Defense Production Act Reauthorization of 2003

Defense Production Act Reauthorization of 2003 - Amends the Defense Production Act of 1950 to extend its expiration date and authorization of appropriations through FY 2004.

Authorizes the President, under such Act, to: (1) correct the industrial shortfall for radiation-hardened electronics to the extent that such action does not cause the aggregate outstanding amount of all such actions 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.

Defines "critical infrastructure."

Directs the Secretary of Defense to report to the House Financial Services Committee 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.

States as the policy of Congress that the President shall designate the Secretary of Commerce to lead an interagency team to: (1) negotiate with foreign nations the elimination of offset arrangements, industrial participation, or similar arrangements in defense procurement; (2) make recommendations for modifications of memoranda of understanding with respect to such arrangements, pending their termination; and (3) notify the United States Trade Representative if a foreign country pursues a policy of offset or similar arrangements in connection with the purchase of defense equipment or supplies.