Economic Diversification Act of 1979

[AI summary unavailable — showing source text] Economic Diversification Act of 1979 - Establishes the Office of Economic Diversification within the Economic Development Administration of the Department of Commerce. Authorizes the Secretary of Commerce, through such Office, to provide: (1) to an area which proves that its economic well-being is dependent on one or more defense contracts, technical assistance for developing a plan for diversifying its industries and reducing its dependence on such contracts; and (2) under specified conditions, financial assistance to such an area for any project to implement such a plan for which funding has been refused by another Federal department or agency solely because of lack of funds. Directs such department or agency to furnish to the Secretary information concerning such project and the area's qualifications for receiving assistance. Requires each area which receives financial assistance under this Act to report annually to the Secretary, who shall report to Congress, on the effectiveness of such assistance. Directs the Secretary to issue regulations establishing criteria for determining whether the economic well-being of an area depends on one or more defense contracts. States that eac…