To help secure U.S. access to critical mineral supply chains and counter Chinese industry dominance, U.S. Sen. Todd Young (R-IN) on Jan. 18 proposed a bill that would require federal reports on critical minerals and rare earth elements around the world, as well as the creation of a strategy to develop advanced mining, refining, separation, and processing technologies.
“The Chinese Communist Party is aggressively attempting to monopolize critical mineral resources, and the United States urgently needs to diversify our supply chain and strengthen ties with allies,” Sen. Young said. “Our legislation would respond to China’s actions by better tracking global mineral reserves and devising a national strategy for advancing mining technologies and international cooperation.”
Sen. Young cosponsored the bipartisan Critical Minerals Security Act, S. 3631, with bill sponsor U.S. Sen. John Cornyn (R-TX) and four other original cosponsors, including U.S. Sen. Mark Warner (D-VA).
If enacted, S. 3631 would direct the U.S. Department of the Interior to evaluate the global supply and ownership of critical minerals, establish a process to assist U.S. companies seeking to divest critical minerals operations in foreign countries, and develop a method for sharing intellectual property for clean mining and processing technologies with U.S. allies and partners, according to a bill summary provided by the lawmakers.
For instance, S. 3631 would direct the Department of the Interior to submit a report to Congress no later than one year after enactment and every two years afterwards on all critical mineral and rare earth element resources around the world that includes an assessment, prepared in consultation with the U.S. Secretary of State, of ways to collaborate with countries having mines or mineral processing operations operated by other countries to ensure U.S. access, the summary says.
“This bill is an important step in ensuring that the U.S. government, alongside our allies, identifies secure sources of critical minerals and supports domestic industry in developing the capacity to mine, refine, and process these minerals at home and in partner countries abroad,” said Sen. Warner. “I am committed to ensuring the U.S. has a resilient supply chain for critical minerals that are essential components for technologies critical to our national security, to combat China’s continued attempts to monopolize control of these minerals.”