Defense Industrial Base Revitalization Act

Defense Industrial Base Revitalization Act - Amends the Defense Production Act of 1950 to direct the President to take immediate action to assist in the modernization of industries related to defense. Limits such assistance to small and medium-sized businesses unless national security requires otherwise.

Directs the Secretary of Defense to determine immediately and semiannually which industries should be given priority and the type of assistance which would be most helpful.

Directs the President to assist persons expanding the domestic capability to produce or process critical and strategic materials. Sets forth the terms of such assistance, including qualification through public solicitation and the President's right to refuse delivery of items exceeding market price. Prohibits the extension of assistance for establishments relocating from one area to another or for persons divesting other persons of contracts customarily performed by them. Authorizes appropriations for FY 1984 - 1988. Permits the President to utilize the borrowing authority of the Treasury as specified and to use unobligated funds in Department of Defense appropriations. Limits the amount of funds used to the amounts provided in advance in appropriation Acts.

Directs the President to implement a national program to train workers in skills necessary in key defense industries. Makes such assistance available through grants to State vocational education programs in States with previously approved plans for a five-year program of skills training. Requires that the State employment and training council be given an opportunity to participate in the development of, review, and comment on such plan. Requires the States to make contributions to such program in specified percentages to qualify for extensions of such programs.

Directs the President to implement a grant program to assist institutions of higher education in obtaining and installing modern equipment to train scientific and technical personnel needed in the key industries. Sets forth the terms of such assistance, including application procedures, limits on grants, and the requirement that such equipment be purchased through competitive bidding. Requires such equipment to be of U.S. origin. Authorizes appropriations for such purpose for FY 1984 - 1988. Directs the Comptroller General to monitor this program and submit an annual report to Congress. Directs the Office of Technology Assessment to study the public facilities or infrastructure essential to the defense industrial base and report to each Congress on recommendations for measures to avoid serious impediments to production.

Sets forth the labor standards to be maintained on any project funded under this Act, including compliance with the wage requirements of the Davis-Bacon Act.

Requires each executive department and agency to follow the principle of geographical dispersal to the degree possible in constructing any Government-owned industrial facility. Directs such departments and agencies to continuously assess the capability of the defense industrial base to satisfy near-term and increased mobilization production requirements.

Increases the maximum obligation of any guaranteeing agency for loans necessary to prevent personal insolvency or bankruptcy that would impede the production and delivery of materials or the performance of services for the national defense. Decreases from 60 to 30 days the period provided for the congressional review and veto of such loan guarantees. Permits such a loan guarantee to be made immediately if both Houses adopt a concurrent resolution approving it.

Postpones until the end of FY 1988 the termination date of certain provisions of the Defense Production Act of 1950, including certain priorities, allocations, and expansion of productive capacity and supply provisions.

Repeals the National Commission on Supplies and Shortages Act of 1974.

Amends the Defense Production Act of 1950 to require any defense contractor who includes an offset agreement in excess of $5,000,000 in a defense contract with a nation other than the United States to file an annual report with the Secretary of the Treasury. Directs the Secretary to report annually to the appropriate congressional committees on the number and amount of offsets in such contracts.