Defense Production Act Amendments of 1999

[AI summary unavailable — showing source text] Defense Production Act Amendments of 1999 - Amends the Defense Production Act of 1950 to extend through FY 2002 (currently FY 1999) its expiration date and authorization of appropriations. Authorizes the President to guarantee loans made by financial institutions to certain Federal departments and agencies for creating or maintaining production and deliveries or services under Government contracts for the procurement of industrial resources or critical technology items essential to the national defense. Prohibits any such guarantee until 30 days after the President notifies specified congressional committees of an industrial resource or critical technology item shortfall which the guarantee is intended to correct. Allows a guarantee to be made only when specifically authorized by law if it would cause the aggregate outstanding amount of all guarantees for such shortfall to exceed $50 million. Authorizes the President to make loans to private businesses for the creation or maintenance of technological processes or the production of essential materials. Requires the same notification and includes the same prohibition and limitation as above. Authorizes the President, in order to redu…