A bill to amend the cargo preference law.

Provides that where there is a substantial difference between the U.S.-flag and foreign-flag ocean freight rate at the time of shipment of cargo procured by the United States for the account of any foreign nation without provision for reimbursement, at least fifty percent of such cargo shall be transported in privately owned U.S.-flag commercial vessels. States that where there is no substantial difference in freight rates, the appropriate agency or agencies shall take such steps as are necessary to assure that 100 percent of such cargo shall be transported on U. S. vessels. (Amends 46 U.S.C. 1241 (b) (1))