Defense Industrial Base Revitalization Act

[AI summary unavailable — showing source text] Defense Industrial Base Revitalization Act - Amends the Defense Production Act of 1950 to direct the President to take immediate action to assist in the modernization of industries related to defense. Limits such assistance to small and medium-sized businesses unless national security requires otherwise. Directs the Secretary of Defense to determine immediately and semiannually which industries should be given priority and the type of assistance which would be most helpful. Directs the President to assist persons expanding the domestic capability to produce or process critical and strategic materials. Sets forth the terms of such assistance, including qualification through public solicitation and the President's right to refuse delivery of items exceeding market price. Prohibits the extension of assistance for establishments relocating from one area to another or for persons divesting other persons of contracts customarily performed by them. Authorizes appropriations for FY 1984-1988. Permits the President to utilize the borrowing authority of the Treasury as specified and to use unobligated funds in Department of Defense appropriations. Limits the amount of funds used to the amoun…