A bill to amend the Renegotiation Act of 1951 to provide that such Act shall only be in effect when the President, during a period of national emergency, determines that having the provisions of such Act in effect would be in the best interest of the country.

Amends the Renegotiation Act of 1951 to stipulate that the provisions of such Act shall only be in effect when the President determines, during a period of national emergency, that having such Act in effect would be in the best interest of the United States and neither House of Congress passes a resolution disapproving such determination within 60 days.