Defense Production Act Amendments of 1974

(LATEST SUMMARY)

Defense Production Act Amendments - Repeals the provisions of the Defense Production Act of 1950 authorizing loans to private business for defense purposes and loans to private business and government agencies for the purchase of raw materials and installation of equipment.

Directs the Secretary of the Treasury to cancel the outstanding balance of all unpaid notes issued to the Secretary for such loans, together with interest accrued and unpaid.

States that at the close of each fiscal year there shall be deposited into the Treasury as miscellaneous receipts, from any amounts appropriated under this Act, an amount which the Secretary of the Treasury determines necessary to provide for the payment of any interest accrued and unpaid under this Act.

National Commission on Supplies and Shortages Act - Establishes as an independent instrumentality of the Federal Government a National Commission on Supplies and Shortages. Sets forth the membership composition of the Commission. Provides that it shall be the purpose of the Commission to facilitate more effective and informed responses to resource and commodity shortages and to report to the President and Congress on needed institutional adjustments for examining and predicting shortages and on the existence or possibility of shortages with respect to essential resources and commodities.

Authorizes and directs the Comptroller General to undertake a study to recommend legislative and administrative actions to develop a strategic stockpiling and inventories policy which facilitates the availability of essential natural resources.