US HB7688

Reauthorizes and reorganizes the Defense Production Act of 1950 through 2031, restructuring titles and section numbers while extending authorization with $250 million for fiscal year 2025 and $5 million annually for fiscal years 2026-2031

Limits presidential DPA powers to situations involving declared national emergencies, Stafford Act disasters, or public health emergencies declared by HHS, with civilian market control capped at 1 year (extendable 180 days with congressional notification)

Establishes a Critical Minerals Resilience Initiative allowing grants and purchases to ensure mining and processing of critical materials is not dominated by foreign adversaries, including offtake agreements and price floors

Increases penalty thresholds from $10,000 to $100,000 and loan guarantee shortfall thresholds from $50 million to $100 million, while raising the Defense Production Act Fund cap from $750 million to $2 billion

Prohibits entities where the President, Vice President, DPA Committee members, or their immediate family hold 20% or more equity from receiving DPA financial assistance