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Presidential Memorandum

Presidential Waiver of Statutory Requirements Pursuant to Section 303 of the Defense Production Act of 1950: Reviving the Manufacturing and Defense Industrial Base for Munitions and Minerals

President waives standard statutory requirements under Section 303 of the Defense Production Act to expedite production capacity increases for munitions, missiles, critical minerals, uranium, copper, potash, and gold, citing severe national defense impairment from supply shortfalls. The waiver removes procedural hurdles for defense and mineral supply chains but does not specify funding amounts or implementation mechanisms.

Federal Register Open PDF 90 FR 23851

Impact dates

  1. Federal Register publication

Market exposure

Policy exposure mapping — not investment advice. Illustrative public companies are incomplete and not recommendations.

Sectors

Defense primesCritical mineralsSteel & aluminumOil & gas

Mechanisms

Subsidy / incentiveProcurement

Role pressure

  • ProtectiveDomestic producer — Waiver expedites DPA support for domestic munitions, missile, and mineral production, reducing competitive barriers for US-based suppliers
  • ProtectiveEquipment supplier — Streamlined access to DPA authorities benefits upstream equipment and materials providers in defense and mining supply chains
  • AdverseImporter — Domestic preference signaling and potential DPA-backed production expansion could displace foreign-sourced minerals and components

Geographies

USCNCAAUOTHER

Illustrative public companies

Curated watchlist matches by sector/role — incomplete; not a recommendation.

ALBAlbemarleAAAlcoaBABoeingCENXCentury AluminumLNGCheniere EnergyCVXChevronCLFCleveland-CliffsCOPConocoPhillipsDQDaqo New EnergyXOMExxon MobilFCXFreeport-McMoRanGEVGE VernovaGDGeneral DynamicsLMTLockheed MartinMPMP MaterialsNOCNorthrop GrummanNUENucorRTXRTXSHELShellSLBSLBSQMSQMTSLATeslaXUnited States Steel

Confidence: medium · Policy alerts

Key directives

  • Waive requirements of DPA section 303(a)(2) through (a)(6) for munitions, missiles, and associated equipment supply chains
  • Waive requirements of DPA section 303(a)(2) through (a)(6) for critical minerals, uranium, copper, potash, and gold supply chains
  • Publish memorandum in Federal Register

Who is ordered

Timeline

Immediate

  • Waiver takes effect upon memorandum issuance; statutory requirements under DPA section 303(a)(2)-(a)(6) no longer apply to specified supply chains

Near term (90d)

  • Federal Register publication required
  • DOD and relevant agencies must begin utilizing waived authorities for munitions and minerals production expansion

Long term

  • Potential expansion of domestic mining and processing capacity for uranium, copper, potash, gold, and critical minerals
  • Restructuring of defense supply chains for missiles and munitions

Risks & tensions

  • Waiver removes transparency and procedural safeguards normally required for DPA loans/guarantees/purchases; potential for reduced congressional oversight
  • Broad mineral inclusion (copper, potash, gold) extends beyond typical 'critical minerals' definitions, raising questions about economic vs. national security rationale
  • No funding commitments specified; waiver alone does not guarantee capital deployment
  • Environmental and community review processes may be curtailed, creating implementation friction
Presidential Memorandum: Presidential Waiver of Statutory Requirements Pursuant to Section 303 of the Defense Production Act of 1950: Reviving the Manufacturing and Defense Industrial Base for Munitions and Minerals · Executive Orders