Emergency Export Administration Act Amendments

[AI summary unavailable — showing source text] Emergency Export Administration Act Amendments - Authorizes the Secretary of Commerce to initiate a one hundred percent validated export licensing system with respect to any article, material, or supply whenever the President determines the initiation of such system with respect to such article, material or supply is necessary to protect the United States against a future shortage thereof or to protect the economy. States that no action taken by the Secretary of Commerce with the approval of the Secretary of Agriculture under this Act shall be construed to limit the authority of the President to sell or otherwise dispose of any agricultural commodity under the Agricultural Trade Development and Assistance Act of 1954 if such sale or other disposition is made to a friendly foreign country and is determined by the President to be necessary to further significantly the foreign policy of the United States and to fulfill its international responsiblities. (Amends 50 U.S.C. 2403)…