Authorizes appropriations to the Department of Commerce for fiscal year 1975 for: (1) acquisition, construction, or reconstruction of ships; (2) payment of obligations incurred for ship operating- differential subsidy; (3) research and development; (4) reserve fleet; (5) training at the Merchant Marine Academy; (6) financial assistance to State Marine Schools, and (7) increases in employee salary and benefits. Revises the Merchant Marine Act to establish regional offices of the Maritime Administration as may be necessary.