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Text of a Letter from the President to the Senate Committee on Banking, Housing, and Urban Affairs and the House Committee on Financial Services | The White House

Dear Madam Chairwoman:   (Dear Mr. Chairman:)

In accordance with section 303(a)(6)(A) of the Defense Production Act of 1950, as amended (the “Act”) (50 U.S.C. 4533(a)(6)(A)), I transmit herewith notice of a shortfall in the defense industrial base relating to production capability for Samarium Cobalt Rare Earth Permanent Magnets and of action to remedy that shortfall.  The Department of Defense will take actions to develop and purchase equipment and materials needed for creating, maintaining, protecting, and expanding production capability for Samarium Cobalt Rare Earth Permanent Magnets.

I have also included my determination required pursuant to section 303(a)(5) of the Act.  These proposed initiatives are essential to the national defense.

Sincerely,

DONALD J. TRUMP

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