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DOD announces $100M initiative to return manufacturing to US
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The Department of Defense announced Monday that it's partnering with the U.S. International Development Finance Corporation for a $100 million effort to bring manufacturing back to the U.S., FOX Business' Edward Lawrence first reported.
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The money is coming from the Pentagon's CARES Act funding. The Development Finance Corporation has the authority to distribute loans through the Defense Production Act, which President Trump invoked in March.
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The effort will prioritize critical manufacturing after the coronavirus pandemic exposed gaps in the U.S. supply chain for goods inlcuding personal protective equipment and generic drugs.