; or (bb) materials critical to national security, as defined in section 10(f) of the Strategic and Critical Materials Stock Piling Act ( 50 U.S.C. 98h–1(f) ). . (b) Reports on exercise of title III authorities Title III of the Defense Production Act of 1950 ( 50 U.S.C. 4531 et seq. ) is amended by adding at the end the following new section: 305. Reports on exercise of authorities (a) In general The President, or the head of an agency to which the President has delegated authorities under this title, shall submit a report and provide a briefing to the appropriate congressional committees with respect to any action taken pursuant to such authorities— (1) except as provided by paragraph (2), not later than 30 days after taking the action; and (2) in the case of an action that involves a business concern in the United Kingdom or Australia, not later than 30 days before taking the action. (b) Elements (1) In general Each report and briefing required by subsection (a) with respect to an action described in that subsection shall include— (A) a justification of the necessity of the use of authorities under this title; and (B) a description of the financial terms of any related financial transaction. (2) Additional elements relating to business concerns in the United Kingdom or Australia Each report and briefing required by subsection (a) with respect to an action described in paragraph (2) of that subsection shall include, in addition to the elements under paragraph (1)— (A) a certification that business concerns in the United States or Canada were not available with respect to the action; and (B) an analysis of why such business concerns were not available. (c) Appropriate congressional committees defined In this section, the term appropriate congressional committees means— (1) the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives