Deep Seabed Mineral Resources Act

[AI summary unavailable — showing source text] Deep Seabed Mineral Resources Act - Title I: Regulation of Exploration and Commercial Recovery by United States Citizens - Prohibits exploration and commercial recovery activities in the deep seabed by United States citizens except: (1) under a license or permit issued pursuant to this Act; (2) under an equivalent authorization issued by a reciprocating state; or (3) under international agreement. Authorizes the Secretary of the Interior to issue licenses for exploration and permits for commercial recovery in accordance with prescribed criteria. Stipulates that no permit issued under this Act shall authorize commercial recovery before January 1, 1980. Requires review of applicants by the Attorney General and the Federal Trade Commission for possible antitrust violations. Directs the Secretary to establish terms, conditions, and restrictions on licenses and permits issued under this Act. Authorizes modification of such terms where necessary to protect the marine environment. Establishes procedures for denial, proposed suspension and revocation of licenses or permits by the Secretary. Directs the Secretary, with the Secretary of Commerce (acting through the National Oceanic and Atmos…