Economic Diversification Act

[AI summary unavailable — showing source text] Economic Diversification Act - Title I: Defense Economic Diversification-Adjustment Council - Establishes in the Executive Office of the President the Defense Economic Diversification-Adjustment Council (Council) in the interest of: (1) assisting affected persons in defense-dependent communities to make plans for nondefense economic alternatives to minimize dislocation in the event of a closure of a military installation or cancellation of a major defense contract; (2) providing incentives for business, industry, and the vocational education community to develop programs to retrain workers affected by such closures or terminations; and (3) notifying communities in advance of anticipated events that will require economic adjustments to nondefense alternatives. Directs the Council, among other things, to: (1) establish within the Executive Office of the President an Office of Economic Diversification-Adjustment to provide staff support for its work; (2) disseminate pertinent information to the appropriate Federal, State, and local authorities and to diversification-alternative use committees; (3) develop and coordinate data relating to defense economic diversification and adjustments…