A bill to amend the Public Works and Economic Development Act of 1965 to authorize appropriations for additional fiscal years.

Amends the Public Works and Economic Development Act of 1965 to extend through FY 1987 the authorization of appropriations in the following areas: (1) grants for operation of health projects; (2) general authorization of appropriations; (3) public works and development facility loans; (4) business loans and loan guarantees; (5) the redevelopment area loan program; (6) technical assistance and economic development planning; (7) supplemental and basic grants; (8) assistance to economic development districts; (9) Indian economic development; and (10) grants to areas with high unemployment, economic adjustment problems, or long-term economic deterioration problems. Extends through FY 1987 (currently FY 1981) the authority of the Secretary of Commerce to obligate funds appropriated for emergency financial assistance to create job opportunities in areas with high unemployment.