(3) NON-RECOURSE
LENDING.—Non-recourse 
lending to projects secured by a portion of the ex-
pected production of the project. 
(4) OTHER
TRANSACTIONS.—Other financing 
and acquisition transactions, including contract for 
differences, advance or milestone payments, ad-
vanced market commitments, and minority, non-con-
trolling equity investment, as determined by the 
Board as necessary to fulfill the purposes of the Re-
serve, except that equity investment shall only be 
used with— 
(A) a written justification describing how 
other financing and acquisition tools in this sec-
tion are not sufficient; and 
(B) a written explanation of the intended 
exit strategy for the equity investment. 
(c) PARTNER CO-INVESTMENT.— 
(1) IN GENERAL.—A partner country may, if 
approved by the Reserve, make capital contributions 
of at least $100,000,000 to the Reserve for purposes 
of financing or acquisition under subsection (b). 
(2) MINIMUM AMOUNT.—The Reserve shall an-
nually adjust the amount in paragraph (1) by the 
percentage increase in the Personal Consumption 
Expenditures Price Index of the Bureau of Eco-
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nomic Analysis of the Department of Commerce, 
rounded to the nearest $1,000,000. 
(3) 
TREATMENT
OF
CAPITAL
CONTRIBU-
TIONS.—The Reserve— 
(A) shall maintain separate accounts for 
the capital contributions of each partner coun-
try that provides such contributions under 
paragraph (1); 
(B) shall not commingle the capital con-
tributions of any partner country with any 
other partner country or the funds of the Re-
serve; 
(C) may return such capital contributions 
to the partner country at any time, without ob-
ligation or penalty, or under such other terms 
and conditions as agreed to by the Reserve and 
that partner country; and 
(D) may not guarantee the repayment of 
such capital contributions to a partner country. 
(4) LOANS MADE WITH PARTNER CO-INVEST-
MENT
FUNDS.—Financing and acquisitions made 
under subsection (b) with capital contributions 
under paragraph (1) shall be made in the same 
manner as financing and acquisitions made under 
subsection (b) with funds of the Reserve. 
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(5) RESTRICTION.—The Reserve may not ap-
prove a partner country under paragraph (1) unless 
the partner country certifies that the capital con-
tributions being made are coming from funds of the 
partner country and not from funds of a foreign en-
tity of concern or a covered country. 
(d) INTERNATIONAL ADVISORY COUNCIL OF PART-
NERS.— 
(1) IN GENERAL.—The Reserve may establish 
an International Advisory Council of Partners com-
prising— 
(A) the Vice-chairperson, who shall be the 
head of the council; and 
(B) 1 representative from each partner 
country that makes a capital contribution under 
subsection (c)(1). 
(2) CONSULTATION.—The International Advi-
sory Council of Partners shall, at the request of the 
Reserve, advise the Reserve on financing and acqui-
sitions made with capital contributions under sub-
section (c)(1). 
(3) APPLICABILITY OF FACA.—Chapter 10 of 
title 5, United States Code (commonly known as the 
‘‘Federal Advisory Committee Act’’), shall not apply 
to the International Advisory Council of Partners. 
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SEC. 207. SALE OF CRITICAL MINERALS OR MATERIALS. 
(a) SALE.—The Reserve may sell critical minerals or 
materials stored in the Reserve in accordance with the 
purposes of the Reserve and this section. 
(b) SALE OF CRITICAL MINERALS OR MATERIALS.— 
The Reserve may sell a critical mineral or material stored 
in the Reserve if the Board determines that— 
(1) a supply shortage or potential supply short-
age of that critical mineral or material threatens— 
(A) the national or economic security of 
the United States; or 
(B) price stability in the value chain of 
that critical mineral or material; or 
(2) the sale is otherwise necessary to support 
the purposes of the Reserve. 
(c) SALE OF NON-CRITICAL MINERALS OR MATE-
RIALS.— 
(1) IN GENERAL.—The Reserve may sell a min-
eral or material stored in the Reserve that, as of the 
date of sale, is no longer included on the list of crit-
ical minerals and materials established by the Re-
serve under section 202(a) if the Board determines 
that— 
(A) the mineral or material is unlikely to 
be imminently re-added to the list of critical 
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minerals and materials established by the Re-
serve under section 202(a); 
(B) the mineral or material is available in 
sufficient supply or is no longer necessary in 
large quantities for economic or national secu-
rity purposes; 
(C) a supply shortage or potential supply 
shortage of that mineral or material threat-
ens— 
(i) the national or economic security 
of the United States; or 
(ii) price stability in the value chain of 
that mineral or material; or 
(D) the sale is otherwise necessary to sup-
port the purposes of the Reserve. 
(2) USE
FOR
RESEARCH
PURPOSES.—If the 
Board determines that a mineral or material stored 
in the Reserve that is no longer included on the list 
of critical minerals and materials established by the 
Reserve under section 202(a) does not have a sub-
stantial market value, the Board may enter into a 
contract for the transfer and use for research pur-
poses of that mineral or material with— 
(A) Federal departments and agencies; 
(B) State governments; 
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(C) National Laboratories (as defined in 
section 2 of the Energy Policy Act of 2005 (42 
U.S.C. 15801)); and 
(D) institutions of higher education (as de-
fined in section 101(a) of the Higher Education 
Act of 1965 (20 U.S.C. 1001(a))). 
(d) MEANS OF SALE.—The Reserve may carry out 
a sale described in subsections (b) and (c) through— 
(1) solicitation and direct contracting with pri-
vate parties; 
(2) physically cleared financial instruments, 
such as futures contracts through authorized inter-
mediaries; 
(3) options contracts directly or through au-
thorized intermediaries; and 
(4) other transactions, including public auc-
tions, as determined necessary by the Board to sup-
port the purposes of the Reserve. 
(e) FOREIGN ENTITIES OF CONCERN.—The Reserve 
may not carry out a sale described in subsections (b) and 
(c) to a foreign entity of concern. 
TITLE III—ADMINISTRATIVE 
PROVISIONS 
SEC. 301. CORPORATE POWERS. 
(a) IN GENERAL.—The Reserve— 
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(1) may adopt, alter, and use a seal, which may 
include an identifiable symbol of the United States; 
(2) notwithstanding division C of subtitle I of 
title 41, United States Code, may make and perform 
with any person contracts, including no-cost con-
tracts (as defined by the Reserve), grants, and other 
agreements, that are necessary for carrying out the 
functions of the Reserve; 
(3) may lease, purchase, or otherwise acquire, 
improve, and use real property that is necessary to 
carry out the functions of the Reserve; 
(4) may use the United States mails in the 
same manner and on the same conditions as the Ex-
ecutive departments (as defined in section 101 of 
title 5, United States Code); 
(5) may contract with individuals for personal 
services, who shall not be considered Federal em-
ployees for any provision of law administered by the 
Director of the Office of Personnel Management; 
(6) may hire or obtain passenger motor vehi-
cles; 
(7) may acquire, hold, or dispose of, on such 
terms and conditions as the Reserve may determine, 
any property (real, personal, or mixed), tangible or 
intangible, or any interest in such property; 
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(8) may lease office space for the use of the Re-
serve; 
(9) may indemnify directors, officers, employ-
ees, and agents of the Reserve for liabilities and ex-
penses incurred in connection with their activities on 
behalf of the Reserve; 
(10) notwithstanding any other provision of 
law, may represent itself or contract for representa-
tion in any legal or arbitral proceeding; 
(11) may exercise any priority of the Federal 
Government in collecting debts from bankrupt, insol-
vent, or decedents’ estates; 
(12) 
may 
collect, 
notwithstanding 
section 
3711(g)(1) of title 31, United States Code, or com-
promise any obligations assigned to or held by the 
Reserve, including any legal or equitable rights ac-
cruing to the Reserve; 
(13) may sell direct investments of the Reserve 
to private investors on such terms and conditions as 
the Reserve may determine; and 
(14) shall have such other powers as may be 
necessary and incident to carrying out the functions 
of the Reserve. 
(b) TREATMENT
OF PROPERTY.—Notwithstanding 
any other provision of law relating to the acquisition, han-
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dling, or disposal of property by the United States, the 
Reserve shall have the right in its discretion to complete, 
recondition, reconstruct, renovate, repair, maintain, oper-
ate, or sell any property acquired by the Reserve pursuant 
to this Act. 
SEC. 302. RECORDS AND ACCOUNTS. 
(a) PREPARATION AND MAINTENANCE.—The Board 
may require any person to prepare and maintain such 
records or accounts as the Board, by rule, determines nec-
essary to carry out this Act. 
(b) AUDIT OF OPERATIONS OF STORAGE FACILI-
TIES.—The Board may audit the operations of any stor-
age facility in which any critical mineral or material ac-
quired is stored or required to be stored pursuant to this 
Act. 
(c) ACCESS TO AND INSPECTION OF RECORDS OR AC-
COUNTS AND STORAGE FACILITIES.—The Board may re-
quire access to, and has the right to inspect and examine, 
at reasonable times— 
(1) any records or accounts required to be pre-
pared or maintained pursuant to subsection (a); and 
(2) any storage facilities subject to audit by the 
United States pursuant to this Act. 
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TITLE IV—OVERSIGHT AND 
ACCOUNTABILITY 
SEC. 401. RISK AND AUDIT COMMITTEES. 
(a) ESTABLISHMENT.—Not later than 1 year after 
the date of enactment of this Act, the Reserve shall estab-
lish— 
(1) a risk committee; and 
(2) an audit committee. 
(b) DUTIES AND RESPONSIBILITIES.— 
(1) RISK COMMITTEE.—Subject to the direction 
of the Board, the risk committee established under 
subsection (a)(1) shall be responsible for— 
(A) formulating risk management policies 
of the operations of the Reserve; 
(B) reviewing and providing guidance on 
the operation of the global risk management 
framework of the Reserve; 
(C) developing policies for enterprise risk 
management, risk monitoring, and the manage-
ment of strategic, reputational, regulatory, 
operational, developmental, responsible produc-
tion, and financial risks; 
(D) developing the risk profile of the Re-
serve, including a risk management and compli-
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ance framework and governance structure to 
support such a framework; 
(E) monitoring Reserve participants to en-
sure existing participants do not become foreign 
entities of concern; and 
(F) developing and using a mechanism to 
remove participants if more than 25 percent of 
that participant is owned, controlled, directed, 
financed, or otherwise influenced, directly or in-
directly, in whole or in part by the government 
of a foreign entity of concern. 
(2) AUDIT COMMITTEE.—Subject to the direc-
tion of the Board, the audit committee established 
under subsection (a)(2) shall be responsible for— 
(A) the integrity of— 
(i) the financial reporting of the Re-
serve; 
(ii) systems of internal controls relat-
ing to finance and accounting of the Re-
serve; and 
(iii) the financial statements of the 
Reserve; 
(B) the performance of the internal audit 
function of the Reserve; and 
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(C) the compliance of the Reserve with 
legal and regulatory requirements relating to 
the finances of the Reserve. 
SEC. 402. ANNUAL AUDIT AND COMPTROLLER REVIEW. 
(a) ANNUAL INDEPENDENT AUDIT.— 
(1) IN GENERAL.—Not later than 1 year after 
the date of enactment of this Act, and annually 
thereafter, an independent qualified public account-
ant selected by the Board shall audit the financial 
statements of the Reserve, the results of which shall 
be made publicly available. 
(2) REQUIREMENTS.—An independent qualified 
public accountant selected under paragraph (1) shall 
be— 
(A) certified and licensed by a State board 
of accountancy; 
(B) independent of the Reserve and each 
authorized intermediary within the meaning of 
section 210.2–01 of title 17, Code of Federal 
Regulations (or a successor regulation); and 
(C) registered with the Public Company 
Accounting and Oversight Board. 
(b) REVIEW.—The Comptroller General of the United 
States shall conduct a biennial review of the Reserve, to 
include— 
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(1) reviewing the most recent annual report 
submitted pursuant to section 403(a); 
(2) the operations and functions of the Reserve 
as managed by the Board; and 
(3) the performance of the Board in fulfilling 
the purposes of the Reserve. 
SEC. 403. REPORTING AND TRANSPARENCY. 
(a) ANNUAL REPORT.— 
(1) IN GENERAL.—The Board shall submit to 
the President, the Comptroller General of the United 
States, the Director of the Office of Management 
and Budget, and the appropriate congressional com-
mittees, an annual report describing the operations 
of the Reserve during the preceding calendar year. 
(2) CONTENTS.—Each report required under 
paragraph (1) shall include— 
(A) information regarding the administra-
tion of the functions of the Board, including 
recommendations the Board determines appro-
priate; 
(B) the assessment of the Board of the ex-
tent to which compliance with the requirements 
of this Act and the purposes of the Reserve 
have been achieved; 
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(C) a summary of transactions and loans 
made by the Reserve during the preceding cal-
endar year, to include how well those trans-
actions and loans have helped achieve the pur-
poses of the Reserve; and 
(D) information regarding vulnerabilities, 
risks, and audits. 
(b) TESTIMONY.—The Chairperson shall appear be-
fore the Committee on Energy and Natural Resources of 
the Senate and the Committee on Natural Resources of 
the House of Representatives not later than 30 calendar 
days after the date that a report required under subsection 
(a) is submitted. 
(c) DATABASE.— 
(1) IN GENERAL.—The Reserve shall maintain 
a database with detailed information on all trans-
actions undertaken pursuant to section 206. 
(2) REQUIREMENTS.—The database maintained 
under paragraph (1) shall— 
(A) be user-friendly; 
(B) subject to paragraph (3), be publicly 
available; and 
(C) to the extent practicable, include a de-
scription of the support provided for each 
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project, including the information contained in 
the report required under subsection (a). 
(3) LIMIT ON PUBLIC AVAILABILITY.— 
(A) IN GENERAL.—An identified subset of 
the database maintained under paragraph (1) 
shall not be made publicly available if the 
Board determines doing so would be harmful to 
the national security of the United States. 
(B) ACCESSIBILITY.—If the Board makes 
a determination under subparagraph (A) that 
public availability of the identified subset of the 
database maintained under paragraph (1) 
would be harmful to the national security of the 
United States, the Reserve shall— 
(i) make the identified subset of the 
database accessible to the appropriate con-
gressional committees; and 
(ii) not later than 3 years after a 
transaction undertaken pursuant to section 
206 occurs, make the information about 
that transaction publicly available. 
Æ 
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