Authorizes the Secretary of the Interior to exempt stocks, inventories, and products of endangered species from the export prohibitions of the Endangered Species Act if such stocks, inventories or products were lawfully held in the United States on December 28, 1973. Authorizes the arrest without warrant of persons violating provisions of such Act where agents of the Secretary have reasonable grounds to believe that persons to be arrested are committing the violations in the view or presence of such agents.