Report on vessel leasing program

Not later than December 31, 2025, the Secretary of the Navy, in consultation with the Under Secretary of Defense for Acquisition and Sustainment, shall submit to the Committee on Armed Services of the Senate and the Committee on Armed Services of the House of Representatives a report that includes the following: (1) A list of non-nuclear vessels that could be suitable for contracting under a long-term leasing program. (2) A plan outlining how the Navy would implement a leasing program for surface vessels. (3) A description of authorities necessary for the Navy to lease commercially built and privately owned vessels. (4) A description of input from industry and private capital stakeholders on suggested lease terms and incentives to encourage industry to participate in such a leasing program.