To amend certain provisions of Federal law relating to the preference to be given to American goods in connection with the purchase of materials required for public use, and for other purpose.

Requires hidden costs to be considered in connection with determining the cost of foreign goods under the provisions of Federal law relating to the preference to be given to American goods in connection with materials purchased for public use.

States that the term "hidden costs" refers to the following: (1) the increase in unemployment in the United States which may result from using goods which are other than American goods; (2) the increased cost of unemployment compensation or welfare payments to American workers which may result from using goods which are other than American goods; (3) the loss by the United States of personal corporate income tax revenue which may result from using goods which are other than American goods; (4) the loss to the money supply of the United States which may result from using goods which are other than American goods; (5) the cost of shipping and inspecting goods which are other than American goods; and (6) any duty, tariff, surcharge, or other expense which may enter into the cost of using goods which are other than American goods.