To amend the Federal Food, Drug, and Cosmetic Act to prescribe labeling requirements for foods which contain vegetable oils and for other purposes.

Low Cholesterol Consumer Education Act - Directs the Secretary of Health and Human Services to establish and publish in proposed form standards regarding dietary fat and cholesterol. Amends the Federal Food, Drug, and Cosmetic Act to set forth labeling requirements with regard to foods which: (1) have a label which includes a statement about vegetable oil or cholesterol content; or (2) contain a vegetable oil.