Amends the Defense Production Act of 1950 by redesignating title VIII as title IV, redesignating sections 801–809 as sections 401–409, and updating numerous internal cross-references (e.g., replacing references to sections 709, 801, 802, 804, 805 with updated section numbers such as 309, 401, 402, 404, 405, respectively) as specified in the subsection-level changes.

Amends 42 U.S.C. 2133 by striking the reference to "section 712" and inserting "section 316".

Amends 42 U.S.C. 6272(h) by striking the reference to "Section 708" and inserting "Section 308".

Amends the provision codified at 12 U.S.C. 635 by striking the cross-reference "section 721(a)(6)(A)" and inserting "section 316(a)(6)(A)".

Repeals the section of law codified at 50 U.S.C. 4531 (identified as section 1792 of the John S. McCain National Defense Authorization Act for Fiscal Year 2019).

Amends 15 U.S.C. 4602(c) by striking specified text (text to be struck is not provided in this section).

Amends 10 U.S.C. 4891(a) by striking the cross-reference "section 721(a)" and inserting "section 316(a)".

Amends 10 U.S.C. 4811 (as appearing at section 848(b)(2)(C) of the cited Act) by striking "title III" and inserting "title II".

Amends section 101 (50 U.S.C. 4511) of Title I of the Defense Production Act to (a) replace certain terminology with 'the President', (b) add a 1-year limit (with a possible single extension of up to 180 days upon reporting to Congress) on using the powers to control general distribution in the civilian market, (c) specify circumstances under which the powers may be used (national emergency declared by the President; natural disaster declared under the Stafford Act; public health emergency as determined by HHS under section 319), (d) change certain authorities in subsection (c) to the Executive Director of the Defense Production Act Committee, and (e) require issuance and annual review/update in consultation with the Defense Production Act Committee and permit waiver/revision of regulations to expedite procurement of certain critical technologies or minerals.