Biden plans to use cold-war era law in attempt to lower US prices

Defense Production Act of 1950, passed to streamline production during Korean war, was last used during Covid pandemic

The White House has announced it plans to use a cold-war era law to ease supply chain issues that the administration argues are contributing to higher inflation - a key electoral challenge to Joe Biden's re-election chances next year as polling consistently suggests voters are not buying his Bidenomics pitch.

In a statement, the White House said Biden will use the Defense Production Act to improve the domestic manufacturing of medicines deemed crucial for national security and will convene the first meeting of the president's supply chain resilience council to announce other measures tied to the production and shipment of goods.