Defense Production Act Extension and Amendments of 1991

Defense Production Act Extension and Amendments of 1991 - Title I: Amendments to the Defense Production Act of 1950 - Amends the Defense Production Act of 1950 to extend its expiration date to September 30, 1991. Authorizes appropriations and sets spending limits under such Act through FY 1991.

Repeals provisions of such Act granting immunity from civil and criminal suits and a defense to antitrust actions for those persons engaging in voluntary agreements for defense preparedness programs and expansion of production capacity and supply.

Authorizes the President, with respect to certain Defense Production Act activities, to exempt persons participating in a voluntary agreement or plan of action on behalf of the United States from Federal antitrust laws or any similar State law for activities engaged in as part of such agreement or plan. Requires an individual designated by the President to administer such an agreement or plan to provide prior written notice of the time, place, and nature of any meeting to carry out such agreement or plan to the Attorney General, the Chairman of the Federal Trade Commission, and the Congress. Outlines requirements for, and limitations to, the antitrust defense for participants in such agreements or plans. Exempts any activity or provision of such agreements or plans from the Federal Advisory Committee Act and other Federal law relating to advisory committees.

Authorizes the President to order a priority in the allocation of materials, facilities, and services (currently, only materials and facilities) when requirements of national defense cannot otherwise be met. Requires the President to reach certain determinations concerning the critical shortages of such materials, facilities, and services before exercising such authority.

Makes this title effective (retroactively) on October 20, 1990.

Title II: Fair Trade in Financial Services - Fair Trade in Financial Services Act of 1991 - Amends the International Banking Act of 1978, the Securities Exchange Act of 1934, and the Investment Advisers Act of 1940 to direct the Secretary of the Treasury to: (1) submit biennial status reports to the Congress regarding foreign treatment of certain U.S. business interests; and (2) initiate negotiations with foreign countries to ensure that they offer U.S. banking and bank holding companies, securities brokers and dealers, and investment advisers the same competitive opportunities as are available to their foreign counterparts.

Authorizes the Secretary to publish in the Federal Register a determination that a foreign country does not accord national treatment to such U.S. business interests. Authorizes a Federal banking agency, or the Securities and Exchange Commission (SEC), after notice of such determination, to include such determination as a basis for denial of certain foreign trade applications (to conduct banking, securities, or investment advice activities in the United States) from such foreign country in reports required under the Omnibus Trade and Competitiveness Act of 1988. Directs the Secretary to review such determinations annually and rescind determinations, if appropriate.

Amends the International Banking Act of 1978 to preclude banking interests of such countries from commencing or conducting business in this country as of the date of the Secretary's determination unless prior approval has been obtained from a Federal banking agency (including, under certain circumstances, a State banking agency). Outlines the factors to be considered by the Secretary and the banking and securities regulatory agencies in their exercise of discretion with respect to existing foreign operations in the United States.

Amends the Securities Exchange Act of 1934 and the Investment Advisers Act of 1940 to provide that, subsequent to the Secretary's determination in the Federal Register that a foreign country does not accord national treatment to U.S. securities or investment adviser interests, a person from such foreign country may not acquire control of a registered broker, dealer, or investment adviser unless the SEC has been duly notified and has not prohibited such acquisition.

Amends the Omnibus Trade and Competitiveness Act of 1988 to direct the Secretary of the Treasury, together with other appropriate agencies and representatives, to conduct an investigation to determine: (1) the extent of interdependence of U.S. financial services sectors and foreign countries whose financial services institutions provide financial services in the United States, or whose persons have substantial ownership interests in U.S. financial institutions; and (2) the economic, strategic, and other consequences of that interdependence for the United States. Directs the Secretary to report the results of this investigation within two years to the President, the Congress, and other specified commissions, departments, and agencies as deemed appropriate by the Secretary.