HARD ROCK Act of 2022

To authorize certain actions to address domestic industrial base shortfalls, and for other purposes. 1. Short title This Act may be cited as the Homeland Acceleration of Recovering Deposits and Renewing Onshore Critical Keystones Act of 2022 HARD ROCK Act of 2022 2. Authority to acquire materials for National Defense Stockpile to address shortfalls (a) Modification of acquisition authority Section 5 of the Strategic and Critical Materials Stock Piling Act ( 50 U.S.C. 98d (1) in subsection (a)— (A) in paragraph (1)— (i) in the first sentence, by inserting under the authority of paragraph (3) or Except for acquisitions made (ii) in the second sentence, by striking for such acquisition for any acquisition of materials under this Act (B) in paragraph (2), by striking any such transaction any transaction (C) by adding at the end the following: (3) Using funds available in the National Defense Stockpile Transaction Fund established under section 9, the National Defense Stockpile Manager may acquire materials determined to be strategic and critical under section 3(a) without regard to the requirement of the first sentence of paragraph (1) if the Stockpile Manager determines there is a shortfall of such materials in the stockpile. ; and (2) in subsection (c), by striking to carry out the purposes for which appropriated for a period of two fiscal years, if so provided in the appropriations Acts until expended, unless otherwise provided in appropriations Acts (b) Clarification that stockpile may not be used for budgetary purposes Section 2(c) of the Strategic and Critical Materials Stock Piling Act ( 50 U.S.C. 98(c) is not to be used shall not be used (c) Annual briefings Section 11 of the Strategic and Critical Materials Stock Piling Act ( 50 U.S.C. 98h–2 (c) (1) Not later than 30 days after submitting a report required by subsection (a), the National Defense Stockpile Manager shall brief the committees specified in paragraph (2) on the state of the stockpile and the acquisitions intended to be made within the next fiscal year. (2) The committees specified in this paragraph are— (A) the Committee on Armed Services, the Committee on Foreign Relations, the Committee on Energy and Natural Resources, the Committee on Commerce, Science, and Transportation, and the Select Committee on Intelligence of the Senate; and (B) the Committee on Armed Services, the Committee on Foreign Affairs, the Committee on Natural Resources, the Committee on Energy and Commerce, and the Permanent Select Committee on Intelligence of the House of Representatives. . 3. Increased threshold for actions to remedy certain domestic industrial base shortfalls Section 303(a)(6) of the Defense Production Act of 1950 ( 50 U.S.C. 4533(a)(6) (1) in subparagraph (B)— (A) by striking If the taking (i) In general If the taking ; (B) by striking $50,000,000 the amount specified in clause (ii) (C) by adding at the end the following: (ii) Amount specified The amount specified in this clause is— (I) except as provided in subclause (II), $50,000,000; and (II) in the case of a domestic industrial base shortfall relating to an industrial resource described in clause (iii), $350,000,000. (iii) Industrial resources described An industrial resource described in this clause is any of the following: (I) A material determined to be a strategic and critical material under section 3(a) of the Strategic and Critical Materials Stock Piling Act ( 50 U.S.C. 98b(a) 50 U.S.C. 98h–2 (II) Any industrial resource necessary for the production, separation, or processing of a critical mineral (as defined in section 7002(a) of the Energy Act of 2020 ( 30 U.S.C. 1606(a) ; and (2) by amending subparagraph (C) to read as follows: (C) Limitation If entering into an obligation under this section to correct an industrial resource shortfall would cause the aggregate outstanding amount of all such obligations for such industrial resource shortfall to exceed $50,000,000, no such obligation may be entered until the President provides a briefing to Congress on the nature of the shortfall and the action or actions necessary to mitigate the shortfall. . 4. Report on modifications to national technology and industrial base (a) In general Not later than December 1, 2023, the Secretary of Defense shall submit to the congressional defense committees a report on the benefits and risks of potential legislative proposals to increase the availability of strategic and critical materials that are, as of the date of the enactment of this Act, sourced primarily from the People’s Republic of China or the Russian Federation. (b) Elements The report required by subsection (a) shall include an assessment of the following: (1) The implications of modifying the term domestic source 50 U.S.C. 4501 et seq. domestic and allied source (2) The benefits of facilitating more effective integration of the national technology and industrial base with the technology and industrial bases of countries that are allies or partners of the United States with respect to technology transfer, socioeconomic procurement requirements, and export controls. (c) Definitions In this section: (1) Congressional defense committees The term congressional defense committees (2) National technology and industrial base The term national technology and industrial base (3) Strategic and critical materials The term strategic and critical materials 50 U.S.C. 98h–3

Summary: Homeland Acceleration of Recovering Deposits and Renewing Onshore Critical Keystones Act of 2022 or the HARD ROCK Act of 2022 This bill authorizes the National Defense Stockpile Manager (the Department of Defense) to take certain actions to address industrial base shortfalls.