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COVID-19

Navy Pushed $600 Million Into Shipbuilding Industry Base For Pandemic Response

Rich Abott By
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Navy Pushed $600 Million Into Shipbuilding Industry Base For Pandemic Response
James Geurts, Performing the Duties of Under Secretary of the Navy. Formerly he served as Assistant Secretary of the Navy for Research, Development and Acquisition (ASN-RDA from December 2017-January 20, 2020. (Photo: U.S. Navy)

The Navy’s top acquisition official said the Navy recently infused about $600 million into the shipbuilding industrial base by reducing withholds and retainers to help it deal with COVID-19 pandemic issues. “Just in the NAVSEA programs we were immediately able to infuse about $600 million of funds that we had in withholds or retainers or whatnot. And able to do that without increasing any risk to the system,” Assistant Secretary of the Navy for Research, Development and Acquisition James Geurts…

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