Defense Contract Profit Control Act

[AI summary unavailable — showing source text] Defense Contract Profit Control Act - Requires defense contractors, during an emergency period, to submit an annual report to the Secretary of Defense disclosing their total profit, and the percentage of such profit, on certain contracts during the preceding year. Sets forth the baseline profit percentage allowable on defense contracts during such period and the method to determine how much excessive profit should be returned to the United States. Repeals existing provisions of law relating to profit limitations on contracts for the construction of aircraft and naval vessels.…