The "DPA Modernization Act of 2026" updates the Defense Production Act of 1950, expanding the President's authority in national emergencies and public health crises, while promoting domestic production of critical minerals and technologies. It limits government equity shares, establishes a Critical Minerals Resilience Initiative, and addresses workforce gaps. The bill delegates authorities to the Defense Production Act Committee, establishes a National Defense Executive Reserve, and expands foreign investment review. It also enhances oversight and coordination for national defense activities.