A bill to establish by statute a Committee for the Implementation of Textile Agreements, and for other purposes.

Establishes the Committee for the Implementation of Textile Agreements which, subject to specified conditions, shall supervise the implementation of all textile trade agreements.

Directs the Chairman of the Committee, if the total quantity of imports of certain categories of textiles or apparel from a specified nation exceeds the minimum quota level by 20 percent or more in any calendar year, to request the U.S. Trade Representative to enter into negotiations to obtain such restrictions on such imports into the United States as may be necessary to prevent or lessen the disruption of the U.S. market. Sets the minimum quota level for certain categories of: (1) fabric of cotton or manmade fiber; (2) apparel of cotton or manmade fiber; and (3) wool articles.

Directs the President to establish quotas if agreement is not reached within 90 days of entering into negotiations. Requires the Chairman of the Committee to direct the U.S. Trade Representative to enter into negotiations to further reduce import quotas if the total imports from a specific nation during any calendar year is less than 80 percent of that country's quota.

Requires the Commissioner of Customs to take such actions as the Committee shall recommend to carry out textile import agreements.

Terminates a specified Executive Order dealing with a Committee for the Implementation of Textile Agreements (Ex. Ord. No. 11651, March 3, 1972).