Page:United States Statutes at Large Volume 98 Part 1.djvu/197

 PUBLIC LAW 98-265—APR. 17, 1984

98 STAT. 149

Public Law 98-265 98th Congress An Act To extend the expiration date of the Defense Production Act of 1950.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SHORT TITLE SECTION 1. This Act may be cited as the "Defense Production Act Amendments of 1984".

Apr. 17, 1984 [S. 1852] Defense Production Act Amendments of 1984. 50 USC app. 2061 note.

EXTENSION OF THE DEFENSE PRODUCTION ACT OF 1950

SEC. 2. The first sentence of section 717(a) of the Defense Production Act of 1950 (50 U.S.C. App. 2166(a)) is amended by striking out 97 Stat. 1267. "March 30, 1984" and inserting in lieu thereof " ^ p t e m b e r 30, 1986". DETERMINATIONS REQUIRED BEFORE THE AWARDING OF FINANCIAL ASSISTANCE

SEC. 3. (a) Section 301(a) of the Defense Production Act of 1950 (50 U.S.C. App. 2091(a)) is amended by adding at the end thereof the following: "(3) Except during periods of national emergency declared by the President of U.S. Congress or the President, a guarantee may be entered into under this section only if the President determines that— "(A) the guaranteed contract or operation is for a material, or the performance of a service, which is essential to the national defense; "(B) Without the guarantee. United States industry cannot reasonably be expected to provide the capability for the needed material or service in a timely manner; "(C) the guarantee is the most cost-effective, expedient, and practical alternative for meeting the need involved; and "(D) the United States national defense demand is equal to, or greater than, the output of domestic industrial capability which the President reasonably determines to be available for national defense, including the output to be established through the guarantee.", (b) Section 302 of the Defense Production Act of 1950 (50 U.S.C. App. 2092) is amended— (1) by redesignating the first sentence as subsection (a); and (2) by striking out the second and third sentences and insert- Loans. ing in lieu thereof the following: "(b) Such loans may be made without regard to the limitations of existing law and on such terms and conditions as the President deems necessary, except that— "(1) financial assistance may be extended only to the extent that it is not otherwise available on reasonable terms; and

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