search allowances under such Act.