The Bilingual Act first became law as a part of the Elementary and Secondary Education Amendments of 1967. At that time Congress appropriated $7 1/2 million for Bilingual Education programs. In 1974 according to "Education Daily" nearly $60 million will be spent. This paper makes an economic and political analysis of current Bilingual legislation and funding at the Federal level. Recommendations on policy and budget for the 1975-76 school year are also made. Divided into 5 major areas, the paper discusses: (1) the key issues behind Bilingual Education, (2) the merits and drawbacks of current legislation, (3) relevant studies that are significant for Bilingual programs, (4) positions of various powerful voting groups, and (5) recommendations for future policy and funding. (Author/NQ)