Defense Economic Adjustment and Recovery Act

[AI summary unavailable — showing source text] Defense Economic Adjustment and Recovery Act - Directs the Secretary of Defense to establish a program to make grants to units of local government whose economy is adversely affected by the closure or major realignment of a military base. Stipulates that such program shall be made through existing Federal programs. Requires that applications for such a grant shall include a comprehensive local economic recovery plan describing the plans of the local community to recover from the economic impact of such closure or realignment. Stipulates that the amount of funds available under this Act shall be equal to ten percent of the total projected savings to be realized by the Department of Defense in the first ten years following the closure or realignment of such a military base. Requires units of local government receiving financial assistance under this Act to submit a report to the Secretary concerning the local community's progress toward economic recovery. Authorizes appropriations in such amounts as may be necessary to carry out the provisions of this Act.…