Sec. 5. Establishment of Joint Congressional Committee
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There is established a Joint Committee on Defense Production (referred to in this section as the Committee ), to be composed of— five members of the Committee on Financial Services of the House of Representatives, with three members from the majority party and two from the minority party, to be appointed by the chairman of the Committee on Financial Services; and five members of the Committee on Banking, Housing, and Urban Affairs of the Senate, with three members from the majority party and two from the minority party, to be appointed by the chairman of the Committee on Banking, Housing, and Urban Affairs.
The Committee shall elect a chairman and a vice chairman from among its members, one of whom shall be a member of the House of Representatives and the other a member of the Senate. A vacancy in the membership of the Committee shall be filled in the same manner as the original selection. The Committee, or any duly authorized subcommittee thereof, is authorized to hold such hearings, to sit and act at such times and such places, to require by subpoena (to be issued under the signature of the chairman or vice chairman of the Committee) or otherwise the attendance of such witnesses and the production of such books, papers, and documents, to administer such oaths, to take such testimony, to procure such printing and binding, and to make such expenditures as it considers advisable.
The Committee shall be responsible for the continuous study of the programs authorized by this Act, and to review the progress achieved in the execution and administration of such programs. Upon request, the Committee shall aid the standing committees of the Congress having legislative jurisdiction over any part of the programs authorized by this Act; and it shall make a report to the House of Representatives and the Senate, from time to time, concerning the results of its studies, together with such recommendations as it may consider desirable.
Any department, official, or agency administering any of such programs shall, at the request of the Committee, consult with the Committee, from time to time, with respect to their activities under this Act. The expenses of the Committee, which shall not exceed $750,000 in any fiscal year, shall be paid one-half from the contingent fund of the House of Representatives and one-half from the contingent fund of the Senate upon vouchers signed by the chairman or vice chairman.