Defense Production Act Reauthorization of 2003

Defense Production Act Reauthorization of 2003 - (Sec. 2) Amends the Defense Production Act of 1950 to extend its expiration date and authorization of appropriations through FY 2008.

(Sec. 3) Authorizes the President to: (1) take action to correct an industrial resource shortfall for radiation-hardened electronics to the extent that such action does not cause the aggregate outstanding amount of all such actions for industrial resource shortfalls to exceed $200 million; and (2) obtain information in order to perform industry studies assessing capabilities of the U.S. industrial base to support the national defense. Requires a report from the Secretary of Defense to specified congressional committees on the current state of the domestic industrial base for, and Department of Defense requirements, intentions, and plans for, radiation-hardened electronics.

(Sec. 4) Defines "critical infrastructure" under such Act as systems and assets, whether physical or cyber-based, so vital to the United States that their degradation or destruction would have a debilitating impact on national security, including national economic security and national public health or safety.

(Sec. 6) Directs the Secretary to report to specified congressional committees on the extent to which contracts entered into under such Act during the one-year period after the enactment of this Act have been contracts with minority- and women-owned businesses.

(Sec. 7) Requires the Secretary of Commerce, as part of an annual report from the President to specified congressional committees on the impact of offsets on U.S. defense preparedness, industrial competitiveness, employment, and trade, to: (1) detail the number of foreign contracts involving domestic contractors that used offsets or similar arrangements during the preceding five-year period; (2) calculate the values of such contracts and offsets; and (3) describe the impact of international or foreign sales of U.S. defense products and related offsets and arrangements on domestic prime contractors and lower-tier subcontractors during the preceding five-year period.

Expresses the policy of Congress that the President shall designate a chairman of an interagency team to consult with foreign nations on limiting the adverse effects of offsets in defense procurement without damaging the U.S. economy, industrial base, or defense production or preparedness. Requires annual interagency team reports to Congress. Directs the interagency team to make recommendations to the President for modifications of any existing or proposed memorandum of understanding between the United States and one or more foreign countries relating to: (1) research, development, or production of defense equipment; or (2) the reciprocal procurement of defense items.