clause (iii), the Secretary shall notify 
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 
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Bureau of Investigation, shall make a de-
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. 
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(6) CONDITION OF RECEIPT.—A covered entity 
to which the Secretary awards Federal financial as-
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— 
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(i) the program is being carried out, 
including how recipients of financial assist-
ance awards are being selected under the 
program; and 
(ii) other Federal programs are lever-
aged for manufacturing, research, and 
training to complement the financial assist-
ance awards provided under the program; 
and 
(C) a description of the outcomes of 
projects supported by financial assistance 
awards provided under the program, including a 
description of— 
(i) covered facilities that were con-
structed or facilities that were expanded or 
technologically upgraded to be covered fa-
cilities as a result of financial assistance 
awards provided under the program; 
(ii) workforce training programs car-
ried out with financial assistance awards 
provided under the program, including ef-
forts to hire individuals from disadvan-
taged populations; and 
(iii) the impact of projects receiving 
financial assistance awards under the pro-
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gram on the United States share of global 
finished rare earth product production; and 
(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 2023; and 
(2) $200,000,000 for each of fiscal years 2024 
through 2027. 
SEC. 4. FUNDING FOR DEVELOPMENT OF SECURE RARE 
EARTH SUPPLY CHAINS. 
(a) 
MULTILATERAL
RARE
EARTH
SECURITY 
FUND.— 
(1) ESTABLISHMENT OF FUND.—The Secretary 
of the Treasury may establish a trust fund, to be 
known as the ‘‘Multilateral Rare Earth Security 
Fund’’ (in this section referred to as the ‘‘Fund’’), 
consisting 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 the enactment of this Act, on that date, and 
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annually thereafter until the Fund is established, the 
Secretary of the Treasury, in coordination with the 
Secretary of State, shall provide, in writing, to the 
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 
common funding mechanism described in 
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subsection (b)(1) to support the develop-
ment and 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 
common funding mechanism under sub-
section (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) COMMON FUNDING MECHANISM FOR DEVELOP-
MENT 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 Secretary 
of Energy, and the Director of National Intelligence, 
may establish a common funding mechanism, in co-
ordination with the governments of countries that 
are partners of the United States, that uses amounts 
from the Fund to support the development and 
adoption of secure rare earth supply chains, includ-
ing for— 
(A) research and development collabora-
tions among countries participating in the 
mechanism; and 
(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. 
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(2) 
CONTRIBUTIONS
FROM
PARTICIPATING 
COUNTRIES.—In establishing and sustaining a com-
mon funding mechanism 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 mechanism, including with re-
spect to cost sharing and other cooperative measures 
leading to the development and adoption of secure 
rare earth supply chains. 
(3) COMMITMENTS.—In creating and sustaining 
a common funding mechanism described in para-
graph (1), the Secretary of State shall promote ef-
forts among countries participating in the mecha-
nism— 
(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; 
(B) to establish processes similar to the 
process of the Committee on Foreign Invest-
ment in the United States under section 721 of 
the Defense Production Act of 1950 (50 U.S.C. 
4565) for intervening to preempt foreign enti-
ties of concern from investing in, purchasing, or 
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assuming control of entities, intellectual prop-
erty, and equipment that are created by or ben-
efit from investments by the mechanism; 
(C) to establish consistent policies with re-
spect to countries that— 
(i) are not participating in the mecha-
nism; and 
(ii) do not meet transparency require-
ments established under subparagraph (A); 
(D) to promote harmonized treatment of 
finished rare earth products and verification 
processes for raw materials or products being 
exported to a country considered a national se-
curity risk by the government of a country par-
ticipating in the mechanism; 
(E) to establish consistent policies among 
the governments of countries participating in 
the mechanism and common policies among 
countries that are not participating to address 
nonmarket economy countries as the behavior 
of such countries pertains to rare earth ele-
ments; 
(F) to align policies with respect to supply 
chain integrity and security, including with re-
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spect to protection and enforcement of intellec-
tual property rights; and 
(G) to promote harmonized foreign direct 
investment screening measures and export con-
trol policies with respect to rare earth elements 
to 
align 
with 
national, 
multilateral, 
and 
plurilateral security priorities. 
(c) ANNUAL REPORT TO CONGRESS.—Not later than 
1 year after the date on which the Fund is established, 
and annually thereafter for each fiscal year during which 
amounts in the Fund are available under subsection 
(a)(4), the Secretary of State shall submit to the appro-
priate committees of Congress a report on the status of 
the implementation of this section that includes a descrip-
tion of— 
(1) any commitments made by the governments 
of countries that have entered into an arrangement 
or agreement with the United States to provide 
funding for the common funding mechanism de-
scribed in subsection (b)(1) and the specific amount 
so committed and other cooperative measures being 
taken by such countries as part of the mechanism; 
(2) the criteria established for expenditure of 
funds through the mechanism; 
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