103 of the Small Business Investment Act of 1958 
(15 U.S.C. 662). 
(14) RARE EARTH ELEMENT.—The term ‘‘rare 
earth element’’ means a natural element associated 
with— 
(A) the metallic element scandium, with 
atomic number 21; 
(B) the metallic element yttrium, with 
atomic number 39; or 
(C) any of the series of 15 metallic ele-
ments between lanthanum, with atomic number 
57, and lutetium, with atomic number 71, on 
the periodic table. 
(15) 
SECRETARY.—The 
term 
‘‘Secretary’’ 
means the Secretary of Energy. 
(16) STATE.—The term ‘‘State’’ means— 
(A) each of the several States of the 
United States; 
(B) the District of Columbia; 
(C) the Commonwealth of Puerto Rico; 
(D) Guam; 
(E) American Samoa; 
(F) the Commonwealth of the Northern 
Mariana Islands; 
(G) the Federated States of Micronesia; 
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(H) the Republic of the Marshall Islands; 
(I) the Republic of Palau; and 
(J) the United States Virgin Islands. 
SEC. 3. RARE EARTH METALLURGY FINANCING. 
(a) FINANCIAL ASSISTANCE PROGRAM.— 
(1) IN GENERAL.—The Secretary shall establish 
in the Department of Energy a program to provide 
Federal financial assistance to covered entities to 
incentivize investment in covered facilities, subject to 
the availability of appropriations for that purpose. 
(2) PROCEDURE.— 
(A) IN GENERAL.—A covered entity seek-
ing financial assistance under this subsection 
shall submit to the Secretary an application 
that describes the project for which the covered 
entity is seeking financial assistance. 
(B) ELIGIBILITY.—In order for a covered 
entity to qualify for financial assistance under 
this subsection, the covered entity shall dem-
onstrate to the Secretary, in the application 
submitted by the covered entity under subpara-
graph (A), that— 
(i) the covered entity has a docu-
mented interest in— 
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(I) constructing a covered facil-
ity; or 
(II) expanding or technologically 
upgrading a facility owned by the cov-
ered entity to be a covered facility; 
and 
(ii) with respect to the project for 
which the covered entity is seeking finan-
cial assistance, the covered entity has— 
(I) been offered a covered incen-
tive; 
(II) made commitments to work-
er and community investment, includ-
ing through— 
(aa) training and education 
benefits paid by the covered enti-
ty; and 
(bb) programs to expand 
employment opportunity for eco-
nomically disadvantaged individ-
uals; 
(III) secured commitments from 
regional educational and training enti-
ties and institutions of higher edu-
cation to provide workforce training, 
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including programming for training 
and job placement of economically dis-
advantaged individuals; and 
(IV) an executable plan to sus-
tain a covered facility without addi-
tional Federal financial assistance 
under this subsection for facility sup-
port. 
(C) APPLICATION REVIEW.— 
(i) IN GENERAL.—The Secretary may 
not approve an application submitted by a 
covered entity under subparagraph (A)— 
(I) unless the Secretary— 
(aa) confirms that the cov-
ered entity has satisfied the eligi-
bility criteria under subpara-
graph (B); 
(bb) determines that the 
project for which the covered en-
tity is seeking financial assist-
ance is in the interest of the 
United States; and 
(cc) has notified the appro-
priate committees of Congress 
not later than 15 days before 
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making any commitment to pro-
vide an award of financial assist-
ance to any covered entity in an 
amount 
that 
exceeds 
$10,000,000; or 
(II) if the Secretary determines, 
in consultation with the Director of 
National Intelligence, that the covered 
entity is a foreign entity of concern. 
(ii) CONSIDERATION.—In reviewing 
an application submitted by a covered enti-
ty under subparagraph (A), the Secretary 
may consider whether— 
(I) the covered entity has pre-
viously received financial assistance 
under this subsection; 
(II) the governmental entity of-
fering the applicable covered incentive 
has benefitted from financial assist-
ance previously provided under this 
subsection; 
(III) the covered entity has dem-
onstrated that the covered entity is re-
sponsive to the national security needs 
or requirements established by the in-
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telligence community (or an agency 
thereof), the National Nuclear Secu-
rity Administration, or the Depart-
ment of Defense; 
(IV) if practicable, a consortium 
that is considered a covered entity in-
cludes a small business concern (as 
defined under section 3 of the Small 
Business Act (15 U.S.C. 632)), not-
withstanding section 121.103 of title 
13, Code of Federal Regulations (or 
successor regulations); and 
(V) the covered entity intends to 
produce finished products for use by 
the Department of Defense, the de-
fense industry of the United States, 
or critical energy infrastructure. 
(iii) PRIORITIZATION.—To the max-
imum extent practicable, the Secretary 
shall prioritize awarding financial assist-
ance under this subsection to a covered en-
tity that intends to make finished products 
available for use by the Department of De-
fense, the defense industry of the United 
States, or critical energy infrastructure. 
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(D) RECORDS.— 
(i) IN GENERAL.—The Secretary may 
request records and information from a 
covered entity that submitted an applica-
tion under subparagraph (A) to review the 
status of a covered entity. 
(ii) REQUIREMENT.—The covered en-
tity shall provide the records and informa-
tion requested by the Secretary under 
clause (i). 
(3) AMOUNT.— 
(A) IN GENERAL.—The Secretary shall de-
termine the appropriate amount and funding 
type for each financial assistance award pro-
vided to a covered entity under this subsection. 
(B) COST-SHARING
REQUIREMENT.—The 
total amount of financial assistance that may be 
guaranteed by the Secretary under this sub-
section shall be not more than 100 percent of 
the private capital investment available to a 
covered entity for any individual project. 
(C) MINIMUM
INVESTMENT.—The total 
Federal investment in any individual project re-
ceiving a financial assistance award under this 
subsection shall be not less than $100,000,000. 
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(D) LARGER
INVESTMENT.—The total 
Federal investment in any individual project re-
ceiving a financial assistance award under this 
subsection shall not exceed $500,000,000, un-
less the Secretary, in consultation with the Sec-
retary of Defense and the Director of National 
Intelligence, recommends to the President, and 
the President certifies and reports to the appro-
priate committees of Congress, that a larger in-
vestment is necessary— 
(i) to significantly increase the pro-
portion of reliable domestic supply of fin-
ished rare earth products relevant for na-
tional security and economic competitive-
ness that can be met through domestic 
production; and 
(ii) to meet the needs of national se-
curity. 
(4) USE OF FUNDS.—A covered entity that re-
ceives a financial assistance award under this sub-
section may only use the financial assistance award 
amounts— 
(A) to finance the construction of a cov-
ered facility (including equipment) or the ex-
pansion or technological upgrade of a facility 
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(including equipment) of the covered entity to 
be a covered facility, as documented in the ap-
plication submitted by the covered entity under 
paragraph (2)(A), as determined necessary by 
the Secretary for purposes relating to the na-
tional security and economic competitiveness of 
the United States; 
(B) to support workforce development for 
a covered facility; and 
(C) to support site development and tech-
nological upgrade for a covered facility. 
(5) CLAWBACK.— 
(A) MAJOR AWARDS.— 
(i) IN GENERAL.—For all financial as-
sistance awards provided to covered enti-
ties under this subsection, the Secretary 
shall, at the time of making the award, de-
termine the target dates by which a cov-
ered entity shall commence and complete 
the applicable project. 
(ii) PROGRESSIVE
RECOVERY
FOR 
DELAYS.—If the covered entity receiving a 
financial assistance award under this sub-
section does not complete the applicable 
project by the applicable target date deter-
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mined under clause (i), the Secretary shall 
progressively recover up to the full amount 
of the award. 
(iii) WAIVER.—In the case of projects 
that do not meet the applicable target date 
determined under clause (i), the Secretary 
may waive the requirement to recover the 
financial award provided for the project 
under clause (ii) after making a formal de-
termination that circumstances beyond the 
ability of the covered entity to foresee or 
control are responsible for the delay. 
(iv) 
CONGRESSIONAL
NOTIFICA-
TION.— 
(I) IN GENERAL.—Not later than 
15 days after making a determination 
to recover an award under clause (ii), 
the Secretary shall notify the appro-
priate committees of Congress of the 
intent of the Secretary to recover the 
award. 
(II) WAIVERS.—Not later than 
15 days after the date on which the 
Secretary provides a waiver under 
clause (iii), the Secretary shall notify 
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the appropriate committees of Con-
gress of the waiver. 
(B) JOINT
RESEARCH, TECHNOLOGY
LI-
CENSING, AND INTELLECTUAL PROPERTY RE-
PORTING.— 
(i) IN
GENERAL.—Before entering 
into an agreement with a foreign entity to 
conduct joint research or technology licens-
ing, or to share intellectual property, a 
covered entity that has received a financial 
assistance award under this subsection— 
(I) shall notify the Secretary of 
the intent to enter into such an agree-
ment; and 
(II) may only enter into such an 
agreement if the Secretary determines 
the foreign entity is not a foreign en-
tity of concern. 
(ii) DETERMINATION.—On receiving a 
notification under clause (i), the Secretary, 
in consultation with the Director of Na-
tional Intelligence, the Director of the Na-
tional Counterintelligence and Security 
Center, and the Director of the Federal 
Bureau of Investigation, shall make a de-
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termination of whether the applicable for-
eign entity is a foreign entity of concern. 
(iii) TECHNOLOGY
CLAWBACK.—The 
Secretary shall recover the full amount of 
a financial assistance award provided to a 
covered entity under this subsection if, 
during the applicable term of the award, 
the covered entity knowingly engages in 
any joint research, technology licensing, or 
intellectual property sharing effort with a 
foreign entity of concern that relates to a 
technology or product that raises national 
security concerns, as determined by the 
Secretary, in consultation with the Direc-
tor of National Intelligence, the Director of 
the National Counterintelligence and Secu-
rity Center, and the Director of the Fed-
eral Bureau of Investigation, on the condi-
tion that the determination of the Sec-
retary shall have been communicated to 
the covered entity before the covered entity 
engaged in the joint research, technology 
licensing, or intellectual property sharing. 
(6) CONDITION OF RECEIPT.—A covered entity 
to which the Secretary awards Federal financial as-
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sistance under this subsection shall enter into an 
agreement that specifies that, during the 5-year pe-
riod immediately following the award of the Federal 
financial assistance, the covered entity will not make 
shareholder distributions in excess of profits. 
(b) COORDINATION REQUIRED.—In carrying out the 
program established under subsection (a), the Secretary 
shall coordinate with the Secretary of State, the Secretary 
of Defense, the Secretary of Homeland Security, and the 
Director of National Intelligence. 
(c) GAO REVIEWS.—The Comptroller General of the 
United States shall— 
(1) not later than 2 years after the date of dis-
bursement of the first financial award under the 
program established under subsection (a), and bien-
nially thereafter for 10 years, conduct a review of 
the program, which shall include, at a minimum— 
(A) a determination of the number of fi-
nancial assistance awards provided under the 
program during the period covered by the re-
view; 
(B) an evaluation of how— 
(i) the program is being carried out, 
including how recipients of financial assist-
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(2) submit to the appropriate committees of 
Congress the results of each review conducted under 
paragraph (1). 
(d) AUTHORIZATION
OF APPROPRIATIONS.—There 
are authorized to be appropriated to carry out this sec-
tion— 
(1) $1,500,000,000 for fiscal year 2024; and 
(2) $200,000,000 for each of fiscal years 2025 
through 2028. 
SEC. 4. FUNDING FOR DEVELOPMENT OF SECURE RARE 
EARTH SUPPLY CHAINS. 
(a) MINERALS SECURITY PARTNERSHIP FUND.— 
(1) ESTABLISHMENT OF FUND.—The Secretary 
of the Treasury may establish a trust fund, to be 
known as the ‘‘Minerals Security Partnership Fund’’ 
(referred to in this section as the ‘‘Fund’’), con-
sisting of such amounts as are appropriated to the 
Fund or credited to the Fund under paragraph (3). 
(2) REPORTING REQUIREMENT.—If the Fund is 
not established by not later than 180 days after the 
date of enactment of this Act, on that date, and an-
nually thereafter until the Fund is established, the 
Secretary of the Treasury, in coordination with the 
Secretary of State, shall provide, in writing, to the 
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appropriate committees of Congress a rationale for 
not establishing the Fund. 
(3) INVESTMENT OF AMOUNTS.— 
(A) INVESTMENT
OF
AMOUNTS.—If the 
Fund is established, the Secretary of the Treas-
ury may invest such portion of the Fund as is 
not required to meet current withdrawals in in-
terest-bearing obligations of the United States 
or in obligations guaranteed as to both prin-
cipal and interest by the United States. 
(B) INTEREST AND PROCEEDS.—The in-
terest on, and the proceeds from the sale or re-
demption of, any obligations held in the Fund 
shall be credited to and form a part of the 
Fund. 
(4) USE OF FUND.— 
(A) IN
GENERAL.—Subject to subpara-
graph (B), amounts in the Fund shall be avail-
able, as provided in advance in an appropria-
tions Act, to the Secretary of State— 
(i) to provide funding through the 
Minerals Security Partnership common 
funding mechanism described in subsection 
(b)(1) to support the development and 
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adoption of secure rare earth supply 
chains; and 
(ii) to otherwise carry out this section. 
(B) AVAILABILITY CONTINGENT ON INTER-
NATIONAL ARRANGEMENT OR AGREEMENT.— 
(i) IN
GENERAL.—Amounts in the 
Fund shall be available to the Secretary of 
State, as provided in advance in an appro-
priations Act, on and after the date on 
which the Secretary of State enters into an 
arrangement or agreement with the gov-
ernments of countries that are partners of 
the United States, as determined by the 
Secretary of State, to participate in the 
Minerals Security Partnership common 
funding 
mechanism 
under 
subsection 
(b)(1). 
(ii) CONSULTATION.—Before entering 
into an arrangement or agreement as de-
scribed in clause (i), the Secretary of 
State, in consultation with the Secretary of 
Commerce, shall ensure that any govern-
ment that will participate in the arrange-
ment or agreement maintains export con-
trol licensing policies with respect to ex-
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ports of finished rare earth products sub-
stantively equivalent to the United States 
with respect to restrictions on such exports 
to the People’s Republic of China. 
(b) MINERALS SECURITY PARTNERSHIP COMMON 
FUNDING MECHANISM FOR DEVELOPMENT OF SECURE 
RARE EARTH SUPPLY CHAINS.— 
(1) IN GENERAL.—The Secretary of State, in 
consultation with the Secretary of Commerce, the 
Secretary of Defense, the Secretary of Homeland Se-
curity, the Secretary of the Treasury, the Director 
of National Intelligence, and the Chief Executive Of-
ficer of the United States International Development 
Finance Corporation shall ensure that the Minerals 
Security Partnership is a mutually beneficial funding 
mechanism that, in coordination with the govern-
ments of countries that are partners of the United 
States, uses amounts from the Fund, or any other 
available Federal funds, to support the development 
and adoption of secure rare earth supply chains, in-
cluding for— 
(A) research and development collabora-
tions among countries participating in the 
mechanism; and 
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(B) supplementing bids by foreign entities 
that are not foreign entities of concern to se-
cure offtake agreements with entities that mine 
rare earth elements. 
(2) 
CONTRIBUTIONS
FROM
PARTICIPATING 
COUNTRIES.—In creating and sustaining the Min-
erals Security Partnership common funding mecha-
nism described in paragraph (1), the Secretary of 
State shall seek to leverage amounts from the Fund 
to secure contributions to the mechanism from the 
governments of countries participating in the mecha-
nism, including with respect to cost sharing and 
other cooperative measures leading to the develop-
ment and adoption of secure rare earth supply 
chains. 
(3) COMMITMENTS.—In creating and sustaining 
the Minerals Security Partnership common funding 
mechanism described in paragraph (1), the Sec-
retary of State shall promote efforts among coun-
tries participating in the mechanism— 
(A) to establish transparency requirements 
for any subsidies or other financial benefits (in-
cluding revenue foregone) provided to rare 
earth firms located in or outside such countries; 
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