I don't believe it does. You can import into Audacity and Normalize there. Yet, normalize in Audacity is limited because it peak normalizes to -3db instead of 0db or 0.1 db.
Take a look at RMSBuddy fronm Destroy FX (free). It doesn't normalize but gives you go peak and RMS (average) level measurement. Then you can see how much you can boost without clipping (peaking over 0db). Still this is not a perfect solution. You can only boost a track by 6db in GarageBand and this still is not really normalizing.
If you have money to burn take a look at Final Plug from Wave arts or the loudness Maximizer in the Izotope Ozone mastering suite. The sell for about $200 -$250 US though.
For free you might look at these plugins:
http://sounds.wa.com/audiounits.html haven't tried them myself though
Powerbook G4 867mhz Mac OS X (10.4.5)