Refugee and Displaced Persons Act - Amends the Immigration and Nationality Act of 1952 to define refugee or displaced person for purposes of such Act.

Authorizes the admission of up to 40,000 refugees or displaced persons per year as immigrants. Empowers the Secretary of State to recommend to the Attorney General that all or any portion of a group of refugees or displaced persons be admitted into the United States conditionally in certain circumstances.

Authorizes the Attorney General to allow parole admission of aliens for humanitarian reasons.

Increases from 20 per cent to 26 per cent of the number of additional visas that shall be allocated to spouses, and unmarried sons or daughters of aliens lawfully admitted for permanent residence in the United States.