Economic Conversion Act of 1989

[AI summary unavailable — showing source text] Economic Conversion Act of 1989 - Title I: Economic Stabilization and Revitalization Pilot Program - Amends the Defense Production Act of 1950 to authorize the President to make grants for job retraining programs and planning for alternative production required by the cancellation of major defense contracts (or reductions of $10,000,000 or more in the value of such contracts) during FY 1990 through 1994. Permits one grant for each defense contract cancellation or reduction. Requires the administration of such grants at the local level by a capable unit of general local government or, through default, by the collective bargaining agents of affected employees. Directs the President to make weekly economic adjustment assistance payments to employees affected by such a cancellation or reduction of a contract during FY 1990 through 1994. Sets forth a formula for determining the amount of such assistance, making allowances for unemployment compensation or public assistance received and health insurance coverage needed. Sets forth assistance application procedures and notification requirements. Makes available for such grants and assistance payments the amount of previously-appropriated f…