; (2) develop a definition of near peer nation for purposes of paragraph (1); and (3) submit to the appropriate congressional committees a report on the findings of the Secretary and the Director with respect to the review conducted under paragraph (1). (b) Elements The review conducted under paragraph (1) of subsection (a), and the report required by paragraph (3) of that subsection, shall identify, at a minimum, the following: (1) Key United States industries and research and development activities expected to be critical to maintaining a national security technology capability if, during the 5-year period beginning on the date of the enactment of this Act, the Secretary and the Director anticipate that— (A) a United States industrial base shortfall will exist; and (B) United States industry will be unable to or otherwise will not provide the needed capacity in a timely manner without financial assistance from the United States Government through existing statutory authorities specifically intended for that purpose, including assistance provided under title III of the Defense Production Act of 1950 ( 50 U.S.C. 4531 et seq.) and other appropriate authorities. (2) Key areas in which the United States currently enjoys a technological advantage. (3) Key areas in which the United States no longer enjoys a technological advantage. (4) Sectors of the defense industrial base in which the United States lacks adequate productive capacity to meet critical national defense needs. (5) Priority areas for which appropriate statutory industrial base incentives should be applied as the most cost-effective, expedient, and practical alternative for meeting the technology or defense industrial base needs identified under this subsection, including— (A) sustainment of critical production and supply chain capabilities; (B) commercialization of research and development investments; (C) scaling of emerging technologies