I 

118TH CONGRESS 

2D SESSION H. R. 10378 

To establish the Critical Mineral Reserve of the United States, and for 

other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

DECEMBER 11, 2024 

Mr. WITTMAN (for himself, Mr. GIMENEZ, and Mr. MOOLENAAR) introduced 

the following bill; which was referred to the Committee on Natural Resources, and in addition to the Committee on Foreign Affairs, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned 

A BILL 

To establish the Critical Mineral Reserve of the United 

States, and for other purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Securing Essential and 

5 Critical U.S. Resources and Elements Minerals Act of 

6 2024’’ or ‘‘SECURE Minerals Act of 2024’’. 

7 SEC. 2. FINDINGS. 

8 Congress finds the following: 


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1 (1) Critical minerals and materials are essential 

2 to the ongoing economic and national security of the 

3 United States, playing a vital role in manufacturing, 

4 transportation, medical, technology, defense, and en5 ergy sectors. The global demand for critical minerals 

6 and materials has been rapidly increasing due to ad7 vancements in technology—whether defense, dual8 use, or commercial—and the increasing adoption of 

9 renewable energy sources and next-generation 

10 automative systems, all of which rely heavily on 

11 these minerals and materials for the production of 

12 batteries, solar panels, wind turbines, high-speed 

13 computing, advanced magnetic systems, and other 

14 high-tech applications. 

15 (2) The People’s Republic of China currently 

16 controls a significant portion of the global supply 

17 chain for critical minerals and materials, including 

18 rare earth elements, through extensive mining, inte19 grated midstream operations, significant domestic 

20 subsidies and incentives, and strategic investments 

21 in resource-rich countries. The PRC centrally con22 trols its dominant market share across multiple crit23 ical mineral verticals. The PRC predatorily leverages 

24 its position as sponsor or consumer, as applicable, 

25 over mining projects globally, resulting in a dearth 


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1 of feedstocks to the great detriment of downstream 

2 industries, regions, and countries, including the 

3 United States. The PRC’s integrated operations, 

4 subservient to the Chinese state, are calibrated to 

5 weaponize its influence over prices and volumes in 

6 the contest for access to critical minerals and mate7 rials, as well as the end-use components and applica8 tions produced from these minerals and materials. 

9 The PRC also acts to undercut efforts in the United 

10 States and allied nations to develop alternative 

11 sources of supply. 

12 (3) The United States is heavily reliant on im13 ports for many of the most critical minerals and ma14 terials, including rare earth elements, making the 

15 nation vulnerable to supply disruptions, geopolitical 

16 tensions, and economic manipulation by countries 

17 that dominate the market, specifically the PRC. The 

18 vulnerabilities to the nation’s defense industrial base 

19 posed by this reliance cannot be overstated. Given 

20 the long lead times in the mining sector as well as 

21 the adjacent processing of critical minerals, domestic 

22 critical minerals extraction projects are particularly 

23 susceptible to China-induced price shocks which can 

24 depress critical mineral prices for an extended pe25 riod. 


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1 (4) Increasing domestic primary feedstock pro2 duction, processing, conversion, recycling, reuse, and 

3 repurposing to advanced materials and products, as 

4 well as increasing alternative allied supply, is imper5 ative to reduce the impact of market manipulation 

6 by foreign state actors, such as the PRC. The 

7 United States must ensure that a stable and secure 

8 supply chain of these essential resources is available 

9 to our domestic innovation and manufacturing eco10 systems. 

11 (5) Sustainable and responsible corporate be12 havior in companies’ operations and across their 

13 global value chains is important to ensuring a resil14 ient domestic minerals supply. 

15 (6) Investments in domestic extraction proc16 essing infrastructure, as well as reuse, repurposing, 

17 and recycling, are necessary to build a resilient and 

18 diversified supply chain for critical minerals and ma19 terials, supporting the economic growth and national 

20 security interests of the United States. 

21 (7) Government support to develop and ensure 

22 the integrity of Western and allied markets for these 

23 critical minerals and materials as a countermeasure 

24 against the anti-competitive tactics of the PRC and 

25 their supply chain co-collaborators will fill the most 


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1 acute strategic gap which cannot be otherwise 

2 achieved by private industry participants acting 

3 alone. To this end, we recommend establishing the 

4 ‘‘Critical Mineral Reserve of the United States’’, also 

5 referred to herein as the Reserve. 

6 SEC. 3. ESTABLISHMENT OF RESERVE. 

7 (a) ESTABLISHMENT.— 

8 (1) IN GENERAL.—There is established a trust 

9 with the name ‘‘Critical Mineral Reserve of the 

10 United States’’, which shall— 

11 (A) not be an agency or establishment of 

12 the United States Government; 

13 (B) manage its assets in the manner set 

14 forth in this Act; and 

15 (C) be a trust domiciled in the District of 

16 Columbia and, to the extent not inconsistent 

17 with this Act, be subject to the laws of the Dis18 trict of Columbia applicable to such trusts. 

19 (2) PURPOSE.—The purposes of the Reserve 

20 are— 

21 (A) to support domestic and allied extrac22 tion, production, reuse, repurposing, and recy23 cling of and capabilities and infrastructure with 

24 respect to critical minerals and materials; 


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1 (B) to stabilize, support, and protect sus2 tainable prices of critical minerals and mate3 rials; 

4 (C) to assist in maintaining balanced and 

5 adequate supplies of critical minerals and mate6 rials to the United States, as determined by the 

7 Board; 

8 (D) to sustain access to and the supply of 

9 critical minerals and materials for the United 

10 States and any allied country; and 

11 (E) to facilitate the orderly distribution of 

12 critical minerals and materials. 

13 (3) ANNUAL INDEPENDENT AUDIT.— 

14 (A) IN GENERAL.—Not later than 1 year 

15 after the date of the enactment of this Act and 

16 annually thereafter, an independent qualified 

17 public accountant selected by the Board shall 

18 audit the financial statements of the Reserve, 

19 the results of which shall be made publicly 

20 available. 

21 (B) REQUIREMENTS.—Each independent 

22 qualified public accountant selected by the 

23 Board to perform an audit under subparagraph 

24 (A) shall be— 


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1 (i) certified and licensed by a State 

2 board of accountancy; 

3 (ii) independent of the Reserve and 

4 each authorized market maker in accord5 ance with section 210.2–01 of title 17, 

6 Code of Federal Regulations; and 

7 (iii) registered with the Public Com8 pany Accounting and Oversight Board. 

9 (4) CIVIL ACTION.— 

10 (A) IN GENERAL.—The Reserve may bring 

11 a civil action in any court of competent jurisdic12 tion against any person that— 

13 (i) fails to comply with any contrac14 tual obligation or agreement made with the 

15 Reserve; 

16 (ii) violates any provision of this Act; 

17 or 

18 (iii) engages in any practice or activ19 ity that unlawfully impairs or interferes 

20 with the operations of the Reserve, includ21 ing fraud, misrepresentation, or breach of 

22 contract. 

23 (B) AWARD.—In a civil action under this 

24 paragraph, the Reserve may seek— 


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1 (i) economic relief, including compen2 satory damages, restitution, interest, costs, 

3 and reasonable attorney’s fees; 

4 (ii) temporary or permanent injunc5 tive relief, including specific performance; 

6 and 

7 (iii) such other equitable relief as a 

8 court determines appropriate. 

9 (C) STATUTE OF LIMITATIONS.—A civil ac10 tion under this paragraph may not be brought 

11 later than 5 years after the date on which the 

12 cause of action accrues. 

13 (5) INITIAL CAPITALIZATION.—There is appro14 priated, out of any amounts in the Treasury not oth15 erwise appropriated, $2,500,000,000 to the Reserve 

16 for fiscal year 2025. 

17 (b) MANDATE OF RESERVE.— 

18 (1) IN GENERAL.—The Reserve shall, with re19 spect to each critical mineral and material— 

20 (A) support domestic and allied produc21 tion, including sourcing from domestic and al22 lied reuse, repurposing, and recycling; and 

23 (B) to the maximum extent practicable, en24 sure that— 


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1 (i) at each stage of the supply chain, 

2 the production rate is equal to or greater 

3 than 40 percent; and 

4 (ii) at each stage of the supply chain, 

5 the dependence rate is equal to or less 

6 than 60 percent; and 

7 (C) prioritize— 

8 (i) domestic projects and supply 

9 chains; and 

10 (ii) projects where the dependence is 

11 100 percent. 

12 (2) DETERMINATION OF PRODUCTION RATES

13 AND DEPENDENCE RATES.— 

14 (A) IN GENERAL.—The Board shall deter15 mine the production rate and dependence rate 

16 with respect to each critical mineral and mate17 rial. 

18 (B) USE OF DATA.—In determining the 

19 production rate and dependence rate with re20 spect to each critical mineral and material 

21 under subparagraph (A), the Board— 

22 (i) shall use the proprietary dataset 

23 developed under section 5(a)(1); 

24 (ii) may use— 


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1 (I) the Mineral Commodity Sum2 maries published by the United States 

3 Geological Service; and 

4 (II) data from any other source 

5 the Board determines to be of value 

6 under similar circumstances, including 

7 commercial data, whether such data is 

8 public or proprietary in nature; and 

9 (iii) may solicit private industry for 

10 data and market information. 

11 (3) ADJUSTMENT OF PRODUCTION RATE AND

12 DEPENDENCE RATE.—The Board may annually ad13 just the production rate and the dependence rate 

14 with respect to each critical mineral and material, as 

15 initially established under paragraph (2)(A), by not 

16 more than 5 percent. 

17 (c) REVIEW.—The Comptroller General of the United 

18 States shall carry out a biennial review the Reserve, in19 cluding a review of— 

20 (1) the most recent annual report submitted to 

21 the Speaker of the House of Representatives and the 

22 President of the Senate by the Reserve under section 

23 7; 

24 (2) the operations and functions of the Reserve 

25 as managed by the Board; and 


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1 (3) the performance of the Board in fulfilling 

2 the purposes and mandate of the Reserve. 

3 (d) IDENTIFICATION OF CRITICAL MINERALS AND

4 MATERIALS.— 

5 (1) IN GENERAL.—The Reserve, in collabora6 tion with the heads of Federal agencies in accord7 ance with section 5(a)(7), shall establish a list of 

8 critical minerals and materials informed by the fol9 lowing: 

10 (A) The list of critical minerals published 

11 by the United States Geological Survey pursu12 ant to section 7002(c) of the Energy Act of 

13 2020 (30 U.S.C. 1606(c)). 

14 (B) The list of critical materials published 

15 by the Department of Energy pursuant to sec16 tion 7002(a) of the Energy Act of 2020 (30 

17 U.S.C. 1606(a)). 

18 (C) The materials of interest designated as 

19 such by the Defense Logistics Agency. 

20 (D) Each material with respect to which 

21 the President has made a determination under 

22 section 303(a)(5) of the Defense Production 

23 Act of 1950 (50 U.S.C. 4533(a)(5)). 

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1 rial for the purposes of the Strategic and Crit2 ical Materials Stock Piling Act (50 U.S.C. 98 

3 et seq.) pursuant to a determination by the 

4 President under section 3(a) of such Act (50 

5 U.S.C. 98b(a)). 

6 (2) REQUIREMENTS.—A mineral or material 

7 may only be included in the list of critical minerals 

8 and materials established by the Reserve under 

9 paragraph (1) if the mineral or material— 

10 (A) is a non-fuel mineral or material; 

11 (B) is essential to the economic and na12 tional security of the United States; 

13 (C) has a high-risk supply chain; and 

14 (D) is necessary— 

15 (i) for the national defense and na16 tional security requirements; 

17 (ii) for the energy infrastructure of 

18 the United States, including— 

19 (I) pipelines; 

20 (II) refining capacity; 

21 (III) electrical power generation 

22 and transmission; and 

23 (IV) renewable energy produc24 tion; 


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1 (iii) to support domestic manufac2 turing, agriculture, housing, telecommuni3 cations, healthcare, or transportation infra4 structure; or 

5 (iv) for the economic security of, and 

6 balance of trade in, the United States. 

7 (3) EXCLUSIONS.—A mineral or material may 

8 not be included in the list of critical minerals and 

9 materials established by the Reserve under para10 graph (1) if the mineral or material is— 

11 (A) oil, oil shale, natural gas, coal, or ura12 nium; 

13 (B) water, ice, or snow; or 

14 (C) a common variety of sand, gravel, 

15 stone, pumice, cinders, or clay. 

16 (4) ANNUAL UPDATE.—The Reserve shall pub17 lish and annually update the list of critical minerals 

18 and materials established under paragraph (1). 

19 (e) SUNSET.—The Reserve shall terminate on the 

20 date that is 10 years after the date of the enactment of 

21 this Act. 

22 SEC. 4. BOARD OF GOVERNORS OF RESERVE. 

23 (a) MEMBERSHIP.— 

24 (1) APPOINTMENT.— 


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1 (A) IN GENERAL.—Except as provided in 

2 paragraph (3)(D), the Board of Governors of 

3 the Reserve shall be composed of 7 members 

4 appointed by the President, by and with the ad5 vice and consent of the Senate. 

6 (B) INITIAL APPOINTMENTS.—Not later 

7 than 180 days after the date of the enactment 

8 of this Act, the President shall appoint each of 

9 the 7 members of the Board, including the 

10 Chairman, and the Board shall elect a Vice11 Chairman from the members of the Board. 

12 (2) QUALIFICATIONS.—To be eligible to be ap13 pointed as a member of the Board under paragraph 

14 (1), an individual— 

15 (A) shall have substantial experience, 

16 training, and expertise in— 

17 (i) the business and industry of a 

18 mineral or material described in section 

19 3(d)(1); and 

20 (ii) the oversight, management, or ad21 ministration of financial instruments; and 

22 (B) may not— 

23 (i) have a direct or indirect financial 

24 interest in an authorized market maker or 

25 at-risk CMM; or 


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1 (ii) be closely related to someone with 

2 a direct financial interest in an authorized 

3 market maker or at-risk CMM. 

4 (3) TERMS.— 

5 (A) CHAIRMAN.— 

6 (i) IN GENERAL.—An individual who 

7 is appointed as the Chairman under para8 graph (1) shall serve for a single 5-year 

9 term. 

10 (ii) RESTRICTION.—An individual who 

11 is appointed to serve a term as the Chair12 man of the Board under paragraph (1) 

13 may not serve any additional term on the 

14 Board after such term ends. 

15 (B) VICE-CHAIRMAN.— 

16 (i) IN GENERAL.—The Board shall 

17 elect a Vice-Chairman from the members 

18 of the Board who are not the Chairman for 

19 a single 2-year term. 

20 (ii) COMPLETION OF TERM.—An indi21 vidual who is appointed to serve a term as 

22 the Vice-Chairman under clause (i) shall, 

23 after such term ends, serve as a member of 

24 the Board for the remainder of the term of 


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1 such individual in accordance with sub2 paragraph (C). 

3 (iii) SUBSTITUTE.—The Vice-Chair4 man, subject to the supervision of the 

5 Board, shall serve as Interim Chairman in 

6 the absence of the Chairman. 

7 (C) OTHER BOARD MEMBERS.— 

8 (i) IN GENERAL.—Each member of 

9 the Board who is not the Chairman shall 

10 be appointed to a staggered single 6-year 

11 term. 

12 (ii) RESTRICTION.—An individual who 

13 is appointed to serve a term as a member 

14 of the Board may only serve an additional 

15 term on the Board if the individual is ap16 pointed to serve as Chairman, regardless of 

17 whether the individual completes the term 

18 to which the individual is initially ap19 pointed. 

20 (iii) TERM LENGTH CAP.—An indi21 vidual may not serve on the Board for 

22 more than 6 years except in accordance 

23 with subparagraph (E)(i). 

24 (D) VACANCIES.—Not later than 6 months 

25 after the date on which a vacancy occurs on the 


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1 Board, the President, by and with the advice 

2 and consent of the Senate, shall appoint a new 

3 member of the Board to fill such vacancy. 

4 (E) COMPLETION OF TERM.— 

5 (i) IN GENERAL.—Upon the expira6 tion of the term of a member of the Board, 

7 such member shall continue to serve as a 

8 member of the Board until the successor to 

9 such member is appointed and is con10 firmed. 

11 (ii) REPLACEMENT ORDER.—Succes12 sors to members of the Board shall be ap13 pointed and confirmed in the order in 

14 which the members of the Board were ap15 pointed and confirmed. 

16 (4) TRIBAL REPRESENTATION.—At least 1 

17 member of the Board shall be a member of a Tribe. 

18 (b) COMPENSATION.— 

19 (1) IN GENERAL.—No individual who is a mem20 ber of the Board may engage in any business, voca21 tion, or employment other than that of serving as a 

22 member of the Board while such individual is a 

23 member of the Board. 

24 (2) RATE OF PAY.—The rate of basic pay for— 


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1 (A) the Chairman shall be equal to the 

2 rate of basic pay payable for level I of the Exec3 utive Schedule; and 

4 (B) each member of the Board other than 

5 the Chairman may be set and adjusted by the 

6 Chairman. 

7 (4) BENEFITS.—The Chairman may provide 

8 additional compensation and benefits to employees of 

9 the Board in the same manner as compensation and 

10 benefits are provided under section 4802 of title 5, 

11 United States Code. 

12 (c) DUTIES.—The Board shall— 

13 (1) manage the lending authority, contracts, op14 erations, due diligence, and duties of the Reserve; 

15 (2) oversee all authorized market makers and 

16 at-risk CMMs under this Act; and 

17 (3) determine and prescribe the manner in 

18 which— 

19 (A) the obligations of the Reserve shall be 

20 incurred; and 

21 (B) the disbursements and expenses of the 

22 Reserve shall be allowed and paid. 

23 (d) MEETINGS.— 

24 (1) IN GENERAL.—The Chairman of the Board, 

25 the Vice-Chairman, acting as Interim Chairman in 


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1 the absence of the Chairman in accordance with sub2 section (a)(3)(B)(iii), or a Chairman pro tempore 

3 elected by the members of the Board present at the 

4 meeting, in the absence of the Chairman and the 

5 Vice-Chairman, shall preside at each meeting of the 

6 Board. 

7 (2) QUORUM.—4 of the members of the Board 

8 shall constitute a quorum. 

9 (3) CLOSED MEETINGS.—The Board may close 

10 any meeting, or portion thereof, that concerns mat11 ters or information that pertains to national secu12 rity. 

13 (4) MINUTES.—Unless closed in accordance 

14 with paragraph (3), the minutes of each meeting of 

15 the Board shall be made publicly available. 

16 (e) RESTRICTION ON EMPLOYMENT.— 

17 (1) IN GENERAL.—During the period beginning 

18 on the date on which the term of a member of the 

19 Board begins and ending on the date that is 2 years 

20 after the date on which the term of such member 

21 ends, such member may not hold any ownership, of22 fice, position, including an advisory or consultant po23 sition, or other employment in or with an authorized 

24 market maker or with respect to an at-risk CMM. 

25 (2) OPPORTUNITY TO CURE VIOLATION.— 


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1 (A) IN GENERAL.—If the Comptroller Gen2 eral of the United States finds that an indi3 vidual described in paragraph (1) is in violation 

4 of that paragraph, such individual shall cure 

5 such violation not later than 30 days after the 

6 date on which such violation is found. 

7 (B) REQUIREMENTS TO CURE.—To cure a 

8 violation of paragraph (1) as required under 

9 subparagraph (A), an individual shall, at a min10 imum— 

11 (i) renounce any pecuniary gain asso12 ciated with such violation; and 

13 (ii) terminate each relationship that is 

14 the subject of such violation. 

15 (3) PENALTY FOR UNCURED VIOLATION.—If 

16 the Comptroller General of the United States finds 

17 that an individual described in paragraph (1) is in 

18 violation of that paragraph and such individual does 

19 not cure such violation in accordance with paragraph 

20 (2) by the date described in subparagraph (A) of 

21 that paragraph or, as applicable, established by the 

22 Board under paragraph (4), such individual shall be 

23 deemed to have violated section 207(a)(2) of title 18, 

24 United States Code, and shall immediately be re25 moved from the Board. 


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1 (4) EXTENSION OF CURE PERIOD.—The Board 

2 may extend the time provided under paragraph (2) 

3 for an individual described in paragraph (1) to cure 

4 a violation of that paragraph. 

5 (f) PRINCIPAL OFFICE.—The principal office of the 

6 Board shall be located in the District of Columbia. 

7 SEC. 5. DUTIES AND AUTHORITIES OF RESERVE. 

8 (a) IN GENERAL.—In carrying out the purposes and 

9 mandate of the Reserve, the Reserve shall carry out the 

10 following activities: 

11 (1) Develop and maintain a proprietary dataset 

12 sufficient to ensure the thorough analysis of global 

13 critical minerals and materials markets. 

14 (2) Collect and maintain sufficient datasets, in15 cluding data comprising global, domestic, and allied 

16 markets and, to the extent possible, data derived 

17 from individual critical mineral and material 

18 projects, to inform and estimate— 

19 (A) production, extraction, infrastructure, 

20 repurposing, and recycling costs for critical 

21 minerals and materials supply chains; and 

22 (B) the forecast of supply and demand of 

23 critical minerals and materials within domestic 

24 and allied markets. 

25 (3) Collect and maintain— 


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1 (A) actual transaction price data for crit2 ical minerals and materials in the global mar3 ket, including geographic data; and 

4 (B) any other datasets necessary to effec5 tuate such purposes and mandate, including 

6 datasets produced by or derivative of datasets 

7 produced by the PRC. 

8 (4) Using the most current data collected under 

9 paragraphs (2) and (3)— 

10 (A) identify market conditions that require 

11 intervention according to such purposes and 

12 mandate; and 

13 (B) determine specific critical minerals and 

14 materials that are at-risk CMMs. 

15 (5) Provide loans to authorized market makers 

16 in accordance with subsection (b). 

17 (6) Maintain an operational team and organiza18 tion sufficient to fulfill such mandate. 

19 (7) Consult with the heads of other Federal 

20 agencies, including— 

21 (A) the Department of Commerce; 

22 (B) the Department of Defense; 

23 (C) the Department of Energy; 

24 (D) the Department of the Interior; 

25 (E) the Department of State; 


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1 (F) the Department of the Treasury; 

2 (G) the Department of Agriculture; 

3 (H) the United States Geological Survey; 

4 and 

5 (I) the Export-Import Bank of the United 

6 States. 

7 (8) To the extent possible, mitigate the risk of 

8 loss of capital to United States taxpayers. 

9 (9) Seek to mobilize private capital that fur10 thers the purposes and mandate of the Reserve. 

11 (10) Act as a partner to authorized market 

12 makers, ensuring they can fulfill their role of at13 tracting private sector resources into the critical 

14 minerals and materials market and carrying out the 

15 purposes and mandate of the Reserve in the market16 place on an on-going basis. 

17 (b) LOANS TO AUTHORIZED MARKET MAKERS.— 

18 (1) LOAN PROGRAM AUTHORIZED.—The Re19 serve may make loans to authorized market makers 

20 to enter into financing and purchasing agreements 

21 with producers of at-risk CMMs under which such 

22 an authorized market maker shall use the loan funds 

23 to— 

24 (A) provide to a producer of at-risk CMMs 

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1 spect to the at-risk CMMs, the difference be2 tween the all-in sustaining cost and the pre3 vailing market price of the at-risk CMMs, on 

4 the condition that the authorized market maker 

5 will receive a mutually-agreed-to percent of the 

6 profits when such at-risk CMMs are sold; or 

7 (B) agree to purchase the at-risk CMMs 

8 produced by the producer at an amount equal 

9 to or greater than the all-in sustaining cost. 

10 (2) LOAN CONDITIONS.— 

11 (A) IN GENERAL.—In making loans under 

12 the paragraph (1), the Reserve shall— 

13 (i) for each such loan, specify the at14 risk CMMs for which the loan funds may 

15 be used; and 

16 (ii) in accordance with this Act, estab17 lish such terms and conditions as the Re18 serve determines appropriate. 

19 (B) ADJUSTMENT OF LOAN TERMS.—The 

20 Reserve and authorized market maker may ad21 just loan terms under a loan under paragraph 

22 (1) if the Reserve and authorized market maker 

23 agree to the adjustment. 


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1 (C) PREFERENTIAL TERMS FOR CERTAIN

2 LOANS.—In making loans under paragraph (1), 

3 the Reserve— 

4 (i) shall provide preferential loan 

5 terms, which may include an interest rate 

6 equal to the Federal funds rate, to author7 ized market makers that will use the loan 

8 to enter into financing and purchasing 

9 agreements with producers of at-risk 

10 CMMs; 

11 (ii) may— 

12 (I) provide preferential loan 

13 terms to authorized market makers 

14 that will use the loan to enter into fi15 nancing and purchasing agreements 

16 with producers of at-risk CMMs in al17 lied countries described in subpara18 graph (A), (B), or (C) of section 8(2), 

19 in such manner as the Reserve deter20 mines appropriate; and 

21 (II) consult in with the Federal 

22 agencies specified in subsection (a)(7) 

23 with respect to the loan terms de24 scribed in subclause (I); and 


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1 (iii) shall ensure that, under the terms 

2 of such loans, authorized market makers 

3 shall, to the maximum extent practicable, 

4 give priority to United States suppliers of 

5 critical minerals and preference to the 

6 United States supply chain. 

7 (3) PROPOSAL SOLICITATION.—To be eligible to 

8 receive a loan under paragraph (1), an authorized 

9 market maker shall submit to the Reserve an appli10 cation at such time, in such manner, and containing 

11 such information as the Reserve may require, includ12 ing the proposed financing or purchasing agreements 

13 described in such paragraph for which the loan will 

14 be used. 

15 (4) UNCURED DEFAULT.— 

16 (A) IN GENERAL.—If an authorized mar17 ket maker fails to make a required repayment 

18 on a loan under paragraph (1) for a 90-day pe19 riod, the Reserve— 

20 (i) shall— 

21 (I) recoup the amount of such 

22 loan by taking possession of the crit23 ical mineral and material inventories 

24 of the authorized market maker and 

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1 thorized market maker to receive crit2 ical minerals or materials from sup3 pliers; and 

4 (II) revoke the license of the au5 thorized market maker under section 

6 6; and 

7 (ii) subject to subparagraph (B), may 

8 appoint itself as conservator or receiver of 

9 the authorized market maker. 

10 (B) AUTHORITIES UNDER CONSERVATOR

11 OR RECEIVERSHIP.—If the Reserve appoints 

12 itself a conservator or receiver of an authorized 

13 market maker under subparagraph (A)(ii), the 

14 Reserve shall have the same authorities with re15 spect to the authorized market maker that the 

16 Federal Deposit Insurance Corporation has 

17 with respect to an institution for which the Cor18 poration has appointed itself as conservator or 

19 receiver under the Federal Deposit Insurance 

20 Act. 

21 (C) TREATMENT OF BANKRUPTCY.—An 

22 authorized market maker for which the Reserve 

23 has appointed itself a conservator or a receiver 

24 may not be placed into bankruptcy under title 

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1 servatorship or receivership and any bankruptcy 

2 process under title 11, United States Code, that 

3 is in effect when such an appointment occurs 

4 shall be terminated. 

5 (5) ALLIED CO-INVESTMENT.— 

6 (A) IN GENERAL.—An allied country de7 scribed in subparagraph (A), (B), or (C) of sec8 tion 8(2) may, if approved by the Reserve, 

9 make capital contributions of at least 

10 $100,000,000 to the Reserve for purposes of 

11 making loans under paragraph (1). 

12 (B) MINIMUM AMOUNT.—The Reserve 

13 shall annually adjust the amount in subpara14 graph (A) by the percentage increase in the 

15 Consumer Price Index for all urban consumers 

16 published by the Department of Labor. 

17 (C) TREATMENT OF CAPITAL CONTRIBU18 TIONS.—The Reserve— 

19 (i) shall maintain separate accounts 

20 for the capital contributions of each allied 

21 country that provides such contributions 

22 under subparagraph (A); 

23 (ii) shall not commingle the capital 

24 contributions of any allied country with 


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1 any other allied country or the funds of the 

2 Reserve; 

3 (iii) may return such capital contribu4 tions to the allied country at any time, 

5 without obligation or penalty, or under 

6 such other terms and conditions as agreed 

7 to by the Reserve and the allied country; 

8 and 

9 (iv) may not guarantee the repayment 

10 of such capital contributions to an allied 

11 country. 

12 (D) LOANS MADE WITH ALLIED CO-IN13 VESTMENT FUNDS.—Loans made under para14 graph (1) with capital contributions under sub15 paragraph (A) shall be made in the same man16 ner as loans made under paragraph (1) with 

17 funds of the Reserve. 

18 (E) INTERNATIONAL ADVISORY COUN19 CIL.— 

20 (i) IN GENERAL.—The Reserve may 

21 establish an International Advisory Council 

22 of Allies comprised of— 

23 (I) the Vice-Chairman of the 

24 Board, who shall be the head of the 

25 Council; and 


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1 (II) one representative from each 

2 allied country that makes a capital 

3 contribution under subparagraph (A). 

4 (ii) CONSULTATION.—The Inter5 national Advisory Council shall, at the re6 quest of the Reserve, advise the Reserve on 

7 loans made with capital contributions 

8 under subparagraph (A). 

9 (6) APPLICABILITY OF FEDERAL CREDIT RE10 FORM ACT OF 1990.—Loans made under paragraph 

11 (1) shall be subject to the requirements of the Fed12 eral Credit Reform Act of 1990 (2 U.S.C. 661, et 

13 seq.). 

14 SEC. 6. AUTHORIZED MARKET MAKERS. 

15 (a) IN GENERAL.—Authorized market makers shall 

16 act on critical minerals and materials purchase directives 

17 issued by the Reserve and provide critical minerals and 

18 materials market data and insights back to the Reserve. 

19 (b) LICENSING OF AUTHORIZED MARKET MAK20 ERS.— 

21 (1) IN GENERAL.—The Board shall license au22 thorized market makers in accordance with this sec23 tion. 

24 (2) INITIAL LICENSING.—Not later than 270 

25 days after the date of the enactment of this Act, the 


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1 Board shall license not fewer than 5 authorized mar2 ket makers, of which at least 2 shall be small busi3 nesses. 

4 (3) MAXIMUM NUMBER OF LICENSED AUTHOR5 IZED MARKET MAKERS.—There may not be more 

6 than 5 authorized market makers at a given time. 

7 (4) SMALL BUSINESS REQUIREMENT.—Not less 

8 than 2 of the first 4 authorized market makers li9 censed under this section shall be small businesses 

10 with appropriate experience trading and operating in 

11 critical mineral and material markets. 

12 (5) DURATION OF LICENSE.— 

13 (A) IN GENERAL.—Except as provided for 

14 in subparagraph (C), an authorized market 

15 maker licensed under this section shall be li16 censed for 5 years. 

17 (B) RENEWAL.—An authorized market 

18 maker may submit to the Board an application 

19 for renewal of the license of the authorized 

20 market maker. 

21 (C) RESCISSION.—The Board shall have 

22 sole authority to revoke the license of an au23 thorized market maker if the Board determines 

24 that the authorized market maker— 


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1 (i) is not eligible to be licensed as an 

2 authorized market maker under subsection 

3 (c); or 

4 (ii) is not in compliance with this Act. 

5 (c) ELIGIBILITY; APPLICATION.—To be eligible to be 

6 licensed as an authorized market maker under this sec7 tion, an entity shall— 

8 (1) be a private company that is a domestically 

9 domiciled corporation; 

10 (2) submit to the Board an application in such 

11 form, at such time, and containing such information 

12 as the Board determines appropriate; 

13 (3) have demonstrated experience and expertise 

14 amongst the ownership and active leadership of such 

15 private company sufficient to accomplish the author16 ized market maker role, including— 

17 (A) commitment to the national security of 

18 the United States; 

19 (B) expertise with respect to more than 1 

20 critical mineral or material; 

21 (C) expertise with respect to capital man22 agement, commodities trading, or finance; and 

23 (D) commitment to due diligence; and 

24 (4) not have any ownership or management in25 fluenced by a foreign entity of concern or a citizen 


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1 of a foreign entity of concern, including any entities 

2 affiliated with the private company or the ownership 

3 of the private company. 

4 (d) CLARIFICATION OF RECEIPT OF FEDERAL

5 FUNDS.—Whether an authorized market maker receives 

6 Federal funds pursuant to another provision of law shall 

7 not be used to determine whether the authorized market 

8 maker is eligible to receive funds from the Reserve. 

9 SEC. 7. REPORT. 

10 (a) IN GENERAL.—The Board shall annually submit 

11 to the President, the Comptroller General of the United 

12 States, the Director of the United States Office of Man13 agement and Budget, the Speaker of the House of Rep14 resentatives and the President of the Senate, and the 

15 Speaker of the House of Representatives and the Presi16 dent of the Senate shall distribute to Congress, a report 

17 regarding the operations of the Reserve during the pre18 ceding year. 

19 (b) CONTENTS.—Each report required under sub20 section (a)— 

21 (1) shall include— 

22 (A) information regarding the administra23 tion of the functions of the Board, including 

24 recommendations the Board determines appro25 priate; 


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1 (B) the assessment of the Board of the ex2 tent to which compliance with the requirements 

3 of this Act has been achieved; 

4 (C) any changes to the maximum number 

5 of licensed authorized market makers under 

6 section 6(b)(3) that the Board recommends; 

7 and 

8 (D) a summary of the loans made by the 

9 Board to authorized market makers during the 

10 preceding year; and 

11 (2) may not be made publicly available. 

12 SEC. 8. DEFINITIONS. 

13 In this Act: 

14 (1) ALL-IN SUSTAINING COST.—The term ‘‘all15 in sustaining cost’’ means the cost to keep a pro16 ducer of a critical mineral or material in business, 

17 expressed in terms of the cost per unit of payable 

18 production that can be readily compared to the rel19 evant commodity price. 

20 (2) ALLIED.—The term ‘‘allied’’, with respect 

21 to the markets or producers of a country, means the 

22 market or any producer of— 

23 (A) a country with which the United 

24 States has entered into a mutual defense treaty 

25 or other mutual defense agreement; 


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1 (B) a country that is recognized by the 

2 Secretary of State and the Secretary of Defense 

3 as a strategic partner due to an established bi4 lateral agreement that emphasizes mutual inter5 ests in security, defense, and critical mineral 

6 supply chains, including countries designated 

7 under United States strategic frameworks and 

8 agreements; 

9 (C) a country with which the United 

10 States has entered into a comprehensive eco11 nomic and trade agreement that includes provi12 sions for the collaboration on critical mineral 

13 resources and to safeguard supply chains crit14 ical to national security and economic stability; 

15 (D) a country with which the United 

16 States Geologic Survey has a memorandum of 

17 understanding concerning scientific and tech18 nical cooperation in earth sciences; or 

19 (E) a country with which the United 

20 States Department of State is working to ad21 vance a critical mineral project under a part22 nership for global infrastructure and invest23 ment. 

24 (3) AT-RISK CMM.—The term ‘‘at-risk CMM’’ 

25 means a critical mineral or material that requires, 


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1 according to the purposes and mandate of the Re2 serve, support within domestic and allied markets. 

3 (4) AUTHORIZED MARKET MAKER.—The term 

4 ‘‘authorized market maker’’ means an entity that is 

5 licensed by the Reserve under section 6 to fulfill the 

6 purposes and mandate of the Reserve in the market7 place. 

8 (5) BOARD.—The term ‘‘Board’’ means the 

9 Board of Governors of the Reserve. 

10 (6) CHAIRMAN.—The term ‘‘Chairman’’ means 

11 the Chairman of the Board. 

12 (7) COVERED NATION.—The term ‘‘covered na13 tion’’ has the meaning given the term in section 

14 2533c(d) of title 10, United States Code. 

15 (8) CRITICAL MINERAL AND MATERIAL; CRIT16 ICAL MINERAL OR MATERIAL.—The terms ‘‘critical 

17 mineral and material’’ and ‘‘critical mineral or mate18 rial’’ mean a mineral and material or mineral or ma19 terial, as applicable, included in the list of critical 

20 minerals and materials established by the Reserve 

21 under section 3(d). 

22 (9) DEPENDENCE RATE.—The term ‘‘depend23 ence rate’’ means the portion of domestic end-use 

24 consumption of a critical mineral or material that is 


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1 supplied by production by a foreign entity of con2 cern, in aggregate. 

3 (10) DUE DILIGENCE.—The term ‘‘due dili4 gence’’ means the degree of attention, continuous di5 rected effort, and timeliness as may reasonably be 

6 expected from, and is ordinarily exercised by, a per7 son during a regulatory review period. 

8 (11) FOREIGN ENTITY OF CONCERN.—The 

9 term ‘‘foreign entity of concern’’ has the meaning 

10 given the term in section 40207(a)(5) of the Infra11 structure Investment and Jobs Act (42 U.S.C. 

12 18741(a)(5)), except that subparagraph (C) of such 

13 section shall be applied for purposes of this para14 graph as if it read as follows: 

15 ‘‘(C)(i) owned, controlled, directed, fi16 nanced, or otherwise influenced, directly or indi17 rectly, in whole or in any part greater than 25 

18 percent, by the government of a foreign country 

19 that is a covered nation (as defined in section 

20 2533c of title 10, United States Code); or 

21 ‘‘(ii) otherwise subject to the jurisdiction 

22 or direction of a government of a foreign coun23 try that is a covered nation.’’. 

24 (12) PRC.—The term ‘‘PRC’’ means the Peo25 ple’s Republic of China. 


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1 (13) PRODUCTION RATE.—The term ‘‘produc2 tion rate’’ means the portion of domestic end-use 

3 consumption of a critical mineral or material that is 

4 supplied by domestic and allied production, in aggre5 gate. 

6 (14) PURPOSES AND MANDATE OF THE RE7 SERVE.—The term ‘‘purposes and mandate of the 

8 Reserve’’ means the purposes of the Reserve de9 scribed in section 3(a)(2) and the mandate of the 

10 Reserve described in section 3(b)(1). 

11 (15) RECYCLING.—The term ‘‘recycling’’ means 

12 an action or process to convert a critical mineral or 

13 material contained within a finished or semi-finished 

14 product into a form suitable for repurposing or reuse 

15 of such critical mineral or material. 

16 (16) REPURPOSING.—The term ‘‘repurposing’’ 

17 means any operation that results, in whole or in 

18 part, in a critical mineral or material being used for 

19 a different purpose or application than the one for 

20 which the critical mineral or material, or the product 

21 the critical mineral or material is manufactured into, 

22 was originally intended. 

23 (17) RESERVE.—The term ‘‘Reserve’’ means 

24 the Critical Mineral Reserve of the United States es25 tablished by section 3(a). 


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1 (18) REUSE.—The term ‘‘reuse’’ means the 

2 complete or partial direct reuse of a critical mineral 

3 or material for the original purpose for which it was 

4 intended. 

5 (19) SMALL BUSINESS.—The term ‘‘small busi6 ness’’ has the meaning given the term ‘‘small busi7 ness concern’’ under section 3 of the Small Business 

8 Act (15 U.S.C. 632). 

9 (20) TRIBE.—The term ‘‘Tribe’’ has the mean10 ing given the term ‘‘Indian Tribe’’ in section 4(e) of 

11 the Indian Self-Determination and Education Assist12 ance Act (25 U.S.C. 5304(e)). 

13 (21) VICE-CHAIRMAN.—The term ‘‘Vice-Chair14 man’’ means the Vice-Chairman of the Board. 

Æ 


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