Joint Research and Development Ventures Act

Joint Research and Development Ventures Act - Allows business concerns to request and obtain the approval of the Attorney General before initiating any joint research and development venture. Directs the Attorney General to approve such a venture if: (1) participation is open to all domestic firms and domestic subsidiaries of foreign firms; (2) the results of such venture will be available to all firms in the industry whether or not such firms are members; (3) the venture will not decrease competition to such an extent as to prevent existing or potential competitors from participating in the market; (4) restraints are imposed no longer than necessary and are not part of a pattern of restrictive agreements that have unwarranted anticompetitive effects; and (5) the venture does not violate the Federal Trade Commission Act.

Authorizes the Attorney General to: (1) approve such a venture even if individual firm research or competitive smaller joint research and development ventures are feasible; (2) withdraw approval of part or all of a joint program by giving the applicants notice of such action and a written copy of the findings; and (3) approve a venture that does not provide access to domestic subsidiaries of a foreign firm if such firm's nation does not provide access for subsidiaries of U.S. firms.

Exempts any act or failure to act pursuant to an approved venture from specified prohibitions under antitrust laws.