Economic Conversion Act

[AI summary unavailable — showing source text] Economic Conversion Act - Title I: Prenotification of Base Closures and Defense-Related Contract Cancellations - Directs the Secretary of Defense, through the Economic Adjustment Committee, to notify State and local governments and regional organizations within a specified period of time of a proposed realinement or closure of a military installation or of the cancellation or termination of a defense contract or failure to proceed with an approved major weapon system program. Title II: Economic Conversion Pilot Program - Authorizes the Secretary to make grants for job retraining programs and planning for alternative production required by cancellation of defense contracts during FY 1985-1989. Permits one grant for each defense contract cancellation or reduction. Requires the administration of such grants at the local level by a capable unit of general local government or, through default, by the collective bargaining agents of affected employees. Directs the Secretary to make weekly assistance payments to such employees affected by a cancellation or reduction of a contract valued at $10,000,000 or more during FY 1985-1989. Sets forth a formula for determining the amount of such ass…