Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, <<NOTE: Defense Production Act Amendments of 1995.>>
This Act may be cited as the ``Defense Production Act Amendments of 1995''.
Section 717(a) of the Defense Production Act of 1950 (50 U.S.C. App. 2166(a)) is amended in the first sentence by striking ``Title I (except section 104), title III, and title VII (except sections 708, 714, 719, and 721) of this Act, and all authority conferred thereunder shall terminate at the close of September 30, 1995'' and inserting ``Title I (except section 104), title III, and title VII (except sections 708 and 721), and all authority conferred thereunder, shall terminate at the close of September 30, 1998''.
Section 711 of the Defense Production Act of 1950 (50 U.S.C. App. 2161) is amended-- (1) in subsection (a), by striking ``(a) Authori- zation.--'' and all that follows through ``subsection (c),,'' and inserting ``(a) Authorization.--Except as provided in subsection (b),''; and (2) by striking subsections (b), (c), and (d) and inserting after subsection (a) the following new subsection:
``(b) Title III Authorization.--There are authorized to be appropriated for each of the fiscal years 1996, 1997, and 1998, such sums as may be necessary to carry out title III.''.
CONGRESS.
(a) In General.--The President shall prepare and transmit to the Committee on Banking and Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate an interim report and a final report on proposed legislative modernization of the authorities contained in the Defense Production Act of 1950.
(b) Timing.--The President shall so transmit-- (1) the interim report required by subsection (a), not later than January 31, 1997; and (2) the final report required by subsection (a), not later than September 30, 1997.
Approved December 18, 1995.
LEGISLATIVE HISTORY--H.R. 2204 (S. 1147): ---------------------------------------------------------------------------
SENATE REPORTS: No. 104-134 accompanying S. 1147 (Comm. on Banking, Housing, and Urban Affairs). CONGRESSIONAL RECORD, Vol. 141 (1995): Sept. 28, S. 1147 considered and passed Senate. Nov. 13, H.R. 2204 considered and passed House. Dec. 5, considered and passed Senate.
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