U.S. Invoking Defense Production Act
President Trump has announced the United States is invoking the Defense Production Act.
Under the Defense Production Act, the President is authorized to require private businesses to prioritize government contracts, “which he deems necessary or appropriate to promote the national defense”, Further, the President is authorized “to require acceptance and performance of such contracts or orders in preference to other contracts”, and “to allocate materials, services, and facilities [of private businesses] as he shall deem necessary or appropriate to promote the national defense.”
“In order to prevent hoarding,” this act also orders “no person shall accumulate (1) in excess of the reasonable demands of business, personal, or home consumption, or (2) for the purpose of resale at prices in excess of prevailing market prices, materials which have been designated by the President as scarce materials”. President Trump is set to release a list of these materials.
Also announced by the President, the U.S. is “suspending all foreclosures and evictions til the end of April”.