A bill to authorize the establishment of a Military Auxiliary Revolving Fund within the Treasury of the United States, and for other purposes.

[AI summary unavailable — showing source text] Amends the Merchant Marine Act, 1936 to add to such Act a new title, "Title XIV-Build and Charter," which establishes in the Treasury the Military Auxiliary Revolving Fund (the Fund). Provides that the Fund shall consist of: (1) all moneys appropriated to the Fund; (2) all moneys received from the charter or sale of merchant vessels constructed under this Act; (3) all moneys received from repayment of construction differential subsidies; and (4) any other moneys made available for the Fund. Directs that the Fund be administered by the Secretary of the Navy, and that moneys in the Fund shall be used only for the construction in private U.S. shipyards of merchant vessels capable of serving as naval and military auxiliaries in time of war or national emergency. Prohibits the making of any contract for the construction of a vessel under this Act with a private shipbuilder, except after due advertisement and upon sealed competitive bids. Authorizes the Secretary to charter or sell any naval vessel constructed under this Act to a citizen of the United States for operation in the foreign commerce, after due advertisement and upon competitive bids. Outlines information regarding the price …