To reauthorize the Defense Production Act, to improve the Defense Production Act Committee, and for other purposes.

(Sec. 1) Reauthorizes provisions of the Defense Production Act of 1950 (provides authority for the President and federal agencies to prepare for national defense, military conflicts, disasters, or acts of terrorism using the domestic industrial base to supply materials and services) through September 30, 2019.

Reinstates authorities under which the President may provide for loans to private business enterprises or authorize a guaranteeing agency to guarantee loans by private institutions to contractors, providers of critical infrastructure, or other persons for services, production, or deliveries essential to national defense. Makes such authorities effective for any fiscal year only to such extent or in such amounts as are provided in advance in appropriations Acts.

(Sec. 2) Revises requirements relating to the Defense Production Act Committee to: (1) direct the Committee to coordinate and plan (currently, advise the President) according to specified priorities and allocation authorities; (2) require the Chairperson to be the head of the agency to which the President has delegated primary responsibility for government-wide coordination of such activities; and (3) require the Chairperson to appoint a coordinator of Committee activities (currently, the President appoints an Executive Director).

Expands the Committee's annual report to Congress to include a description of contingency planning by federal agencies, legislative recommendations, and updated copies of federal agencies' rules to promote national defense under both emergency and nonemergency conditions.

(Sec. 3) Requires federal agencies delegated defense production authority to review such rules annually and make updates whenever appropriate.

(Sec. 4) Prohibits the President from: (1) delegating a determination to execute a contract for an industrial resource, material, or critical technology that is essential to national defense; (2) executing contracts for such capabilities unless the purchases are the most cost effective, expedient, and practical alternative method for meeting the need; and (3) taking action to correct an industrial resource shortfall without congressional authorization if such action would cause the aggregate outstanding amount of all such actions to exceed $50 million.

Prohibits the congressional authorization requirement for an aggregate amount exceeding $50 million from applying to projects undertaken pursuant to a determination made before the enactment of this Act.

(Sec. 5) Authorizes specified appropriations.