Defense Production Act Amendments of 1984

[AI summary unavailable — showing source text] Amends the Defense Production Act of 1950 to extend its expiration date for five years, from the end of FY 1983 to the end of FY 1988. Sets forth the criteria under which the President may authorize the guarantee of loans to defense contractors, including: (1) the essentiality of the material or service to the national defense; (2) industry's need for such a guarantee before providing the necessary capability; (3) the cost- effectiveness of the guarantee, considering the alternatives; (4) that defense demand is equal to or greater than the output of domestic industry, including the guaranteed output; and (5) that the subject of the guaranteed contract has been identified in a mutually agreed upon specification. Sets forth similar criteria for loans to private business enterprises and the purchase of raw materials under such Act. (The criteria set forth are the existing Department of Defense criteria for evaluating project proposals under title III of the Defense Production Act.) Eliminates the legislative veto provisions from such Act requiring instead that Congress approve loan guarantees, loans, or purchases through the authorization and budget process.…