Trump Invokes Defense Production Act for Coronavirus Response [The Motley Fool]
3M Company (MMM)
Last 3m company earnings: 4/28 06:30 am
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Source: The Motley Fool
Trump Invokes Defense Production Act for Coronavirus Response The 1950 law allows the president to mandate industrial production of emergency supplies. In a Wednesday press conference at the White House, President Trump announced he would invoke the Defense Production Act (DPA) to mobilize U.S. industries to produce supplies essential to combating the coronavirus. The 1950 law in part authorizes "the diversion of certain materials and facilities from ordinary use to national defense purposes, when national defense needs cannot otherwise be satisfied in a timely fashion." Specifically, it allows the president "(1) to require that [certain] contracts ... shall take priority over ... any other contract, [and] to require acceptance and performance of such contracts," and "(2) to allocate materials, services, and facilities in such manner." In short, Trump can now use this authority to redirect ordinary U.S. factory output to prioritize items that may be in short supply. This could affect
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MMM
Earnings
- 10/22/24 - Beat
MMM
Sec Filings
- 12/2/24 - Form 4
- 11/21/24 - Form 4
- 11/20/24 - Form 144
- MMM's page on the SEC website