Defense Economic Adjustment Act

[AI summary unavailable — showing source text] Defense Economic Adjustment Act - Title I: Defense Economic Adjustment Council - Establishes within the Executive Office of the President the Defense Economic Adjustment Council. Establishes an Office of Economic Adjustment to provide necessary staff support for the Council. Directs the Council to assist communities, industries, and individuals who are adversely affected by changes in defense spending. Title II: Alternative Use Committees - Requires the establishment, at every defense facility employing at least 100 persons, of alternative use committees representing management and labor to undertake economic conversion planning and preparation for the employment of the personnel and utilization of the facilities in the event of a reduction or elimination of any defense facility or the curtailment, conclusion, or disapproval of any defense contract. Stipulates that defense contractors which fail to submit an alternative use plan to the Council or which refuse or fail to carry out the provisions of a plan approved by the Council shall lose eligibility for future contracts for a period of three years as well as losing contract termination payments and eligibility for tax credits. Req…