DEFENSE INDUSTRIAL RESERVE.

SEC. 4235. DEFENSE INDUSTRIAL RESERVE. (a) Transfer of Sections.— (1) Subchapter V of chapter 148 is amended by adding at the end, without text, the following new section: “§ 2535. Defense Industrial Reserve”. (2) The text of section 2 of the Defense Industrial Reserve Act (50 U.S.C. 451) is— (A) transferred to section 2535; (B) inserted after the section heading; and (C) amended by striking out “In enacting this Act, it” and inserting in lieu thereof the following: “(a) Declaration of Purpose and Policy.—It”. (3) The text of section 4 of that Act (50 U.S.C. 453) is— (A) transferred to section 2535; (B) inserted after subsection (a), as designated by paragraph (2)(C); and (C) amended— (i) by striking out “(a) To execute the policy set forth in this Act,” and inserting in lieu thereof the following: “(b) Powers and Duties of the Secretary of Defense.—(1) To execute the policy set forth in this section,”; (ii) by striking out “(1) determine” and inserting in lieu thereof “(A) determine”; (iii) by striking out “(2) designate” and inserting in lieu thereof “(B) designate”; (iv) by striking out “(3) establish” and inserting in lieu thereof “(C) establish”; (v) by striking out “(4) direct” and inserting in lieu thereof “(D) direct”; (vi) by striking out “(5) direct” and inserting in lieu thereof “(E) direct”; (vii) by striking out “(6) authorize” and inserting in lieu thereof “(F) authorize”; (viii) by striking out “(7) authorize” and all that follows through “(B) such institution” and inserting in lieu thereof “(G) authorize and regulate the lending of any such property to any nonprofit educational institution or training school whenever (i) the program proposed by such institution or school for the use of such property will contribute materially to national defense, and (ii) such institution”; (ix) by striking out “(b)(1) The Secretary” and inserting in lieu thereof “(2)(A) The Secretary”; (x) by striking out “(A) storage” and inserting in lieu thereof “(i) storage”; (xi) by striking out “(B) repair” and inserting in lieu thereof “(ii) repair”; (xii) by striking out “(C) overhead” and inserting in lieu thereof “(iii) overhead”; and (xiii) by striking out “(2) The Secretary of Defense shall prescribe regulations” and inserting in lieu thereof “(B) The Secretary of Defense shall prescribe regulations”. 106 STAT. 2691 (b) Definitions.—The text of section 3 of that Act (50 U.S.C. 452) is— (i) transferred to section 2535; (ii) inserted following subsection (b), as designated by subsection (a)(3)(C)(i); and (iii) amended by striking out “As used in this Act—” and inserting in lieu thereof “(c) Definitions.—In this section:”.