Defense Production Act Extension and Amendments of 1991

Defense Production Act Extension and Amendments of 1991 - Amends the Defense Production Act of 1950 to extend its expiration date to September 30, 1991. Authorizes appropriations and sets spending limits under such Act through FY 1991.

Repeals provisions of such Act granting immunity from civil and criminal suits and a defense to antitrust actions for persons engaging in voluntary agreements for defense preparedness programs and expansion of production capacity and supply.

Authorizes the President, with respect to certain Defense Production Act activities, to exempt persons participating in a voluntary agreement or plan of action on behalf of the United States from Federal antitrust laws or any similar State law for activities engaged in as part of such agreement or plan. Requires an individual designated by the President to administer such an agreement or plan to provide prior written notice of the time, place, and nature of any meeting to carry out such agreement or plan to the Attorney General, the Chairman of the Federal Trade Commission, and the Congress. Outlines requirements for, and limitations to, the antitrust defense for participants in such agreements or plans. Exempts any activity or provision of such agreements or plans from the Federal Advisory Committee Act and other Federal law relating to advisory committees.

Authorizes the President to order a priority in the allocation of materials, facilities, and services (currently, only materials and facilities) when requirements of national defense cannot otherwise be met. Requires the President to reach certain determinations concerning the critical shortages of such materials, facilities, and services before exercising such authority.

Makes this Act effective (retroactively) on October 20, 1990.

Makes permanent (currently expires upon termination of the Act) a provision of the Defense Production Act of 1950 authorizing the President to review, and if necessary, prohibit foreign mergers, acquisitions, or takeovers in the United States if such actions might adversely affect national security interests.