Defense Economic Adjustment Act

[AI summary unavailable — showing source text] Defense Economic Adjustment Act - Title I: Defense Economic Adjustment Council - Establishes in the Executive Office of the President the Defense Economic Adjustment Council to be composed of Cabinet members and Directors of government agencies. Specifies the duties of the Council, including the duty to assist communities, industries, and employees which may be substantially and seriously affected to make adjustment to closure and reduction of bases or cancellation or reduction of contracts. Title II: Community Economic Adjustment Planning - Authorizes the Council to allocate economic development funds appropriated to Federal agencies to communities which would be substantially affected by reduction or elimination of Government military facilities or curtailment or conclusion of military contracts. Title III: Industrial Economic Adjustment - Requires defense contractors to undertake planning and preparation for the employment of the personnel and utilization of the facilities employed on a contract after its completion. Authorizes the Chairman of the Council to provide assistance to defense and nonprofit contractors on conversion to nondefense industry, and appropriates $50,000,000…