Page:United States Statutes at Large Volume 98 Part 1.djvu/198

 98 STAT. 150

PUBLIC LAW 98-265—APR. 17, 1984

"(2) except during periods of national emergency declared by the Congress or the President, no such loan may be made unless the President determines that— "(A) the loan is for the expansion of capacity, the development of a technological process, or the production of materials essential to the national defense; "(B) without the loan, United States industry cannot reasonably be expected to provide the needed capacity, technological processes, or materials in a timely manner; "(C) the loan is the most cost-effective, expedient, and practical alternative method for meeting the need; and "(D) the United States national defense demand is equal to, or greater than, domestic industrial capability which the President reasonably determines to be available for national defense, including the output to be established through the loan.". President of U.S. (c) Section 303(a) of the Defense Production Act of 1950 (50 U.S.C. Prohibition. App. 2093(a)) is amended by adding at the end thereof the following: Contracts. "Except during periods of national emergency declared by the Congress or the President, the President may not execute a contract under this subsection unless the President determines that— "(1) the mineral, metal, or material is essential to the national defense; "(2) without Presidential action under authority of this section. United States industry cannot reasonably be expected to provide the capability for the needed mineral, metal, or material in a timely manner; "(3) purchases, purchase commitments, or other action pursuant to this section are the most cost-effective, expedient, and practical alternative method for meeting the need; and "(4) the United States national defense demand for the mineral, metal, or material 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 purchase, purchase commitment, or other action.". LIMITATIONS ON THE AWARDING OF FINANCIAL ASSISTANCE

SEC. 4. (a) Section 301(e)(l) of the Defense Production Act of 1950 (50 U.S.C. App. 2091(e)(l)) is amended to read as follows: "(e)(l)(A) Except during periods of national emergency declared by the Congress or the President, a guarantee may be made under this section only if the industrial resource shortfall which such guarantee is intended to correct has been identified in the Budget of the United States, or amendments thereto, submitted to the Congress, accompanied by a statement from the President demonstrating that the budget submission is in accordance with the provisions of subsection (a)(3) of this section. "(B) Any such guarantee may be made only after 60 days have elapsed after such industrial resource shortfall has been identified pursuant to subparagraph (A). "(C) If the making of any guarantee or guarantees to correct an industrial resource shortfall would cause the aggregate outstanding amount of all guarantees for such industrial resource shortfall to exceed $25,000,000, any such guarantee or guarantees may be made only if specifically authorized by law.".

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