Defense Production Act Amendments of 1979

Defense Production Act Amendments of 1979 - Amends the Defense Production Act of 1950 to authorize the President to allow the Department of Energy and the Tennessee Valley Authority to guarantee loans for the purpose of expediting deliveries or services with respect to national defense contracts.

Increases the maximum loan which any Federal agency may guarantee under such Act without the approval of Congress from $20,000,000 to $38,000,000. Requires notification to specified Congressional committees of any proposed obligation above such limit. Authorizes the agency involved to guarantee such a loan if neither House of Congress disapproves of such action within a specified time.

Authorizes the President to provide loans to private business enterprises for the production of energy.

Increases the ceiling for loans made to private enterprises pursuant to such Act from $25,000,000 to $48,000,000.

Extends the President's power under such Act to purchase raw materials for the national defense through fiscal year 1995.

Directs the President to attempt to achieve a national production goal of at least 500,000 barrels per day crude oil equivalent of synthetic fuels and synthetic chemical feedstocks within five years. Authorizes and directs the President to require fuel and chemical feedstock suppliers to provide synthetic fuels and synthetic chemical feedstocks in any case where the President deems it practicable and necessary to meet national defense needs.

Authorizes the President, in carrying out these objectives, to: (1) contract for purchases or commitments to purchase synthetic fuels and synthetic chemical feedstocks which may be for Government use or resale; and (2) encourage the development and production of such synthetic fuels and feedstocks for national defense preparedness. Terminates the President's authority to enter into such contracts at the end of fiscal year 1995.

Sets forth procedures for the awarding and performance of such contracts.

Authorizes the President to organize corporations to meet the production goal for synthetic fuels and feedstocks as set forth in this Act. Sets forth Congressional oversight measures with respect to the formation of such corporations.

Authorizes appropriations of $2,000,000,000 for synthetic fuel and feedstock contracts as authorized pursuant to this Act.

Extends specified provisions of such Act through fiscal year 1980.