(C) a foreign country, including any mar-
ket or any producer in a foreign country— 
(i) with which the United States has 
entered into a mutual defense treaty or 
other mutual defense agreement, but not 
including Venezuela; 
(ii) that is recognized by the Secretary 
of State and the Secretary of Defense as 
a strategic partner due to an established 
bilateral agreement that emphasizes mu-
tual interests in security, defense, and crit-
ical mineral supply chains, including coun-
tries designated under United States stra-
tegic frameworks and agreements; 
(iii) with which the United States has 
entered into a comprehensive economic and 
trade agreement that includes provisions 
for the collaboration on critical mineral re-
sources and to safeguard supply chains 
critical to national security and economic 
stability; 
(iv) with which the United States Ge-
ological Survey has in effect a memo-
randum of understanding concerning sci-
entific and technical cooperation in earth 
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sciences, unless that country is a covered 
country; or 
(v) with which the Department of 
State, the United States International De-
velopment Finance Corporation, the Ex-
port-Import Bank of the United States, or 
the United States Trade and Development 
Agency is working to advance an active 
critical mineral project. 
(10) PRODUCTION RATE.—The term ‘‘produc-
tion rate’’ means the percentage of domestic end-use 
consumption of a critical mineral or material that is 
supplied by domestic and partner country production 
in aggregate. 
(11) PURPOSES OF THE RESERVE.—The term 
‘‘purposes of the Reserve’’ means the purposes of 
the Reserve described in section 101(b). 
(12) RECYCLE.—The term ‘‘recycle’’ means an 
action or process to convert a critical mineral or ma-
terial contained within a finished or semi-finished 
product into a form suitable for repurposing or reuse 
of the critical mineral or material. 
(13) 
REPURPOSE.—The 
term 
‘‘repurpose’’ 
means any operation that results, in whole or in 
part, in a critical mineral or material being used for 
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a different purpose or application than the purpose 
or application for which the critical mineral or mate-
rial, or the product into which the critical mineral or 
material is manufactured into, was originally in-
tended. 
(14) RESERVE.—The term ‘‘Reserve’’ means 
the Strategic Resilience Reserve Corporation of the 
United States established by section 101(a)(1). 
(15) REUSE.—The term ‘‘reuse’’ means the 
complete or partial direct reuse of a critical mineral 
or material after use for the original purposes for 
which the critical mineral or material was intended. 
(16) VICE-CHAIRPERSON.—The term ‘‘Vice- 
chairperson’’ means the Vice-chairperson of the 
Board. 
TITLE I—ESTABLISHMENT AND 
BOARD OF GOVERNORS 
SEC. 101. ESTABLISHMENT. 
(a) ENTITY FORMATION.— 
(1) IN GENERAL.—There is established a wholly 
owned government corporation, to be known as the 
‘‘Strategic Resilience Reserve Corporation of the 
United States’’. 
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(2) 
CONFORMING
AMENDMENT.—Section 
9101(3) of title 31, United States Code, is amended 
by adding at the end the following: 
‘‘(Q) the Strategic Resilience Reserve Cor-
poration of the United States.’’. 
(b) PURPOSES.—The purposes of the Reserve are— 
(1) to support a free, fair, and competitive mar-
ket for critical minerals and materials in which do-
mestic and partner country producers and processors 
can compete and innovate; 
(2) to support domestic and partner country 
production, extraction, processing, refining, reuse, 
repurposing, and recycling of, and capabilities and 
infrastructure with respect to, critical minerals and 
materials; 
(3) to support and protect stable and economi-
cally sustainable prices of critical minerals and ma-
terials, including price levels consistent with com-
petitive market economies and reliable supply; 
(4) to support responsible production of critical 
minerals and materials with respect to standards for 
transparency, environmental, and labor practices, 
and to ensure a competitive market for producers 
meeting those standards; 
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(5) to assist in maintaining balanced and ade-
quate supplies of critical minerals and materials to 
the United States, as determined by the Board; 
(6) to the maximum extent practicable, to en-
sure that, at each stage of the supply chain— 
(A) the production rate of each critical 
mineral or material is equal to or greater than 
a percentage determined to be reasonable by 
the Board, in coordination with appropriate 
Federal agencies, but not less than 25 percent; 
and 
(B) the dependence rate for each critical 
mineral or material is equal to or less than a 
percentage determined to be reasonable by the 
Board, in coordination with appropriate Federal 
agencies, but not less than 75 percent; 
(7) to prioritize— 
(A) domestic projects and supply chains, 
including processing capacity, for critical min-
erals and materials; 
(B) projects that— 
(i) recycle, reuse, or repurpose critical 
minerals or materials; or 
(ii) extract or produce critical min-
erals or materials from mine or industrial 
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waste, including mining tailings, industrial 
waste, or non-conventional waste streams; 
and 
(C) projects for critical minerals or mate-
rials the dependence rate of which is 100 per-
cent; and 
(8) to ensure the efficient use of government 
funds to support critical mineral and material 
projects and, to the maximum extent practicable, en-
sure fair returns to taxpayers and investments made 
by the Reserve. 
(c) AUTHORIZATION OF APPROPRIATIONS.—There is 
authorized to be appropriated to the Reserve to carry out 
the requirements of this Act $2,500,000,000, to remain 
available until expended. 
SEC. 102. BOARD OF GOVERNORS. 
(a) MEMBERSHIP.— 
(1) APPOINTMENT.— 
(A) IN GENERAL.—The Reserve shall have 
a board of governors consisting of 7 voting 
members appointed by the President, by and 
with the advice and consent of the Senate. 
(B) 
CHAIRPERSON
AND
VICE-CHAIR-
PERSON.—The President shall designate, by 
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and with the advice and consent of the Sen-
ate— 
(i) 1 member of the Board to serve as 
Chairperson, for a term of 4 years; and 
(ii) 1 member of the Board to serve as 
Vice-chairperson, for a term of 4 years, 
and who shall serve as Chairperson in the 
absence or vacancy of the Chairperson. 
(C) INITIAL
APPOINTMENT.—Not later 
than 180 days after the date of enactment of 
this Act, the President shall appoint each of the 
7 members of the Board. 
(D) 
REPRESENTATION.—The 
President 
shall carry out this paragraph with due regard 
for a fair representation of Tribal, labor, envi-
ronmental, industrial, and commercial interests. 
(2) QUALIFICATIONS.—To be eligible to be ap-
pointed as a member of the Board under paragraph 
(1), an individual— 
(A) shall have significant demonstrated ex-
pertise in— 
(i) the business of commodities pro-
duction, storage, or trade, or the financial 
sector as it relates to critical minerals or 
materials; 
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(ii) the financing, development, or op-
eration of projects related to the manufac-
turing and commercialization of critical 
minerals or materials; 
(iii) the demand for, and usage of, 
critical minerals or materials, including fu-
ture demand or usage of critical minerals 
or materials for national security and eco-
nomic purposes; 
(iv) the recycling, repurposing, or 
reuse of critical minerals; or 
(v) other experience related to the 
production and usage of critical minerals 
and materials, including expertise in sus-
tainable and responsible production prac-
tices, in the fields of engineering, logistics, 
law, academia, research, or policy; and 
(B) may not— 
(i) have a direct, or closely indirect, fi-
nancial interest in an entity directly in-
volved in the commodities industry or fi-
nancial sector as it relates to critical min-
erals or materials; or 
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(ii) have immediate family with a di-
rect financial interest in an entity directly 
described in clause (i). 
(3) TERMS.— 
(A) IN
GENERAL.—Except as otherwise 
provided in this section, each member of the 
Board shall be appointed for a term of 14 
years. 
(B) INITIAL STAGGERED TERMS.—Of the 
members first appointed to the Board— 
(i) 1 member each shall be appointed 
to a term expiring in calendar year 2028, 
2030, 2032, 2034, 2036, 2038, and 2040, 
respectively; and 
(ii) each term shall expire on January 
31 of the applicable calendar year. 
(C) VACANCIES.—Not later than 180 days 
after the date on which a vacancy occurs on the 
Board before the expiration of the term for that 
member, the President, by and with the advice 
and consent of the Senate, shall appoint a new 
member of the Board to fill the vacancy and 
serve the remainder of that term. 
(D) COMPLETION OF TERM.— 
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(i) IN GENERAL.—On expiration of a 
term for a Board member, the applicable 
Board member may continue to serve for 1 
year or until a successor is appointed pur-
suant to this subsection, whichever is less. 
(ii) CHAIRPERSON
AND
VICE-CHAIR-
PERSON.—An individual who is appointed 
to serve a term as the Chairperson or Vice- 
chairperson under paragraph (1)(B) shall, 
after such term ends— 
(I) serve as the Chairperson or 
Vice-chairperson, respectively, until a 
successor is appointed pursuant to 
this subsection; and 
(II) serve as a member of the 
Board for the remainder of the term 
of such individual in accordance with 
this paragraph. 
(4) COMPENSATION.—Each member of the 
Board shall be compensated at a rate equal to the 
annual rate of basic pay prescribed for level III of 
the Executive Schedule under section 5314 of title 
5, United States Code. 
(5) CONFLICTS OF INTEREST.— 
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(A) IN GENERAL.—During the period be-
ginning on the date on which the term of a 
member of the Board begins and ending on the 
date that is 2 years after the date on which the 
term of that member ends, the member may not 
hold any direct, or closely indirect, financial in-
terest in, or hold any office, position, including 
in an advisory or consultant position, or other 
employment in or with, any entity receiving or 
pursuing financial support from the Reserve. 
(B) OPPORTUNITY TO CURE VIOLATION.— 
(i) IN GENERAL.—If the Comptroller 
General of the United States finds that an 
individual described in subparagraph (A) is 
in violation of that subparagraph, that in-
dividual shall cure the applicable violation 
by not later than 30 days after the date on 
which the violation is found. 
(ii) REQUIREMENTS
TO
CURE.—To 
cure a violation of subparagraph (A), as 
required by clause (i), the applicable indi-
vidual shall, at a minimum— 
(I) renounce any pecuniary gain 
associated with the violation; and 
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(II) terminate each relationship 
that is the subject of the violation. 
(C) PENALTY FOR UNCURED VIOLATION.— 
(i) REMOVAL.—If the Comptroller 
General of the United States finds that an 
individual described in subparagraph (A) is 
in violation of that subparagraph and does 
not cure the violation in accordance with 
subparagraph (B) by the date described in 
clause (i) of that subparagraph or, as ap-
plicable, by the date established by the 
Board under subparagraph (D), that indi-
vidual shall be removed from the Board. 
(ii) APPLICABILITY OF CRIMINAL LI-
ABILITY.— 
(I) IN GENERAL.—A member of 
the Board shall be considered to be an 
officer or employee of the Executive 
Branch for purposes of section 207(a) 
of title 18, United States Code, and 
shall be subject to paragraph (2) of 
that section. 
(II) REFERRAL.—If the Comp-
troller General of the United States 
makes a finding described in clause (i) 
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with respect to an individual described 
in that clause, the Comptroller Gen-
eral of the United States may refer 
the matter to the Attorney General. 
(D) EXTENSION OF CURE PERIOD.—The 
Board— 
(i) may extend the time period pro-
vided under subparagraph (B)(i) for an in-
dividual described in subparagraph (A) to 
cure a violation of that subparagraph by 
not more than 90 days; and 
(ii) shall document the rationale be-
hind any extension granted under clause 
(i). 
(6) REMOVAL.—Except as provided in para-
graph 5(C)(i), a member of the Board, Chairperson, 
and Vice-chairperson may not be removed from of-
fice except by— 
(A) impeachment by Congress; or 
(B) the action of the President for ineffi-
ciency, neglect of duty, malfeasance in office, or 
incapacity to perform the applicable duties de-
scribed in this section. 
(b) MEETINGS.— 
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(1) OPEN TO THE PUBLIC; NOTICE.—Except as 
provided in paragraph (3), all meetings of the Board 
shall be— 
(A) open to the public; and 
(B) preceded by reasonable public notice. 
(2) FREQUENCY.—The Board shall meet— 
(A) not later than 60 days after the date 
on which all members of the Board are first ap-
pointed; 
(B) not less frequently than quarterly after 
the date described in subparagraph (A); and 
(C) at the call of— 
(i) the Chairperson; or 
(ii) 4 or more members of the Board. 
(3) CLOSED MEETINGS.—The Board, by major-
ity vote of the members, may close a meeting to the 
public if, during the meeting, there is likely to be 
disclosed proprietary or sensitive information regard-
ing a project under consideration for assistance 
under this Act. 
(4) MINUTES.— 
(A) IN GENERAL.—Except as provided in 
subparagraph (B), the minutes of each meeting 
of the Board shall be made publicly available as 
soon as practicable. 
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(B) CLOSED
MEETING
MINUTES.—The 
minutes for a closed meeting shall be made 
available— 
(i) to the appropriate congressional 
committees not later than 60 days after 
the date of the closed meeting; and 
(ii) to the public not later than 3 
years after the date of the closed meeting, 
with any necessary redactions to protect 
information that remains proprietary or 
sensitive at the time of publication. 
(C) EXEMPTIONS
FROM
PUBLIC
TRANS-
PARENCY
REQUIREMENTS.—The closed meet-
ings and minutes under this subsection shall— 
(i) be exempt from disclosure under— 
(I) section 552 of title 5, United 
States Code (commonly known as the 
‘‘Freedom of Information Act’’), pur-
suant to subsection (b)(3) of that sec-
tion; and 
(II) any provision of State, Trib-
al, or local freedom of information 
law, open government law, open meet-
ings law, open records law, sunshine 
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law, or similar law requiring disclo-
sure of information or records; and 
(ii) not be subject to section 552b of 
title 5, United States Code (commonly re-
ferred to as the ‘‘Government in the Sun-
shine Act’’). 
(5) QUORUM.—5 members of the Board shall 
constitute a quorum. 
(6) VOTING.— 
(A) IN GENERAL.—Each member of the 
Board shall have an equal vote in all decisions 
of the Board. 
(B) DECISIONS.—Unless otherwise speci-
fied, decisions of the Board shall be made by 
majority vote of the members constituting a 
quorum. 
(c) POWERS
AND DUTIES
OF
THE BOARD.—The 
Board shall— 
(1) not later than 180 days after the date on 
which all members of the Board are appointed— 
(A) develop and approve the bylaws of the 
Reserve, including bylaws for the regulation of 
the affairs and conduct of the business of the 
Reserve, consistent with the purpose, goals, ob-
jectives, and policies of this Act; 
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(B) establish dollar-value thresholds, not to 
exceed $2,500,000, above which transactions 
and loans made by the Reserve will require ap-
proval of the Board; 
(C) establish committees required by this 
Act composed solely of members of the Board, 
as the Board determines to be appropriate; 
(D) develop and approve a conflict-of-inter-
est policy for the Board and employees of the 
Reserve, including— 
(i) establishing compensation levels 
for employees of the Reserve, not to exceed 
$150,000 initially (but which may be ad-
justed for inflation), above which employ-
ees of the Reserve shall be limited with re-
gard to future employment at and com-
pensation from entities receiving financial 
support from the Reserve, for a period not 
to exceed the date that is 2 years after the 
date on which employment with the Re-
serve ends; and 
(ii) establishing penalties for viola-
tions, including monetary penalties, that, 
for violations of the limitations described 
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in clause (i), may be based on the higher 
of— 
(I) the current compensation of 
the employee; and 
(II) the total compensation from 
entities receiving financial support 
from the Reserve; 
(E) approve or disapprove internal policies 
that the Chairperson shall submit to the Board, 
including— 
(i) policies and procedures regarding 
the approval of authorized intermediaries; 
(ii) policies and procedures regarding 
the project application and approval proc-
ess; 
(iii) policies and procedures regarding 
the acquisition and sale of critical minerals 
and materials sufficient to ensure fair ac-
cess to transactions with the Reserve and 
effective use of capital of the Reserve; 
(iv) policies and procedures regarding 
financing, acquisition, and sale to raise 
global production standards for critical 
minerals and materials that minimize envi-
ronmental damage, prevent forced labor 
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use, and ensure a more competitive market 
for producers in countries with stronger 
standards; and 
(v) operational guidelines; and 
(F) approve or disapprove a 1-year busi-
ness plan and budget for the Reserve; 
(2) ensure that the Reserve is operated in a 
manner that is consistent with this Act by— 
(A) monitoring and assessing the effective-
ness of the Reserve in achieving the purposes of 
the Reserve; 
(B) reviewing and approving internal poli-
cies, annual business plans, annual budgets, 
and long-term strategies submitted by the 
Chairperson; 
(C) reviewing and approving annual re-
ports submitted by the Chairperson; 
(D) engaging 1 or more external auditors; 
and 
(E) reviewing and approving all changes to 
the organization of the Reserve; 
(3) appoint and fix, by a vote of not fewer than 
5 of the 7 members of the Board, and without re-
gard to the provisions of chapter 51 and subchapter 
III of chapter 53 of title 5, United States Code, the 
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compensation and adjustments to compensation of 
all personnel of the Reserve, subject to the condition 
that in appointing and fixing any compensation or 
adjustments to compensation under this paragraph, 
the Board shall— 
(A) consult with, and seek to maintain 
comparability with, other comparable Federal 
personnel, as the Board may determine to be 
appropriate; 
(B) consult with the Office of Personnel 
Management; and 
(C) carry out those duties consistent with 
merit principles, where applicable, as well as the 
education, experience, level of responsibility, ge-
ographic differences, comparability to private 
sector positions, and retention and recruitment 
needs of the Reserve in determining compensa-
tion of personnel; 
(4) approve by a vote of not fewer than 5 of the 
7 members of the Board— 
(A) any changes to the bylaws or internal 
policies of the Reserve; and 
(B) any equity investments and accom-
panying documentation made under section 
206(b)(4); 
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(5) have the authority and responsibility— 
(A) to oversee entering into and carrying 
out contracts, leases, cooperative agreements, or 
other transactions as are necessary to carry out 
this Act; 
(B) to approve of the acquisition, lease, 
pledge, exchange, and disposal of real and per-
sonal property by the Reserve and otherwise ap-
prove the exercise by the Reserve of all of the 
usual incidents of ownership of property, to the 
extent that the exercise of those powers is ap-
propriate to and consistent with the purposes of 
the Reserve; 
(C) to determine the character of, and the 
necessity for, the obligations and expenditures 
of the Reserve, and the manner in which the 
obligations and expenditures will be incurred, 
allowed, and paid, subject to this Act and Fed-
eral law specifically applicable to wholly owned 
government corporations; 
(D) to execute or approve, in accordance 
with applicable bylaws and regulations, appro-
priate financial instruments; 
(E) to approve other forms of credit en-
hancement that the Reserve may provide to 
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projects, subject to the condition that the forms 
of credit enhancements shall be consistent with 
the purposes of this Act; 
(F) to exercise all other lawful powers that 
are necessary or appropriate to carry out, and 
are consistent with, the purposes of the Re-
serve; 
(G) to sue or be sued in the corporate ca-
pacity of the Reserve in any court of competent 
jurisdiction; 
(H) to indemnify and hold harmless the 
members of the Board for any liabilities arising 
out of the actions of the members acting in that 
capacity, in accordance with, and subject to the 
limitations under, this Act; 
(I) to enter into binding commitments, as 
specified in approved financial assistance pack-
ages; and 
(J) to determine whether— 
(i) to obtain a lien on the assets of an 
entity that receives assistance under this 
Act; and 
(ii) to subordinate a lien under clause 
(i) to any other lien securing project obli-
gations; and 
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(6) establish the risk and audit committees de-
scribed in section 401. 
TITLE II—DUTIES AND 
AUTHORITIES OF THE RESERVE 
SEC. 201. GENERAL AUTHORITIES. 
To the extent necessary to develop, operate, or main-
tain the Reserve, the Reserve may— 
(1) issue rules, regulations, or orders; 
(2) acquire by purchase land or interests in 
land for the location of storage and related facilities; 
(3) construct, purchase, lease, or otherwise ac-
quire storage and related facilities; 
(4) use, lease, maintain, sell, or otherwise dis-
pose of land or interests in land, or of storage and 
related facilities acquired under this Act, under such 
terms and conditions as the Board considers nec-
essary or appropriate; 
(5) acquire, subject to the requirements of this 
Act, by purchase, exchange, or otherwise, critical 
minerals or materials for storage; 
(6) store critical minerals or materials in stor-
age facilities owned and controlled by the United 
States or in storage facilities owned by authorized 
intermediaries if the Reserve has sufficient contrac-
tual certainty of access to the critical minerals and 
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materials and those facilities are subject to audit by 
the United States; 
(7) execute contracts with private entities for 
the storage of critical minerals and materials at 
storage facilities owned by private entities if the Re-
serve has sufficient contractual certainty of access to 
those critical minerals and materials and those fa-
cilities are subject to audit by the United States; 
(8) partner with private sector, academia, and 
Federal agencies to further the purposes of the Re-
serve, including to advance the development and 
commercialization of responsible reuse and recycling 
processes for critical minerals and materials; and 
(9) execute any contracts necessary to develop, 
operate, or maintain the Reserve. 
SEC. 202. IDENTIFICATION OF ELIGIBLE CRITICAL MIN-
ERALS AND MATERIALS. 
(a) ELIGIBLE CRITICAL MINERALS AND MATERIALS 
LIST.—Subject to subsections (b), (c), and (d), the Re-
serve, in consultation with the heads of Federal depart-
ments and agencies described in section 203(6), shall es-
tablish, and thereafter maintain, a list of critical minerals 
and materials eligible for financing or acquisition support 
described in section 206. 
(b) REQUIREMENTS.— 
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(I) for the national defense and 
national security requirements of the 
United States; 
(II) for the energy infrastructure 
of the United States, including— 
(aa) pipelines; 
(bb) refining capacity; 
(cc) electrical power genera-
tion, storage, transmission, and 
distribution; 
(dd) renewable energy pro-
duction; and 
(ee) energy storage; 
(III) to support domestic manu-
facturing, agriculture, housing, tele-
communications, health care, or trans-
portation and transportation infra-
structure; or 
(IV) for the economic security of 
the United States. 
(2) MODIFICATIONS.— 
(A) ADDITIONS.—After the list of eligible 
critical minerals and materials is established 
under paragraph (1), the Reserve may add a 
mineral or material to the list of eligible critical 
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minerals and materials maintained under sub-
section (a) if, after the date that the most re-
cent list is published under subsection (e)(1)— 
(i) the mineral or material— 
(I) is included on the most re-
cently published list of critical min-
erals published by the United States 
Geological Survey pursuant to section 
7002(c) of the Energy Act of 2020 
(30 U.S.C. 1606(c)); 
(II) is included on the most re-
cently published list of critical mate-
rials published by the Department of 
Energy pursuant to section 7002(a) of 
the Energy Act of 2020 (30 U.S.C. 
1606(a)); or 
(III) a material of interest des-
ignated by the Director of the Defense 
Logistics Agency; and 
(ii) the Reserve determines that the 
mineral or material meets the requirements 
described in paragraph (1)(B). 
(B) REMOVALS.—After the list of eligible 
critical minerals and materials is established 
under paragraph (1), the Reserve shall remove 
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a mineral or material from the list of eligible 
critical minerals and materials maintained 
under subsection (a) if— 
(i) the mineral or material, as of the 
date on which the list is published under 
subsection (e)(1)— 
(I) has not been included on a 
list of critical minerals published by 
the United States Geological Survey 
pursuant to section 7002(c) of the 
Energy Act of 2020 (30 U.S.C. 
1606(c)) for a period of at least 3 
years; 
(II) has not been included on a 
list of critical materials published by 
the Department of Energy pursuant 
to section 7002(a) of the Energy Act 
of 2020 (30 U.S.C. 1606(a)) for a pe-
riod of at least 3 years; or 
(III) has not been designated as 
a material of interest by the Director 
of the Defense Logistics Agency for a 
period of at least 3 years; or 
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(ii) the Reserve determines that the 
mineral or material no longer meets the re-
quirements described in paragraph (1)(B). 
(c) CONSIDERATIONS.—In establishing and maintain-
ing the list of eligible critical minerals and materials under 
subsection (a), the Reserve shall consider— 
(1) the results of any assessments conducted 
under sections 204 and 205; 
(2) the existing market infrastructure and fi-
nancial environment for a given critical mineral or 
material, especially domestically or in partner coun-
tries; 
(3) the substitutability of, and projected de-
mand for, a given critical mineral or material; and 
(4) other information the Reserve determines 
necessary to achieve the purposes of the Reserve. 
(d) EXCLUSIONS.—A mineral or material may not be 
included on the list of eligible critical minerals and mate-
rials established and maintained under subsection (a) if 
the mineral or material is— 
(1) oil, oil shale, natural gas, coal, or uranium; 
(2) water, ice, or snow; or 
(3) a common variety, as determined by the 
Board, of sand, gravel, stone, pumice, cinders, or 
clay. 
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(e) UPDATE.— 
(1) IN GENERAL.—The Reserve shall publish 
and update not less frequently than annually the list 
of eligible critical minerals and materials established 
and maintained under subsection (a). 
(2) REQUIREMENT.—In carrying out paragraph 
(1), the Reserve shall separately publish a list of 
minerals and materials— 
(A) previously included on a list published 
under paragraph (1) but were removed within 
the previous 3 years; and 
(B) not included in the list published 
under paragraph (1) but with respect to which 
the Reserve has an active position, contract, or 
transaction. 
SEC. 203. DATA COLLECTION. 
There is established within the Reserve a division, to 
be known as the ‘‘Division of Data Collection’’, which, to 
the extent practicable, shall— 
(1) be led by a Director selected by the Board; 
(2) develop and maintain a proprietary dataset 
sufficient to ensure the thorough analysis of global 
critical minerals and materials markets; 
(3) collect and maintain sufficient datasets, in-
cluding data comprising global, domestic, and part-
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ner country markets and, to the extent possible, 
data derived from individual critical mineral and ma-
terial projects, to inform and estimate— 
(A) production, extraction, infrastructure, 
repurposing, and recycling costs for critical 
minerals and materials supply chains; 
(B) collection and recycling rates for crit-
ical minerals and materials in domestic and 
partner country markets; and 
(C) the forecast of supply and demand of 
critical minerals and materials within domestic 
and partner country markets; 
(4) collect and maintain— 
(A) actual transaction price data for crit-
ical minerals and materials in the global mar-
ket, including geographic data; and 
(B) any other datasets necessary to effec-
tuate such purpose, including modeled trans-
action data and datasets produced by or deriva-
tive of datasets produced by the People’s Re-
public of China; 
(5) using the most current data collected under 
paragraphs (3) and (4), support the activities de-
scribed in sections 204 and 206; 
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(6) consult with relevant heads of Federal de-
partments and agencies, including— 
(A) the Secretary of Agriculture; 
(B) the Secretary of Commerce; 
(C) the Secretary of Defense; 
(D) the Secretary of Energy; 
(E) the Secretary of the Interior; 
(F) the Secretary of State; 
(G) the Secretary of the Treasury; 
(H) the Chief Executive Officer of the 
United States International Development Fi-
nance Corporation; 
(I) the Director of the Central Intelligence 
Agency; 
(J) the Director of the United States Geo-
logical Survey; 
(K) the President of the Export-Import 
Bank of the United States; and 
(L) any other Federal department or agen-
cy head the Director determines necessary; 
(7) establish mechanisms when establishing 
loan terms, contracts, and agreements as described 
in this Act to collect the necessary data required by 
this section; and 
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(8) to the extent practicable, carry out the re-
sponsibilities of this section using existing govern-
ment data and information. 
SEC. 204. CRITICAL MINERAL AND MATERIAL MARKET RISK 
AND VULNERABILITY ASSESSMENT. 
(a) ESTABLISHMENT.—There is established within 
the Reserve a division, to be known as the ‘‘Division of 
Risk and Vulnerability Evaluation’’, which shall— 
(1) be led by a Director selected by the Board; 
(2) develop or, to the extent practicable, use ex-
isting sophisticated models to evaluate threats and 
risks in critical mineral and material markets across 
United States industrial sectors, including defense, 
energy, agriculture, transportation, health, and 
emerging technology; 
(3) maintain a comprehensive database of crit-
ical mineral and material price movements, supply 
chain vulnerabilities, production and processing ca-
pacities, and consumption patterns; 
(4) identify critical dependencies in critical min-
eral and material markets that could threaten na-
tional security or economic stability; 
(5) assess the potential for geopolitical events, 
natural disasters, technological disruptions, or mar-
ket failures to impact commodity markets; 
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(6) develop and implement methodologies for 
modeling the impact of various critical mineral or 
material shocks on the United States economy; 
(7) assess vulnerabilities, including price spikes, 
supply disruptions, transportation failures, export 
controls, and financial market disturbances; 
(8) model the cross-sectoral impacts of critical 
mineral or material price or supply shocks, including 
effects on inflation, employment, government fi-
nances, and consumer welfare; 
(9) assess the specific impact of critical mineral 
or material disruptions on infrastructure, national 
security assets, and essential services; and 
(10) to the extent practicable, carry out the re-
sponsibilities of this section using existing govern-
ment data and information. 
(b) MANDATORY RISK ASSESSMENT.— 
(1) IN GENERAL.—The Reserve shall conduct 
and submit to the appropriate congressional commit-
tees, the President, and the heads of Federal depart-
ments and agencies listed in section 203(6) a bien-
nial comprehensive risk and vulnerability assessment 
for critical minerals and materials, which shall in-
clude— 
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(A) identification of specific threats to sta-
ble supply and prices; 
(B) an analysis of current market condi-
tions, including geographic and ownership con-
centration of suppliers, transportation bottle-
necks, and financial vulnerabilities; 
(C) an evaluation of substitution possibili-
ties and technological alternatives; and 
(D) recommendations for risk mitigation 
strategies. 
(2) FORM OF ASSESSMENT.— 
(A) IN
GENERAL.—Each assessment re-
quired by paragraph (1)— 
(i) shall be submitted in unclassified 
form; but 
(ii) may include a classified annex. 
(B) REQUIREMENT.—Any assessments re-
quired by paragraph (1) that include a classi-
fied annex shall include an unclassified sum-
mary. 
SEC. 205. PRODUCTION STANDARDS. 
There is established within the Reserve a division, to 
be known as the ‘‘Division of Production Standards’’, 
which shall— 
(1) be led by a Director selected by the Board; 
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(2) develop methodologies for evaluating rel-
ative risk in global environmental and labor stand-
ards and practices for the production, extraction, 
processing, reuse, repurposing, and recycling of crit-
ical minerals and materials, including transparency, 
traceability, and forced labor risk, which may in-
clude incorporating existing research; 
(3) conduct periodic risk-based assessments of 
environmental and labor standards and practices for 
the 
production, 
extraction, 
processing, 
reuse, 
repurposing, and recycling of critical minerals and 
materials in foreign countries producing critical min-
erals and materials, and, to the extent practicable, 
significant production projects; and 
(4) publish an annual report summarizing the 
methodologies used and describing the results of the 
most recent assessments conducted under paragraph 
(3) for each foreign country and significant produc-
tion project, and, to the extent practicable, mitiga-
tion measures used in transactions and loans made 
by the Reserve, without identifying proprietary or 
sensitive commercial information. 
SEC. 206. FINANCING AND ACQUISITION OF CRITICAL MIN-
ERALS OR MATERIALS. 
(a) AUTHORITY.— 
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(1) IN GENERAL.—The Reserve may deploy fi-
nancing and acquisition tools as described in sub-
section (b) to achieve the purposes of the Reserve, 
subject to the condition that the Reserve may not 
deploy such tools to benefit a foreign entity of con-
cern. 
(2) CONSIDERATIONS.—In carrying out this 
section, the Reserve shall consider— 
(A) the results of the assessments de-
scribed in section 205(3); 
(B) the ability of the Reserve to efficiently 
achieve the purposes of the Reserve with limited 
resources; 
(C) diversification across critical minerals 
and materials; 
(D) non-Reserve investments and market 
developments regarding a specific critical min-
eral or material; 
(E) with respect to deploying financing 
and acquisition tools with a specific producer or 
processor, the management, financial condition, 
and ability of the producer or processor to ful-
fill any contractual obligations; and 
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(F) other factors the Reserve determines 
valuable to achieving the purposes of the Re-
serve over an extended period of time. 
(3) FEDERAL
GOVERNMENT
INVESTMENTS.— 
The Reserve shall, to the maximum extent prac-
ticable in carrying out this section, consult, coordi-
nate, and leverage existing Federal Government in-
vestments, including by— 
(A) the Export-Import Bank of the United 
States; 
(B) the United States International Devel-
opment Finance Corporation; 
(C) the Department of Energy, pursuant 
to title XVII of the Energy Policy Act of 2005 
(42 U.S.C. 16511 et seq.); 
(D) the Office of Strategic Capital of the 
Department of Defense; and 
(E) applicable execution offices of the De-
partment of Defense for contract actions car-
ried out under title III of the Defense Produc-
tion Act of 1950 (50 U.S.C. 4531 et seq.). 
(b) MEANS OF SUPPORT.—The financing and acqui-
sition tools referred to in subsection (a) include the fol-
lowing: 
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(1) 
LOANS
TO
AUTHORIZED
INTER-
MEDIARIES.— 
(A) LOAN
PROGRAM
AUTHORIZED.—The 
Reserve may make loans to authorized inter-
mediaries who may use those funds to enter 
into financing and purchasing agreements with 
producers and processors of critical minerals or 
materials. 
(B) LOAN CONDITIONS.— 
(i) IN
GENERAL.—In making loans 
under subparagraph (A), the Reserve shall 
establish such terms and conditions as the 
Reserve determines appropriate to achieve 
the purposes of the Reserve. 
(ii) ADJUSTMENT OF LOAN TERMS.— 
The Reserve and an authorized inter-
mediary may adjust loan terms under a 
loan issued under subparagraph (A) if the 
Reserve and that authorized intermediary 
agree to the adjustment. 
(iii) PREFERENTIAL TERMS FOR CER-
TAIN LOANS.—In making loans under sub-
paragraph (A), the Reserve— 
(I) may provide preferential loan 
terms— 
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(aa) which may include an 
interest rate equal to the Federal 
funds rate, to an authorized 
intermediary that will use the 
loan to enter into financing and 
purchasing agreements with pro-
ducers or processors of critical 
minerals or materials; and 
(bb) to authorized inter-
mediaries that will use the loan 
to enter into financing and pur-
chasing agreements with pro-
ducers or processors of critical 
minerals or materials in partner 
countries, in such manner as the 
Reserve determines appropriate; 
and 
(II) shall— 
(aa) consult with the heads 
of 
Federal 
departments 
and 
agencies 
described 
in 
section 
203(5) with respect to the loan 
terms 
described 
in 
subclause 
(I)(aa); and 
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(bb) ensure that, under the 
terms of such loans, authorized 
intermediaries shall, to the max-
imum extent practicable, give pri-
ority to United States suppliers 
of critical minerals and materials 
and preference to the United 
States supply chain. 
(C) PROPOSAL SOLICITATION.—To be eli-
gible to receive a loan under subparagraph (A), 
an authorized intermediary shall submit to the 
Reserve an application at such time, in such 
manner, and containing such information as the 
Reserve may require, including the proposed fi-
nancing or purchasing agreements described in 
that subparagraph. 
(D) UNCURED DEFAULT.— 
(i) IN
GENERAL.—If an authorized 
intermediary fails to make a required re-
payment on a loan under subparagraph 
(A) for a 90-day period, the Reserve 
may— 
(I) recoup the amount of that 
loan by taking possession of the crit-
ical mineral and material inventories 
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of the authorized intermediary and 
any other contractual rights of the au-
thorized intermediary to receive crit-
ical minerals or materials from sup-
pliers; 
(II) revoke the participation with 
the Reserve of the authorized inter-
mediary; 
(III) subject to clause (ii), ap-
point itself as conservator or receiver 
of the authorized intermediary; 
(IV) obtain a lien on the assets 
of the intermediary pursuant to sec-
tion 102(c)(5)(J); and 
(V) adjust the loan terms pursu-
ant to subparagraph (B)(ii). 
(ii) AUTHORITIES
UNDER
CONSER-
VATOR OR RECEIVERSHIP.—If the Reserve 
appoints itself a conservator or receiver of 
an authorized intermediary under clause 
(i)(II), the Reserve shall have the same au-
thorities with respect to the authorized 
intermediary that the Federal Deposit In-
surance Corporation has with respect to an 
institution for which the Federal Deposit 
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Insurance Corporation has appointed itself 
as conservator or receiver under the Fed-
eral Deposit Insurance Act (12 U.S.C. 
1811 et seq.). 
(iii) TREATMENT OF BANKRUPTCY.— 
An authorized intermediary for which the 
Reserve has appointed itself a conservator 
or a receiver under clause (i)(II) may not 
be placed into bankruptcy under title 11, 
United States Code, during that con-
servatorship or receivership, and any bank-
ruptcy process under title 11, United 
States Code, that is in effect when the ap-
pointment occurs shall be terminated. 
(2) ACQUISITIONS.— 
(A) Acquisition through solicitation and di-
rect contracting with private counterparties. 
(B) Acquisition through physically cleared 
financial instruments, such as futures contracts 
through intermediaries, including financial ex-
changes. 
(C) Acquisition through options contracts 
directly or through intermediaries, including fi-
nancial exchanges. 
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