Establishes within the Treasury the Ready Reserve-Sealift Enhancement Revolving Fund. Authorizes appropriations of such funds as may be necessary to capitalize such Fund.
Provides that the Secretary of the Navy shall administer such Fund. Requires that amounts in such Fund shall be used only for the construction in private shipyards in the United States of merchant vessels capable of serving as naval and military auxiliaries in time of war or national emergency.
Authorizes the Secretary to award contracts to private shipyards for the construction of merchant vessels capable of serving as naval and military auxiliaries. Authorizes the Secretary to charter or sell any merchant ship constructed under this Act to citizens of the United States for operation in foreign commerce.
Introduced in House
Introduced in House
Referred to House Committee on Armed Services.
Referred to House Committee on Merchant Marine and Fisheries.
Executive Comment Requested from DOT, Navy.
Referred to Subcommittee on Merchant Marine.
Executive Comment Requested from DOD.
Executive Comment Requested from DOD.
Referred to Subcommittee on Seapower and Strategic and Critical Materials.
Unfavorable Executive Comment Received From Navy.
Unfavorable Executive Comment Received From Navy.
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