Improving the use of voluntary agreements

(a) In general Section 708 of the Defense Production Act of 1950 (50 U.S.C. 4558) is amended— (1) by striking subsection (c)(2) and inserting the following: The authority granted to the President in paragraph (1) and subsection (d) may be delegated by him to the head of any Federal agency to which the President has delegated authority under this Act.; (2) by striking subsection (c)(3); (3) in subsection (d)(2), by striking and the Federal Trade Commission.; (4) by striking subsection (e) and inserting the following: (e) Rulemaking relating to voluntary agreements (1) In general The Secretary of Commerce issue rules, after approval of the Attorney General, in accordance with section 553 of title 5, United States Code, that incorporate standards and procedures by which voluntary agreements and plans of action may be developed and carried out. (2) Publication requirement Notwithstanding section 553 of title 5, United States Code, the Secretary of Commerce shall publish any rule issued under paragraph (1) in the Federal Register not less than 30 days before the effective date of such rule.. (5) in subsection (f)— (A) in paragraph (1)(B)— (i) striking by (after consultation with the Chairman of the Federal Trade Commission); and (ii) striking by and publishes such a finding in the Federal Register; and (B) in paragraph (2), by striking (after consultation with the Chairman of the Federal Trade Commission); (6) in subsection (g), by striking and the Chairman of the Federal Trade Commission and inserting and the Secretary of Commerce; (7) in subsection (h)— (A) in subparagraph (2), by striking and the Chairman of the Federal Trade Commission; (B) in subparagraph (3), by striking, or the Chairman of the Federal Trade Commission in both places it appears; (C) in subparagraph (4), by striking and the Chairman of the Federal Trade Commission; (D) by striking paragraphs (6), (7), (8), (10), and (11) and redesignating paragraph (9) as paragraph (6); (E) in subparagraph (6)(A), as so redesignated, by striking the Chairman of the Federal Trade Commission and; and (F) in subparagraph (6)(B), as so redesignated, by striking and the Chairman of the Federal Trade Commission. (8) by striking subsection (i) and inserting the following: (i) Rules The Attorney General shall, not later than 270 days after the date of the enactment of this subsection, issue a rule, in accordance with section 553 of title 5, United States Code, that establishes how the Attorney General shall carry out the responsibilities of the Attorney General under this section in a manner that maintains a proper balance between providing for the national defense and protecting competition and preventing anticompetitive practices and effects from the creation and implementation of voluntary agreements and their plans of action.; and (9) in subsection (k)— (A) by striking and the Federal Trade Commission; and (B) by striking (after consultation with the Federal Trade Commission); and (10) in subsection (m)— (A) by striking (d)(2),; and (B) by striking (7), and (8),. (b) Required development of voluntary agreement (1) In general Not later than the later of the date that is 18 months after the date of the enactment of this Act and the date on which the Attorney General issues a rule under Section 708(i) of the Defense Production Act of 1950, the President shall develop a voluntary agreement under section 708 of the Defense Production Act. (2) Requirements The voluntary agreement entered by the President under paragraph (1) shall— (A) address a current critical national defense issue, such as— (i) the need for a plan of action to respond to a catastrophic cyber attack on a sector of critical infrastructure, as defined in section 5195c(e) of title 42, United States Code, including how to restore that sector as quickly as possible from the attack through public and private cooperation; or (ii) another issue pertinent to national defense as determined by the President and notified to Congress within 270 days of enactment of this Act; and (B) use 1 or more of the units of the National Defense Executive Reserve established under section 712 of the of the Defense Production Act of 1950.