Provides that, not withstanding the requirements of the Federal Water Pollution Control Act, as amended, applications for grants for construction of treatment works under such Act may be filed with the Administration of the Environmental Protection Agency until December 31, 1973.

States that funds available for reimbursement shall be allocated pro rata among all eligible projects for which applications have been submitted and approved by the Administrator. Increases the amount available for reimbursement from $2,000,000,000 to $2,600,000,000.

Requires that in no event shall any payments exceed the Federal share of the cost of construction incurred to the date of the voucher covering such payment plus the Federal share of the value of the materials which have been stockpiled in the vicinity of such construction in conformance to plans and specifications for the project.

Provides that any regulations published or promulgated by the Environmental Protection Agency for grants for the construction of treatment works under the Federal Water Pollution Control Act, as amended, prior to the date of enactment of this joint resolution are hereby set aside and are declared to be of no legal effect and no moneys appropriated shall be distributed in accordance with such regulations.

Requires the Administrator of the Environmental Protection Agency, within thirty days after enactment of this joint resolution, to publish and submit to the Congress regulations for grants for the construction of treatment works so as to effect an equitable allocation of appropriated funds among all qualified projects on which construction was initiated after June 20, 1966, but before July 1, 1972.

Within thirty days of congressional session following the receipt of such regulations. Authorizes the Committee on Public Works of either House to report a resolution of disapproval of such regulations.

Requires the Administrator of the Environmental Protection Agency, at the time such regulations are submitted to the Congress, to notify each State.