A bill to promote improved defense preparedness by revising certain provisions of Title III of the Defense Production Act of 1950, and to extend the expiration date of the Act.
Title I: Extension of Defense Production Act of 1950 - Amends the Defense Production Act of 1950 to extend it through FY 1983.
Title II: Contracts for Improved Defense Preparedness - Defense Production Act Amendments of 1982 (Defense Preparedness) - Amends the Defense Production Act of 1950 to permit the President to make contracts for purchases or to encourage the mining of critical and strategic minerals, metals, and materials. Limits such a contract to a $500,000,000 maximum unless the Armed Services Committees are given 30 days notice and neither House adopts a resolution of disapproval.
Requires such contracts to give the President the right to refuse delivery and to pay only the amount by which the contract price exceeds the market price at time of delivery. Directs the President to report to Congress at least once a year on the gross amounts of each such transaction.
Makes funds available from specified appropriations for such contracts.
Directs the President to minimize the financial risk and commitment to the Federal Government when making loan guarantees, loans to private enterprises, and development contracts. Requires the President to report to Congress not later than January 31 of each year concerning the operation of these provisions.
Introduced in Senate
Read twice and referred to the Committee on Banking.
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