A bill to amend title 10, United States Code, to eliminate certain limitations imposed on excess profits arising from any contract with any military department of the United States for the construction or manufacture of all or part of any complete aircraft or any contract with the Secretary of the Navy for the construction or manufacture of all or part of any complete naval vessel, and for other purposes.

Repeals specified defense contract requirements regarding the purchase of aircraft or naval vessels including: (1) auditing requirements; (2) return of excess profits; and (3) subcontracting prohibitions. Repeals the requirement that at least ten percent of naval aircraft and aircraft engines be manufactured in plants owned and operated by the United States. Removes the President's power to manufacture naval aircraft or aircraft parts in United States owned plants.