Strategic and Critical Materials Transaction Authorization Act of 1979 - Authorizes appropriations of $237,000,000 for the acquisition of strategic and critical materials for the National Defense Stockpile established under the Strategic and Critical Materials Stock Piling Act. Requires review by the House and Senate Committees on Armed Services of the materials to be acquired in advance of their acquisition.
Authorizes the disposal from the Stockpile of: (1) 35,000 long tons of tin; and (2) 3,000,000 carats of industrial diamonds.
Stipulates that all transactions authorized by this Act shall be carried out under the provisions of the Strategic and Critical Materials Stock Piling Act. Authorizes the President to contribute up to 5,000 long tons of tin to the Tin Buffer Stock under the Fifth International Tin Agreement. Provides that upon such Agreement's termination in 1981, all proceeds from such contribution shall be remitted to the National Defense Stockpile Transaction Fund established under the Strategic and Critical Materials Stock Piling Act.