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119-s-429119th CongressWALLET

STRATEGIC Minerals Act

Sponsored By: Senator Young, Todd [R-IN]

Introduced

Summary

Secure U.S. supply chains for critical minerals and rare earth elements. The bill would create a new path for sector-only free-trade agreements focused on critical minerals and rare earths and amend the Defense Production Act to let partner territories count as domestic sources when shortages exist.

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Bill Overview

Analyzed Economic Effects

2 provisions identified: 1 benefits, 0 costs, 1 mixed.

New trade deals for critical minerals

This bill would let the President negotiate trade deals that only cover critical minerals and rare earths. The U.S. Trade Representative must give a classified briefing to Congress within 120 days of enactment. The President must give 30 days written notice to Congress before starting negotiations and name countries and goals. The authority to negotiate would end on July 1, 2035, though enforcement for deals already made could continue. The President could not start talks with countries labeled nonmarket economies, and accession rules for those countries would need extra congressional approval.

Domestic sourcing for critical minerals

This bill would let some foreign-based companies in covered trade-partner territories count as U.S. sources for certain Defense Production Act mineral programs. It would apply only to minerals the Secretary of Defense finds are deficient in U.S. and Canadian supply. To qualify, processing or recycling must be done by entities organized under U.S. law and no more than 10% equity can be owned or controlled by any foreign entity of concern. Qualified companies could not sell minerals or revenues to companies in China or to entities of concern, and no mine used may be owned or controlled by an entity of concern. The Secretary of Defense would set guidance and could require repayment, bar firms from future contracts or aid, impose civil penalties, and refer cases for criminal prosecution.

Sponsors & CoSponsors

Sponsor

Young, Todd [R-IN]

IN • R

Cosponsors

  • Sen. Coons, Christopher A. [D-DE]

    DE • D

    Sponsored 2/5/2025

  • Sen. Cornyn, John [R-TX]

    TX • R

    Sponsored 2/5/2025

  • Sen. Hickenlooper, John W. [D-CO]

    CO • D

    Sponsored 2/5/2025

Roll Call Votes

No roll call votes available for this bill.

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