Strategic and Critical Materials Stock Piling Revision Act of 1979

Strategic and Critical Materials Stock Piling Revision Act of 1979 - Amends the Strategic and Critical Materials Stock Piling Act to vest within the President the authority to determine which materials are strategic and critical and the quality and quantity of each such material to be stockpiled.

Establishes guidelines for the President to follow in making such determinations.

Prohibits the use of any funds for the acquisition of stockpile material unless funds for such acquisition have been authorized by law except where such funds are used for refining, processing, or rotational purposes. Requires that disposals from the stockpile be specifically authorized by law.

Directs the President to encourage the use of barter in acquiring and disposing of strategic and critical materials.

Sets forth practices and procedures for the procurement or disposal of stockpile materials.

Authorizes the President to dispose of stockpiled materials upon a determination that such disposal is required for national defense purposes, in time of war, or during a national emergency.

Directs the President to make scientific, technological, and economic investigations of domestic ores and minerals which are found in inadequate quantities or grades in order to develop new domestic sources for such substances, devise new methods for the treatment and utilization of lower grade reserves of such materials, and to develop substitutes for such essential ores and mineral products.

Establishes the National Defense Stockpile Transaction Fund within the Treasury to fund the acquisition of stockpile materials.

Authorizes the President to appoint advisory committees to advise the President with respect to the acquisition, transportation, storage, security, and disposal of stockpile materials.

Directs the President to report every six months to the Congress with respect to the acquisition and disposal of stockpile materials and a statement of the financial status of the National Defense Stockpile Transaction Fund.

Prohibits the President from regulating the importation of strategic and critical materials from non-Communist sources.