,i #aah? ,,congress #b;d ,session ,h4 ,r4 #ajcgh ,,9 ,,! ,,h\se ,,( ,,repres5tatives ,decemb] #aa1 #bjbd,mr4 ,wittman 7= himself1 ,mr4 ,gim5ez1 & ,mr4 ,mool5a>7 introduc$ ! foll[+ bill2 :i* 0 ref]r$ to ! ,committee on ,natural ,res\rces1 & 9 addition to ! ,committee on ,=eign ,affairs1 = a p]iod to be subsequ5tly det]m9$ by ! ,speak]1 9 ea* case = consid]ation ( su* provisions z fall )9 ! jurisdiction ( ! committee conc]n$ ,a ,,bill ,to e/abli% ! ,critical ,m9]al ,res]ve ( ! ,unit$ ,/ates1 & = o!r purposes4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,secur+ ,ess5tial & ,critical ,u4,s4 ,res\rces & ,elem5ts ,m9]als ,act ( #bjbd or ,,secure ,m9]als ,act ( #bjbd4 #b4 ,f9d+s ,congress f9ds ! foll[+3 7#a7 ,critical m9]als & mat]ials are ess5tial to ! ongo+ economic & national security ( ! ,unit$ ,/ates1 play+ a vital role 9 manufactur+1 transportation1 m$ical1 te*nology1 def5se1 & en]gy sectors4 ,! global dem& = critical m9]als & mat]ials has be5 rapidly increas+ due to advancem5ts 9 te*nology--:e!r def5se1 dual-use1 or comm]cial--& ! increas+ adoption ( r5ewable en]gy s\rces & next-g5]ation automative sy/ems1 all ( :i* rely heavily on ^! m9]als & mat]ials = ! production ( batt]ies1 sol> panels1 w9d turb9es1 high-spe$ comput+1 advanc$ magnetic sy/ems1 & o!r high-te* applications4 7#b7 ,! ,p's ,republic ( ,*9a curr5tly controls a significant portion ( ! global supply *a9 = critical m9]als & mat]ials1 includ+ r>e e>? elem5ts1 ?r\gh ext5sive m9+1 integrat$ mid/ream op]ations1 significant dome/ic subsidies & inc5tives1 & /rategic inve/m5ts 9 res\rce-ri* c\ntries4 ,! ,,prc c5trally controls its dom9ant m>ket %>e across multiple critical m9]al v]ticals4 ,! ,,prc pr$atorily lev]ages its position z sponsor or consum]1 z applicable1 ov] m9+ projects globally1 result+ 9 a de>? ( fe$/ocks to ! great detrim5t ( d[n/ream indu/ries1 regions1 & c\ntries1 includ+ ! ,unit$ ,/ates4 ,! ,,prc's integrat$ op]ations1 subs]vi5t to ! ,*9ese /ate1 are calibrat$ to weaponize its influ5ce ov] prices & volumes 9 ! conte/ = access to critical m9]als & mat]ials1 z well z ! end-use compon5ts & applications produc$ f ^! m9]als & mat]ials4 ,! ,,prc also acts to und]cut ef=ts 9 ! ,unit$ ,/ates & alli$ nations to develop alt]native s\rces ( supply4 7#c7 ,! ,unit$ ,/ates is heavily reliant on imports = _m ( ! mo/ critical m9]als & mat]ials1 includ+ r>e e>? elem5ts1 mak+ ! nation vuln]able to supply disruptions1 geopolitical t5sions1 & economic manipulation by c\ntries t dom9ate ! m>ket1 specifically ! ,,prc4 ,! vuln]abilities to ! nation's def5se indu/rial base pos$ by ?is reliance _c be ov]/at$4 ,giv5 ! long lead times 9 ! m9+ sector z well z ! adjac5t process+ ( critical m9]als1 dome/ic critical m9]als extraction projects are p>ticul>ly susceptible to ,*9a-induc$ price %ocks :i* c depress critical m9]al prices = an ext5d$ p]iod4 7#d7 ,increas+ dome/ic prim>y fe$/ock production1 process+1 conv]sion1 recycl+1 reuse1 & repurpos+ to advanc$ mat]ials & products1 z well z increas+ alt]native alli$ supply1 is imp]ative to r$uce ! impact ( m>ket manipulation by =eign /ate actors1 su* z ! ,,prc4 ,! ,unit$ ,/ates mu/ ensure t a /able & secure supply *a9 ( ^! ess5tial res\rces is available to our dome/ic innovation & manufactur+ ecosy/ems4 7#e7 ,su/a9able & responsible corporate behavior 9 companies' op]ations & across _! global value *a9s is important to ensur+ a resili5t dome/ic m9]als supply4 7#f7 ,inve/m5ts 9 dome/ic extraction process+ infra/ructure1 z well z reuse1 repurpos+1 & recycl+1 are necess>y to build a resili5t & div]sifi$ supply *a9 = critical m9]als & mat]ials1 support+ ! economic gr[? & national security int]e/s ( ! ,unit$ ,/ates4 7#g7 ,gov]nm5t support to develop & ensure ! integrity ( ,we/]n & alli$ m>kets = ^! critical m9]als & mat]ials z a c\nt]measure aga9/ ! anti-competitive tactics ( ! ,,prc & _! supply *a9 co-collaborators w fill ! mo/ acute /rategic gap :i* _c be o!rwise a*iev$ by private indu/ry p>ticipants act+ alone4 ,to ?is end1 we recomm5d e/abli%+ ! ,critical ,m9]al ,res]ve ( ! ,unit$ ,/ates1 also ref]r$ to h]e9 z ! ,res]ve4 #c4 ,e/abli%m5t ( ,res]ve 7a7 ,e/abli%m5t 7#a7 ,9 g5]al ,!re is e/abli%$ a tru/ ) ! "n ,critical ,m9]al ,res]ve ( ! ,unit$ ,/ates1 :i* %all-- 7,a7 n be an ag5cy or e/abli%m5t ( ! ,unit$ ,/ates ,gov]nm5t2 7,b7 manage its assets 9 ! mann] set =? 9 ?is ,act2 & 7,c7 be a tru/ domicil$ 9 ! ,di/rict ( ,columbia &1 to ! ext5t n inconsi/5t ) ?is ,act1 be subject to ! laws ( ! ,di/rict ( ,columbia applicable to su* tru/s4 7#b7 ,purpose ,! purposes ( ! ,res]ve are-- 7,a7 to support dome/ic & alli$ extraction1 production1 reuse1 repurpos+1 & recycl+ ( & capabilities & infra/ructure ) respect to critical m9]als & mat]ials2 7,b7 to /abilize1 support1 & protect su/a9able prices ( critical m9]als & mat]ials2 7,c7 to assi/ 9 ma9ta9+ balanc$ & adequate supplies ( critical m9]als & mat]ials to ! ,unit$ ,/ates1 z det]m9$ by ! ,bo>d2 7,d7 to su/a9 access to & ! supply ( critical m9]als & mat]ials = ! ,unit$ ,/ates & any alli$ c\ntry2 & 7,e7 to facilitate ! ord]ly di/ribution ( critical m9]als & mat]ials4 7#c7 ,annual indep5d5t audit 7,a7 ,9 g5]al ,n lat] ?an #a ye> aft] ! date ( ! enactm5t ( ?is ,act & annually !reaft]1 an indep5d5t qualifi$ public acc\ntant select$ by ! ,bo>d %all audit ! f9ancial /atem5ts ( ! ,res]ve1 ! results ( :i* %all be made publicly available4 7,b7 ,requirem5ts ,ea* indep5d5t qualifi$ public acc\ntant select$ by ! ,bo>d to p]=m an audit "u subp>agraph 7,a7 %all be-- 7i7 c]tifi$ & lic5s$ by a ,/ate bo>d ( acc\ntancy2 7ii7 indep5d5t ( ! ,res]ve & ea* au?oriz$ m>ket mak] 9 accordance ) section #baj4b-ja ( title #ag1 ,code ( ,f$]al ,regulations2 & 7iii7 regi/]$ ) ! ,public ,company ,acc\nt+ & ,ov]sight ,bo>d4 7#d7 ,civil action 7,a7 ,9 g5]al ,! ,res]ve may br+ a civil action 9 any c\rt ( compet5t jurisdiction aga9/ any p]son t-- 7i7 fails to comply ) any contractual obligation or agreem5t made ) ! ,res]ve2 7ii7 violates any provision ( ?is ,act2 or 7iii7 engages 9 any practice or activity t unlawfully impairs or int]f]es ) ! op]ations ( ! ,res]ve1 includ+ fraud1 misrepres5tation1 or brea* ( contract4 7,b7 ,aw>d ,9 a civil action "u ?is p>agraph1 ! ,res]ve may seek-- 7i7 economic relief1 includ+ comp5satory damages1 re/itution1 int]e/1 co/s1 & reasonable attorney's fees2 7ii7 tempor>y or p]man5t injunctive relief1 includ+ specific p]=mance2 & 7iii7 su* o!r equitable relief z a c\rt det]m9es appropriate4 7,c7 ,/atute ( limitations ,a civil action "u ?is p>agraph may n be br\ght lat] ?an #e ye>s aft] ! date on :i* ! cause ( action accrues4 7#e7 ,initial capitalization ,!re is appropriat$1 out ( any am\nts 9 ! ,treasury n o!rwise appropriat$1 #b1ejj1jjj1jjj to ! ,res]ve = fiscal ye> #bjbe4 7b7 ,m&ate ( ,res]ve 7#a7 ,9 g5]al ,! ,res]ve %all1 ) respect to ea* critical m9]al & mat]ial-- 7,a7 support dome/ic & alli$ production1 includ+ s\rc+ f dome/ic & alli$ reuse1 repurpos+1 & recycl+2 & 7,b7 to ! maximum ext5t practicable1 ensure t-- 7i7 at ea* /age ( ! supply *a91 ! production rate is equal to or great] ?an #dj p]c5t2 & 7ii7 at ea* /age ( ! supply *a91 ! dep5d5ce rate is equal to or less ?an #fj p]c5t2 & 7,c7 prioritize-- 7i7 dome/ic projects & supply *a9s2 & 7ii7 projects :]e ! dep5d5ce is #ajj p]c5t4 7#b7 ,det]m9ation ( production rates & dep5d5ce rates 7,a7 ,9 g5]al ,! ,bo>d %all det]m9e ! production rate & dep5d5ce rate ) respect to ea* critical m9]al & mat]ial4 7,b7 ,use ( data ,9 det]m9+ ! production rate & dep5d5ce rate ) respect to ea* critical m9]al & mat]ial "u subp>agraph 7,a71 ! ,bo>d-- 7i7 %all use ! propriet>y dataset develop$ "u section #e7;a77#a72 7ii7 may use-- 7,i7 ! ,m9]al ,commodity ,summ>ies publi%$ by ! ,unit$ ,/ates ,geological ,s]vice2 & 7,,ii7 data f any o!r s\rce ! ,bo>d det]m9es to be ( value "u simil> circum/ances1 includ+ comm]cial data1 :e!r su* data is public or propriet>y 9 nature2 & 7iii7 may solicit private indu/ry = data & m>ket in=mation4 7#c7 ,adju/m5t ( production rate & dep5d5ce rate ,! ,bo>d may annually adju/ ! production rate & ! dep5d5ce rate ) respect to ea* critical m9]al & mat]ial1 z initially e/abli%$ "u p>agraph 7#b77;,a71 by n m ?an #e p]c5t4 7c7 ,review ,! ,comptroll] ,g5]al ( ! ,unit$ ,/ates %all c>ry out a bi5nial review ! ,res]ve1 includ+ a review (-- 7#a7 ! mo/ rec5t annual report submitt$ to ! ,speak] ( ! ,h\se ( ,repres5tatives & ! ,presid5t ( ! ,s5ate by ! ,res]ve "u section #g2 7#b7 ! op]ations & functions ( ! ,res]ve z manag$ by ! ,bo>d2 & 7#c7 ! p]=mance ( ! ,bo>d 9 fulfill+ ! purposes & m&ate ( ! ,res]ve4 7d7 ,id5tification ( critical m9]als & mat]ials 7#a7 ,9 g5]al ,! ,res]ve1 9 collaboration ) ! heads ( ,f$]al ag5cies 9 accordance ) section #e7;a77#g71 %all e/abli% a li/ ( critical m9]als & mat]ials in=m$ by ! foll[+3 7,a7 ,! li/ ( critical m9]als publi%$ by ! ,unit$ ,/ates ,geological ,survey pursuant to section #gjjb7;c7 ( ! ,en]gy ,act ( #bjbj 7#cj ,u4,s4,c4 #afjf7;c774 7,b7 ,! li/ ( critical mat]ials publi%$ by ! ,dep>tm5t ( ,en]gy pursuant to section #gjjb7;a7 ( ! ,en]gy ,act ( #bjbj 7#cj ,u4,s4,c4 #afjf7;a774 7,c7 ,! mat]ials ( int]e/ designat$ z su* by ! ,def5se ,logi/ics ,ag5cy4 7,d7 ,ea* mat]ial ) respect to :i* ! ,presid5t has made a det]m9ation "u section #cjc7;a77#e7 ( ! ,def5se ,production ,act ( #aiej 7#ej ,u4,s4,c4 #decc7;a77#e774 7,e7 ,ea* mat]ial t is1 or 9 ! prec$+ #e ye>s 01 a /rategic or critical mat]ial = ! purposes ( ! ,/rategic & ,critical ,mat]ials ,/ock ,pil+ ,act 7#ej ,u4,s4,c4 #ih et seq47 pursuant to a det]m9ation by ! ,presid5t "u section #c7;a7 ( su* ,act 7#ej ,u4,s4,c4 #ih;b7a774 7#b7 ,requirem5ts ,a m9]al or mat]ial may only be includ$ 9 ! li/ ( critical m9]als & mat]ials e/abli%$ by ! ,res]ve "u p>agraph 7#a7 if ! m9]al or mat]ial-- 7,a7 is a non-fuel m9]al or mat]ial2 7,b7 is ess5tial to ! economic & national security ( ! ,unit$ ,/ates2 7,c7 has a high-risk supply *a92 & 7,d7 is necess>y-- 7i7 = ! national def5se & national security requirem5ts2 7ii7 = ! en]gy infra/ructure ( ! ,unit$ ,/ates1 includ+-- 7,i7 pipel9es2 7,,ii7 ref9+ capacity2 7,,iii7 electrical p[] g5]ation & transmission2 & 7,,iv7 r5ewable en]gy production2 7iii7 to support dome/ic manufactur+1 agriculture1 h\s+1 telecommunications1 heal?c>e1 or transportation infra/ructure2 or 7iv7 = ! economic security (1 & balance ( trade 91 ! ,unit$ ,/ates4 7#c7 ,exclusions ,a m9]al or mat]ial may n be includ$ 9 ! li/ ( critical m9]als & mat]ials e/abli%$ by ! ,res]ve "u p>agraph 7#a7 if ! m9]al or mat]ial is-- 7,a7 oil1 oil %ale1 natural gas1 coal1 or uranium2 7,b7 wat]1 ice1 or sn[2 or 7,c7 a common v>iety ( s&1 gravel1 /one1 pumice1 c9d]s1 or clay4 7#d7 ,annual update ,! ,res]ve %all publi% & annually update ! li/ ( critical m9]als & mat]ials e/abli%$ "u p>agraph 7#a74 7e7 ,sunset ,! ,res]ve %all t]m9ate on ! date t is #aj ye>s aft] ! date ( ! enactm5t ( ?is ,act4 #d4 ,bo>d ( ,gov]nors ( ,res]ve 7a7 ,memb]%ip 7#a7 ,appo9tm5t 7,a7 ,9 g5]al ,except z provid$ 9 p>agraph 7#c77;,d71 ! ,bo>d ( ,gov]nors ( ! ,res]ve %all be compos$ ( #g memb]s appo9t$ by ! ,presid5t1 by & ) ! advice & cons5t ( ! ,s5ate4 7,b7 ,initial appo9tm5ts ,n lat] ?an #ahj days aft] ! date ( ! enactm5t ( ?is ,act1 ! ,presid5t %all appo9t ea* ( ! #g memb]s ( ! ,bo>d1 includ+ ! ,*airman1 & ! ,bo>d %all elect a ,vice-,*airman f ! memb]s ( ! ,bo>d4 7#b7 ,qualifications ,to be eligible to be appo9t$ z a memb] ( ! ,bo>d "u p>agraph 7#a71 an individual-- 7,a7 %all h sub/antial exp]i5ce1 tra9+1 & exp]tise 9-- 7i7 ! bus9ess & indu/ry ( a m9]al or mat]ial describ$ 9 section #c7;d77#a72 & 7ii7 ! ov]sight1 managem5t1 or adm9i/ration ( f9ancial in/rum5ts2 & 7,b7 may n-- 7i7 h a direct or indirect f9ancial int]e/ 9 an au?oriz$ m>ket mak] or at-risk ,,cmm2 or 7ii7 be closely relat$ to someone ) a direct f9ancial int]e/ 9 an au?oriz$ m>ket mak] or at-risk ,,cmm4 7#c7 ,t]ms 7,a7 ,*airman 7i7 ,9 g5]al ,an individual :o is appo9t$ z ! ,*airman "u p>agraph 7#a7 %all s]ve = a s+le #e-ye> t]m4 7ii7 ,re/riction ,an individual :o is appo9t$ to s]ve a t]m z ! ,*airman ( ! ,bo>d "u p>agraph 7#a7 may n s]ve any additional t]m on ! ,bo>d aft] su* t]m ends4 7,b7 ,vice-,*airman 7i7 ,9 g5]al ,! ,bo>d %all elect a ,vice-,*airman f ! memb]s ( ! ,bo>d :o are n ! ,*airman = a s+le #b-ye> t]m4 7ii7 ,completion ( t]m ,an individual :o is appo9t$ to s]ve a t]m z ! ,vice-,*airman "u clause 7i7 %all1 aft] su* t]m ends1 s]ve z a memb] ( ! ,bo>d = ! rema9d] ( ! t]m ( su* individual 9 accordance ) subp>agraph 7,c74 7iii7 ,sub/itute ,! ,vice-,*airman1 subject to ! sup]vision ( ! ,bo>d1 %all s]ve z ,int]im ,*airman 9 ! abs5ce ( ! ,*airman4 7,c7 ,o!r ,bo>d memb]s 7i7 ,9 g5]al ,ea* memb] ( ! ,bo>d :o is n ! ,*airman %all be appo9t$ to a /agg]$ s+le #f-ye> t]m4 7ii7 ,re/riction ,an individual :o is appo9t$ to s]ve a t]m z a memb] ( ! ,bo>d may only s]ve an additional t]m on ! ,bo>d if ! individual is appo9t$ to s]ve z ,*airman1 reg>dless ( :e!r ! individual completes ! t]m to :i* ! individual is initially appo9t$4 7iii7 ,t]m l5g? cap ,an individual may n s]ve on ! ,bo>d = m ?an #f ye>s except 9 accordance ) subp>agraph 7,e77i74 7,d7 ,vacancies ,n lat] ?an #f mon?s aft] ! date on :i* a vacancy occurs on ! ,bo>d1 ! ,presid5t1 by & ) ! advice & cons5t ( ! ,s5ate1 %all appo9t a new memb] ( ! ,bo>d to fill su* vacancy4 7,e7 ,completion ( t]m 7i7 ,9 g5]al ,^u ! expiration ( ! t]m ( a memb] ( ! ,bo>d1 su* memb] %all cont9ue to s]ve z a memb] ( ! ,bo>d until ! successor to su* memb] is appo9t$ & is confirm$4 7ii7 ,replacem5t ord] ,successors to memb]s ( ! ,bo>d %all be appo9t$ & confirm$ 9 ! ord] 9 :i* ! memb]s ( ! ,bo>d 7 appo9t$ & confirm$4 7#d7 ,tribal repres5tation ,at lea/ #a memb] ( ! ,bo>d %all be a memb] ( a ,tribe4 7b7 ,comp5sation 7#a7 ,9 g5]al ,no individual :o is a memb] ( ! ,bo>d may engage 9 any bus9ess1 vocation1 or employm5t o!r ?an t ( s]v+ z a memb] ( ! ,bo>d :ile su* individual is a memb] ( ! ,bo>d4 7#b7 ,rate ( pay ,! rate ( basic pay =-- 7,a7 ! ,*airman %all be equal to ! rate ( basic pay payable = level ,i ( ! ,executive ,s*$ule2 & 7,b7 ea* memb] ( ! ,bo>d o!r ?an ! ,*airman may be set & adju/$ by ! ,*airman4 7#d7 ,b5efits ,! ,*airman may provide additional comp5sation & b5efits to employees ( ! ,bo>d 9 ! same mann] z comp5sation & b5efits are provid$ "u section #dhjb ( title #e1 ,unit$ ,/ates ,code4 7c7 ,duties ,! ,bo>d %all-- 7#a7 manage ! l5d+ au?ority1 contracts1 op]ations1 due dilig5ce1 & duties ( ! ,res]ve2 7#b7 ov]see all au?oriz$ m>ket mak]s & at-risk ,c,m,ms "u ?is ,act2 & 7#c7 det]m9e & prescribe ! mann] 9 :i*-- 7,a7 ! obligations ( ! ,res]ve %all be incurr$2 & 7,b7 ! disbursem5ts & exp5ses ( ! ,res]ve %all be all[$ & paid4 7d7 ,meet+s 7#a7 ,9 g5]al ,! ,*airman ( ! ,bo>d1 ! ,vice-,*airman1 act+ z ,int]im ,*airman 9 ! abs5ce ( ! ,*airman 9 accordance ) subsection 7a77#c77;,b77iii71 or a ,*airman pro tempore elect$ by ! memb]s ( ! ,bo>d pres5t at ! meet+1 9 ! abs5ce ( ! ,*airman & ! ,vice-,*airman1 %all preside at ea* meet+ ( ! ,bo>d4 7#b7 ,quorum #d ( ! memb]s ( ! ,bo>d %all con/itute a quorum4 7#c7 ,clos$ meet+s ,! ,bo>d may close any meet+1 or portion !re(1 t conc]ns matt]s or in=mation t p]ta9s to national security4 7#d7 ,m9utes ,unless clos$ 9 accordance ) p>agraph 7#c71 ! m9utes ( ea* meet+ ( ! ,bo>d %all be made publicly available4 7e7 ,re/riction on employm5t 7#a7 ,9 g5]al ,dur+ ! p]iod beg9n+ on ! date on :i* ! t]m ( a memb] ( ! ,bo>d beg9s & end+ on ! date t is #b ye>s aft] ! date on :i* ! t]m ( su* memb] ends1 su* memb] may n hold any own]%ip1 (fice1 position1 includ+ an advisory or consultant position1 or o!r employm5t 9 or ) an au?oriz$ m>ket mak] or ) respect to an at-risk ,,cmm4 7#b7 ,opportunity to cure violation 7,a7 ,9 g5]al ,if ! ,comptroll] ,g5]al ( ! ,unit$ ,/ates f9ds t an individual describ$ 9 p>agraph 7#a7 is 9 violation ( t p>agraph1 su* individual %all cure su* violation n lat] ?an #cj days aft] ! date on :i* su* violation is f\nd4 7,b7 ,requirem5ts to cure ,to cure a violation ( p>agraph 7#a7 z requir$ "u subp>agraph 7,a71 an individual %all1 at a m9imum-- 7i7 r5\nce any pecuni>y ga9 associat$ ) su* violation2 & 7ii7 t]m9ate ea* relation%ip t is ! subject ( su* violation4 7#c7 ,p5alty = uncur$ violation ,if ! ,comptroll] ,g5]al ( ! ,unit$ ,/ates f9ds t an individual describ$ 9 p>agraph 7#a7 is 9 violation ( t p>agraph & su* individual does n cure su* violation 9 accordance ) p>agraph 7#b7 by ! date describ$ 9 subp>agraph 7,a7 ( t p>agraph or1 z applicable1 e/abli%$ by ! ,bo>d "u p>agraph 7#d71 su* individual %all be deem$ to h violat$ section #bjg7;a77#b7 ( title #ah1 ,unit$ ,/ates ,code1 & %all imm$iately be remov$ f ! ,bo>d4 7#d7 ,ext5sion ( cure p]iod ,! ,bo>d may ext5d ! "t provid$ "u p>agraph 7#b7 = an individual describ$ 9 p>agraph 7#a7 to cure a violation ( t p>agraph4 7f7 ,pr9cipal (fice ,! pr9cipal (fice ( ! ,bo>d %all be locat$ 9 ! ,di/rict ( ,columbia4 #e4 ,duties & au?orities ( ,res]ve 7a7 ,9 g5]al ,9 c>ry+ out ! purposes & m&ate ( ! ,res]ve1 ! ,res]ve %all c>ry out ! foll[+ activities3 7#a7 ,develop & ma9ta9 a propriet>y dataset suffici5t to ensure ! ?or\gh analysis ( global critical m9]als & mat]ials m>kets4 7#b7 ,collect & ma9ta9 suffici5t datasets1 includ+ data compris+ global1 dome/ic1 & alli$ m>kets &1 to ! ext5t possible1 data d]iv$ f individual critical m9]al & mat]ial projects1 to in=m & e/imate-- 7,a7 production1 extraction1 infra/ructure1 repurpos+1 & recycl+ co/s = critical m9]als & mat]ials supply *a9s2 & 7,b7 ! =eca/ ( supply & dem& ( critical m9]als & mat]ials )9 dome/ic & alli$ m>kets4 7#c7 ,collect & ma9ta9-- 7,a7 actual transaction price data = critical m9]als & mat]ials 9 ! global m>ket1 includ+ geographic data2 & 7,b7 any o!r datasets necess>y to effectuate su* purposes & m&ate1 includ+ datasets produc$ by or d]ivative ( datasets produc$ by ! ,,prc4 7#d7 ,us+ ! mo/ curr5t data collect$ "u p>agraphs 7#b7 & 7#c7-- 7,a7 id5tify m>ket conditions t require int]v5tion accord+ to su* purposes & m&ate2 & 7,b7 det]m9e specific critical m9]als & mat]ials t are at-risk ,c,m,ms4 7#e7 ,provide loans to au?oriz$ m>ket mak]s 9 accordance ) subsection 7b74 7#f7 ,ma9ta9 an op]ational team & organization suffici5t to fulfill su* m&ate4 7#g7 ,consult ) ! heads ( o!r ,f$]al ag5cies1 includ+-- 7,a7 ! ,dep>tm5t ( ,comm]ce2 7,b7 ! ,dep>tm5t ( ,def5se2 7,c7 ! ,dep>tm5t ( ,en]gy2 7,d7 ! ,dep>tm5t ( ! ,int]ior2 7,e7 ! ,dep>tm5t ( ,/ate2 7,f7 ! ,dep>tm5t ( ! ,treasury2 7,g7 ! ,dep>tm5t ( ,agriculture2 7,h7 ! ,unit$ ,/ates ,geological ,survey2 & 7,i7 ! ,export-,import ,bank ( ! ,unit$ ,/ates4 7#h7 ,to ! ext5t possible1 mitigate ! risk ( loss ( capital to ,unit$ ,/ates taxpay]s4 7#i7 ,seek to mobilize private capital t fur!rs ! purposes & m&ate ( ! ,res]ve4 7#aj7 ,act z a p>tn] to au?oriz$ m>ket mak]s1 ensur+ !y c fulfill _! role ( attract+ private sector res\rces into ! critical m9]als & mat]ials m>ket & c>ry+ out ! purposes & m&ate ( ! ,res]ve 9 ! m>ketplace on an on-go+ basis4 7b7 ,loans to au?oriz$ m>ket mak]s 7#a7 ,loan program au?oriz$ ,! ,res]ve may make loans to au?oriz$ m>ket mak]s to ent] into f9anc+ & pur*as+ agreem5ts ) produc]s ( at-risk ,c,m,ms "u :i* su* an au?oriz$ m>ket mak] %all use ! loan funds to-- 7,a7 provide to a produc] ( at-risk ,c,m,ms an am\nt equal to or great] ?an1 ) respect to ! at-risk ,c,m,ms1 ! diff]5ce betwe5 ! all-9 su/a9+ co/ & ! prevail+ m>ket price ( ! at-risk ,c,m,ms1 on ! condition t ! au?oriz$ m>ket mak] w receive a mutually-agre$-to p]c5t ( ! pr(its :5 su* at-risk ,c,m,ms are sold2 or 7,b7 agree to pur*ase ! at-risk ,c,m,ms produc$ by ! produc] at an am\nt equal to or great] ?an ! all-9 su/a9+ co/4 7#b7 ,loan conditions 7,a7 ,9 g5]al ,9 mak+ loans "u ! p>agraph 7#a71 ! ,res]ve %all-- 7i7 = ea* su* loan1 specify ! at-risk ,c,m,ms = :i* ! loan funds may be us$2 & 7ii7 9 accordance ) ?is ,act1 e/abli% su* t]ms & conditions z ! ,res]ve det]m9es appropriate4 7,b7 ,adju/m5t ( loan t]ms ,! ,res]ve & au?oriz$ m>ket mak] may adju/ loan t]ms "u a loan "u p>agraph 7#a7 if ! ,res]ve & au?oriz$ m>ket mak] agree to ! adju/m5t4 7,c7 ,pref]5tial t]ms = c]ta9 loans ,9 mak+ loans "u p>agraph 7#a71 ! ,res]ve-- 7i7 %all provide pref]5tial loan t]ms1 :i* may include an int]e/ rate equal to ! ,f$]al funds rate1 to au?oriz$ m>ket mak]s t w use ! loan to ent] into f9anc+ & pur*as+ agreem5ts ) produc]s ( at-risk ,c,m,ms2 7ii7 may-- 7,i7 provide pref]5tial loan t]ms to au?oriz$ m>ket mak]s t w use ! loan to ent] into f9anc+ & pur*as+ agreem5ts ) produc]s ( at-risk ,c,m,ms 9 alli$ c\ntries describ$ 9 subp>agraph 7,a71 7,b71 or 7,c7 ( section #h7b71 9 su* mann] z ! ,res]ve det]m9es appropriate2 & 7,,ii7 consult 9 ) ! ,f$]al ag5cies specifi$ 9 subsection 7a77#g7 ) respect to ! loan t]ms describ$ 9 subclause 7,i72 & 7iii7 %all ensure t1 "u ! t]ms ( su* loans1 au?oriz$ m>ket mak]s %all1 to ! maximum ext5t practicable1 give priority to ,unit$ ,/ates suppli]s ( critical m9]als & pref]5ce to ! ,unit$ ,/ates supply *a94 7#c7 ,proposal solicitation ,to be eligible to receive a loan "u p>agraph 7#a71 an au?oriz$ m>ket mak] %all submit to ! ,res]ve an application at su* "t1 9 su* mann]1 & conta9+ su* in=mation z ! ,res]ve may require1 includ+ ! propos$ f9anc+ or pur*as+ agreem5ts describ$ 9 su* p>agraph = :i* ! loan w be us$4 7#d7 ,uncur$ default 7,a7 ,9 g5]al ,if an au?oriz$ m>ket mak] fails to make a requir$ repaym5t on a loan "u p>agraph 7#a7 = a #ij-;day p]iod1 ! ,res]ve-- 7i7 %all-- 7,i7 rec\p ! am\nt ( su* loan by tak+ possession ( ! critical m9]al & mat]ial inv5tories ( ! au?oriz$ m>ket mak] & any o!r contractual rights ( ! au?oriz$ m>ket mak] to receive critical m9]als or mat]ials f suppli]s2 & 7,,ii7 revoke ! lic5se ( ! au?oriz$ m>ket mak] "u section #f2 & 7ii7 subject to subp>agraph 7,b71 may appo9t itself z cons]vator or receiv] ( ! au?oriz$ m>ket mak]4 7,b7 ,au?orities "u cons]vator or receiv]%ip ,if ! ,res]ve appo9ts itself a cons]vator or receiv] ( an au?oriz$ m>ket mak] "u subp>agraph 7,a77ii71 ! ,res]ve %all h ! same au?orities ) respect to ! au?oriz$ m>ket mak] t ! ,f$]al ,deposit ,insurance ,corporation has ) respect to an in/itution = :i* ! ,corporation has appo9t$ itself z cons]vator or receiv] "u ! ,f$]al ,deposit ,insurance ,act4 7,c7 ,treatm5t ( bankruptcy ,an au?oriz$ m>ket mak] = :i* ! ,res]ve has appo9t$ itself a cons]vator or a receiv] may n be plac$ into bankruptcy "u title #aa1 ,unit$ ,/ates ,code1 dur+ su* cons]vator%ip or receiv]%ip & any bankruptcy process "u title #aa1 ,unit$ ,/ates ,code1 t is 9 effect :5 su* an appo9tm5t occurs %all be t]m9at$4 7#e7 ,alli$ co-inve/m5t 7,a7 ,9 g5]al ,an alli$ c\ntry describ$ 9 subp>agraph 7,a71 7,b71 or 7,c7 ( section #h7b7 may1 if approv$ by ! ,res]ve1 make capital contributions ( at lea/ #ajj1jjj1jjj to ! ,res]ve = purposes ( mak+ loans "u p>agraph 7#a74 7,b7 ,m9imum am\nt ,! ,res]ve %all annually adju/ ! am\nt 9 subp>agraph 7,a7 by ! p]c5tage increase 9 ! ,consum] ,price ,index = all urban consum]s publi%$ by ! ,dep>tm5t ( ,labor4 7,c7 ,treatm5t ( capital contributions ,! ,res]ve-- 7i7 %all ma9ta9 sep>ate acc\nts = ! capital contributions ( ea* alli$ c\ntry t provides su* contributions "u subp>agraph 7,a72 7ii7 %all n comm+le ! capital contributions ( any alli$ c\ntry ) any o!r alli$ c\ntry or ! funds ( ! ,res]ve2 7iii7 may return su* capital contributions to ! alli$ c\ntry at any "t1 )\t obligation or p5alty1 or "u su* o!r t]ms & conditions z agre$ to by ! ,res]ve & ! alli$ c\ntry2 & 7iv7 may n gu>antee ! repaym5t ( su* capital contributions to an alli$ c\ntry4 7,d7 ,loans made ) alli$ co-inve/m5t funds ,loans made "u p>agraph 7#a7 ) capital contributions "u subp>agraph 7,a7 %all be made 9 ! same mann] z loans made "u p>agraph 7#a7 ) funds ( ! ,res]ve4 7,e7 ,int]national ,advisory ,c\ncil 7i7 ,9 g5]al ,! ,res]ve may e/abli% an ,int]national ,advisory ,c\ncil ( ,allies compris$ (-- 7,i7 ! ,vice-,*airman ( ! ,bo>d1 :o %all be ! head ( ! ,c\ncil2 & 7,,ii7 "o repres5tative f ea* alli$ c\ntry t makes a capital contribution "u subp>agraph 7,a74 7ii7 ,consultation ,! ,int]national ,advisory ,c\ncil %all1 at ! reque/ ( ! ,res]ve1 advise ! ,res]ve on loans made ) capital contributions "u subp>agraph 7,a74 7#f7 ,applicability ( ,f$]al ,cr$it ,re=m ,act ( #aiij ,loans made "u p>agraph 7#a7 %all be subject to ! requirem5ts ( ! ,f$]al ,cr$it ,re=m ,act ( #aiij 7#b ,u4,s4,c4 #ffa1 et seq474 #f4 ,au?oriz$ m>ket mak]s 7a7 ,9 g5]al ,au?oriz$ m>ket mak]s %all act on critical m9]als & mat]ials pur*ase directives issu$ by ! ,res]ve & provide critical m9]als & mat]ials m>ket data & insights back to ! ,res]ve4 7b7 ,lic5s+ ( au?oriz$ m>ket mak]s 7#a7 ,9 g5]al ,! ,bo>d %all lic5se au?oriz$ m>ket mak]s 9 accordance ) ?is section4 7#b7 ,initial lic5s+ ,n lat] ?an #bgj days aft] ! date ( ! enactm5t ( ?is ,act1 ! ,bo>d %all lic5se n few] ?an #e au?oriz$ m>ket mak]s1 ( :i* at lea/ #b %all be small bus9esses4 7#c7 ,maximum numb] ( lic5s$ au?oriz$ m>ket mak]s ,!re may n be m ?an #e au?oriz$ m>ket mak]s at a giv5 "t4 7#d7 ,small bus9ess requirem5t ,n less ?an #b ( ! fir/ #d au?oriz$ m>ket mak]s lic5s$ "u ?is section %all be small bus9esses ) appropriate exp]i5ce trad+ & op]at+ 9 critical m9]al & mat]ial m>kets4 7#e7 ,duration ( lic5se 7,a7 ,9 g5]al ,except z provid$ = 9 subp>agraph 7,c71 an au?oriz$ m>ket mak] lic5s$ "u ?is section %all be lic5s$ = #e ye>s4 7,b7 ,r5ewal ,an au?oriz$ m>ket mak] may submit to ! ,bo>d an application = r5ewal ( ! lic5se ( ! au?oriz$ m>ket mak]4 7,c7 ,rescission ,! ,bo>d %all h sole au?ority to revoke ! lic5se ( an au?oriz$ m>ket mak] if ! ,bo>d det]m9es t ! au?oriz$ m>ket mak]-- 7i7 is n eligible to be lic5s$ z an au?oriz$ m>ket mak] "u subsection 7c72 or 7ii7 is n 9 compliance ) ?is ,act4 7c7 ,eligibility2 application ,to be eligible to be lic5s$ z an au?oriz$ m>ket mak] "u ?is section1 an entity %all-- 7#a7 be a private company t is a dome/ically domicil$ corporation2 7#b7 submit to ! ,bo>d an application 9 su* =m1 at su* "t1 & conta9+ su* in=mation z ! ,bo>d det]m9es appropriate2 7#c7 h demon/rat$ exp]i5ce & exp]tise among/ ! own]%ip & active lead]%ip ( su* private company suffici5t to accompli% ! au?oriz$ m>ket mak] role1 includ+-- 7,a7 commitm5t to ! national security ( ! ,unit$ ,/ates2 7,b7 exp]tise ) respect to m ?an #a critical m9]al or mat]ial2 7,c7 exp]tise ) respect to capital managem5t1 commodities trad+1 or f9ance2 & 7,d7 commitm5t to due dilig5ce2 & 7#d7 n h any own]%ip or managem5t influ5c$ by a =eign entity ( conc]n or a citiz5 ( a =eign entity ( conc]n1 includ+ any entities affiliat$ ) ! private company or ! own]%ip ( ! private company4 7d7 ,cl>ification ( receipt ( ,f$]al funds ,:e!r an au?oriz$ m>ket mak] receives ,f$]al funds pursuant to ano!r provision ( law %all n be us$ to det]m9e :e!r ! au?oriz$ m>ket mak] is eligible to receive funds f ! ,res]ve4 #g4 ,report 7a7 ,9 g5]al ,! ,bo>d %all annually submit to ! ,presid5t1 ! ,comptroll] ,g5]al ( ! ,unit$ ,/ates1 ! ,director ( ! ,unit$ ,/ates ,(fice ( ,managem5t & ,budget1 ! ,speak] ( ! ,h\se ( ,repres5tatives & ! ,presid5t ( ! ,s5ate1 & ! ,speak] ( ! ,h\se ( ,repres5tatives & ! ,presid5t ( ! ,s5ate %all di/ribute to ,congress1 a report reg>d+ ! op]ations ( ! ,res]ve dur+ ! prec$+ ye>4 7b7 ,cont5ts ,ea* report requir$ "u subsection 7a7-- 7#a7 %all include-- 7,a7 in=mation reg>d+ ! adm9i/ration ( ! functions ( ! ,bo>d1 includ+ recomm5dations ! ,bo>d det]m9es appropriate2 7,b7 ! assessm5t ( ! ,bo>d ( ! ext5t to :i* compliance ) ! requirem5ts ( ?is ,act has be5 a*iev$2 7,c7 any *anges to ! maximum numb] ( lic5s$ au?oriz$ m>ket mak]s "u section #f7;b77#c7 t ! ,bo>d recomm5ds2 & 7,d7 a summ>y ( ! loans made by ! ,bo>d to au?oriz$ m>ket mak]s dur+ ! prec$+ ye>2 & 7#b7 may n be made publicly available4 #h4 ,def9itions ,9 ?is ,act3 7#a7 ,all-9 su/a9+ co/ ,! t]m all-9 su/a9+ co/ means ! co/ to keep a produc] ( a critical m9]al or mat]ial 9 bus9ess1 express$ 9 t]ms ( ! co/ p] unit ( payable production t c be readily comp>$ to ! relevant commodity price4 7#b7 ,alli$ ,! t]m alli$1 ) respect to ! m>kets or produc]s ( a c\ntry1 means ! m>ket or any produc] (-- 7,a7 a c\ntry ) :i* ! ,unit$ ,/ates has ent]$ into a mutual def5se treaty or o!r mutual def5se agreem5t2 7,b7 a c\ntry t is recogniz$ by ! ,secret>y ( ,/ate & ! ,secret>y ( ,def5se z a /rategic p>tn] due to an e/abli%$ bilat]al agreem5t t emphasizes mutual int]e/s 9 security1 def5se1 & critical m9]al supply *a9s1 includ+ c\ntries designat$ "u ,unit$ ,/ates /rategic frameworks & agreem5ts2 7,c7 a c\ntry ) :i* ! ,unit$ ,/ates has ent]$ into a compreh5sive economic & trade agreem5t t includes provisions = ! collaboration on critical m9]al res\rces & to safegu>d supply *a9s critical to national security & economic /ability2 7,d7 a c\ntry ) :i* ! ,unit$ ,/ates ,geologic ,survey has a memor&um ( und]/&+ conc]n+ sci5tific & te*nical coop]ation 9 e>? sci5ces2 or 7,e7 a c\ntry ) :i* ! ,unit$ ,/ates ,dep>tm5t ( ,/ate is work+ to advance a critical m9]al project "u a p>tn]%ip = global infra/ructure & inve/m5t4 7#c7 ,at-risk ,,cmm ,! t]m at-risk ,,cmm means a critical m9]al or mat]ial t requires1 accord+ to ! purposes & m&ate ( ! ,res]ve1 support )9 dome/ic & alli$ m>kets4 7#d7 ,au?oriz$ m>ket mak] ,! t]m au?oriz$ m>ket mak] means an entity t is lic5s$ by ! ,res]ve "u section #f to fulfill ! purposes & m&ate ( ! ,res]ve 9 ! m>ketplace4 7#e7 ,bo>d ,! t]m ,bo>d means ! ,bo>d ( ,gov]nors ( ! ,res]ve4 7#f7 ,*airman ,! t]m ,*airman means ! ,*airman ( ! ,bo>d4 7#g7 ,cov]$ nation ,! t]m cov]$ nation has ! mean+ giv5 ! t]m 9 section #becc;c7d7 ( title #aj1 ,unit$ ,/ates ,code4 7#h7 ,critical m9]al & mat]ial2 critical m9]al or mat]ial ,! t]ms critical m9]al & mat]ial & critical m9]al or mat]ial mean a m9]al & mat]ial or m9]al or mat]ial1 z applicable1 includ$ 9 ! li/ ( critical m9]als & mat]ials e/abli%$ by ! ,res]ve "u section #c7;d74 7#i7 ,dep5d5ce rate ,! t]m dep5d5ce rate means ! portion ( dome/ic end-use consumption ( a critical m9]al or mat]ial t is suppli$ by production by a =eign entity ( conc]n1 9 aggregate4 7#aj7 ,due dilig5ce ,! t]m due dilig5ce means ! degree ( att5tion1 cont9u\s direct$ ef=t1 & timel9ess z may reasonably be expect$ f1 & is ord9>ily ex]cis$ by1 a p]son dur+ a regulatory review p]iod4 7#aa7 ,=eign entity ( conc]n ,! t]m =eign entity ( conc]n has ! mean+ giv5 ! t]m 9 section #djbjg7;a77#e7 ( ! ,infra/ructure ,inve/m5t & ,jobs ,act 7#db ,u4,s4,c4 #ahgda7;a77#e771 except t subp>agraph 7,c7 ( su* section %all be appli$ = purposes ( ?is p>agraph z if x read z foll[s3 7,c7 7i7 own$1 controll$1 direct$1 f9anc$1 or o!rwise influ5c$1 directly or indirectly1 9 :ole or 9 any "p great] ?an #be p]c5t1 by ! gov]nm5t ( a =eign c\ntry t is a cov]$ nation 7z def9$ 9 section #becc;c ( title #aj1 ,unit$ ,/ates ,code72 or 7ii7 o!rwise subject to ! jurisdiction or direction ( a gov]nm5t ( a =eign c\ntry t is a cov]$ nation4 4 7#ab7 ,,prc ,! t]m ,,prc means ! ,p's ,republic ( ,*9a4 7#ac7 ,production rate ,! t]m production rate means ! portion ( dome/ic end-use consumption ( a critical m9]al or mat]ial t is suppli$ by dome/ic & alli$ production1 9 aggregate4 7#ad7 ,purposes & m&ate ( ! ,res]ve ,! t]m purposes & m&ate ( ! ,res]ve means ! purposes ( ! ,res]ve describ$ 9 section #c7;a77#b7 & ! m&ate ( ! ,res]ve describ$ 9 section #c7;b77#a74 7#ae7 ,recycl+ ,! t]m recycl+ means an action or process to conv]t a critical m9]al or mat]ial conta9$ )9 a f9i%$ or semi-f9i%$ product into a =m suitable = repurpos+ or reuse ( su* critical m9]al or mat]ial4 7#af7 ,repurpos+ ,! t]m repurpos+ means any op]ation t results1 9 :ole or 9 "p1 9 a critical m9]al or mat]ial be+ us$ = a diff]5t purpose or application ?an ! "o = :i* ! critical m9]al or mat]ial1 or ! product ! critical m9]al or mat]ial is manufactur$ into1 0 orig9ally int5d$4 7#ag7 ,res]ve ,! t]m ,res]ve means ! ,critical ,m9]al ,res]ve ( ! ,unit$ ,/ates e/abli%$ by section #c7;a74 7#ah7 ,reuse ,! t]m reuse means ! complete or p>tial direct reuse ( a critical m9]al or mat]ial = ! orig9al purpose = :i* x 0 int5d$4 7#ai7 ,small bus9ess ,! t]m small bus9ess has ! mean+ giv5 ! t]m small bus9ess conc]n "u section #c ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcb74 7#bj7 ,tribe ,! t]m ,tribe has ! mean+ giv5 ! t]m ,indian ,tribe 9 section #d7;e7 ( ! ,indian ,self-,det]m9ation & ,education ,assi/ance ,act 7#be ,u4,s4,c4 #ecjd7;e774 7#ba7 ,vice-,*airman ,! t]m ,vice-,*airman means ! ,vice-,*airman ( ! ,bo>d4