Funding from the Office of Economic Adjustment is often used to prepare an economic recovery strategy that serves as a blueprint for other Federal, state, and local funding. The Office works with communities to make introductions to other agencies, explain processes, and help smooth the transition.
To ensure coordination between agencies, Executive Order 12788, as amended, instituted the Defense Economic Adjustment Program (DEAP) and the Economic Adjustment Committee. The DEAP assists seriously affected states, communities, businesses, and workers in responding to Department of Defense changes.
The Economic Adjustment Committee is comprised of 22 Federal departments and agencies at the Cabinet level, that work together to coordinate technical and financial assistance, providing communities access to the full complement of Federal government resources. The Director of the Office of Economic Adjustment is the Executive Director of the Economic Adjustment Committee.
Specifically, the Economic Adjustment Committee:
Members of the Economic Adjustment Committee can assist states, communities, businesses and workers with a myriad of technical and financial assistance requirements to include: grants, loan guarantees, strategic outreach, and public benefit conveyance (sponsorship for transfer of surplus Federal property to eligible state and local governments for public purpose).
The Economic Adjustment Committee includes the following individuals, or their designees: