,,ii #aaith ,,congress #b;d ,session ,s4 #cfei ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,january #ae1 #bjbf,mrs4 ,shaheen 7for herself1 ,mr4 ,young1 ,mr4 ,rounds1 and ,ms4 ,cortez ,masto7 introduced the following bill2 which was read twice and referred to the ,committee on ,energy and ,natural ,resources ,a ,,bill ,to establish a ,strategic ,resilience ,reserve of the ,united ,states1 and for other purposes4 #a4 ,short title2 table of contents 7a7 ,short title ,this ,act may be cited as the ,securing ,essential and ,critical ,u4,s4 ,resources and ,elements ,minerals ,act of #bjbf or the ,,secure ,minerals ,act of #bjbf4 7b7 ,table of contents ,the table of contents for this ,act is as follows3 ,sec4 #a4 ,short title2 table of contents4,sec4 #b4 ,findings4,sec4 #c4 ,definitions4,,title ,i--,establishment and ,board of ,governors,sec4 #aja4 ,establishment4,sec4 #ajb4 ,board of governors4,,title ,,ii--,duties and authorities of the ,reserve,sec4 #bja4 ,general authorities4,sec4 #bjb4 ,identification of eligible critical minerals and materials4,sec4 #bjc4 ,data collection4,sec4 #bjd4 ,critical mineral and material market risk and vulnerability assessment4,sec4 #bje4 ,production standards4,sec4 #bjf4 ,financing and acquisition of critical minerals or materials4,sec4 #bjg4 ,sale of critical minerals or materials4,,title ,,iii--,administrative provisions,sec4 #cja4 ,corporate powers4,sec4 #cjb4 ,records and accounts4,,title ,,iv--,oversight and accountability,sec4 #dja4 ,risk and audit committees4,sec4 #djb4 ,annual audit and comptroller review4,sec4 #djc4 ,reporting and transparency4 #b4 ,findings ,congress finds that-- 7#a7 critical minerals and materials are essential to the ongoing economic and national security of the ,united ,states1 playing a vital role in the manufacturing1 transportation1 medical1 technology1 defense1 and energy sectors2 7#b7 the global demand for critical minerals and materials has been rapidly increasing due to advancements in technology1 whether defense1 dual-use1 or commercial1 and the increasing adoption of renewable energy sources and next-generation automotive systems1 all of which rely heavily on critical minerals and materials for the production of batteries1 solar panels1 wind turbines1 high-speed computing1 advanced magnetic systems1 and other high-tech applications2 7#c7 the ,people's ,republic of ,china-- 7,a7 currently controls a significant portion of the global supply chain for critical minerals and materials through extensive mining1 integrated midstream operations1 significant domestic subsidies and incentives1 and strategic investments in resource-rich countries1 dominating the global market infrastructure for critical minerals and materials and enhancing the ability of the ,people's ,republic of ,china to manipulate pricing to the detriment of competitors2 7,b7 centrally controls its dominant market share across multiple critical mineral vertical markets1 preventing fair competition and hindering the ability of ,united ,states firms and firms in partner countries to innovate and scale production2 7,c7 predatorily leverages its position as sponsor or consumer1 as applicable1 over mining projects globally1 resulting in a dearth of feedstocks to the great detriment of downstream industries1 regions1 and countries1 including the ,united ,states2 7,d7 the integrated operations of which are subservient to the ,chinese state1 is calibrated to weaponize its influence over prices and volumes in the contest for access to critical minerals and materials1 as well as the end-use components and applications produced from critical minerals and materials2 and 7,e7 acts to undercut efforts in the ,united ,states and partner countries to develop alternative sources of supply2 7#d7 producers of critical minerals and materials in the ,united ,states often face artificially low prices set by supply chains controlled by the ,people's ,republic of ,china1 discouraging private investment in domestic extraction and processing2 7#e7 the lack of transparent1 competitive1 and market-driven pricing mechanisms for critical minerals and materials outside of the ,people's ,republic of ,china compounds market problems1 creating systemic risk and limiting the viability of an independent supply chain for critical minerals and materials in the ,united ,states2 7#f7 the ,united ,states is heavily reliant on imports for many of the most critical minerals and materials1 including rare earth elements1 making the ,united ,states vulnerable to supply disruptions1 geopolitical tensions1 and economic manipulation by countries that dominate the market1 specifically the ,people's ,republic of ,china2 7#g7 the vulnerabilities to the ,united ,states defense industrial base posed by reliance on imports of critical minerals and materials are significant1 and given the long lead times for investments in both mining and processing of critical minerals1 domestic critical minerals production projects are particularly susceptible to price shocks induced by the ,people's ,republic of ,china1 which can depress critical mineral prices for an extended period2 7#h7 increasing domestic primary feedstock production1 processing1 conversion1 recycling1 reuse1 and repurposing to advanced materials and products1 as well as increasing alternative market supply in partner countries1 are imperative to reduce the impact of market manipulation by foreign state actors1 such as the ,people's ,republic of ,china2 7#i7 the ,united ,states must ensure that a stable and secure supply chain of essential resources is available to our domestic innovation and manufacturing ecosystems2 7#aj7 sustainable and responsible corporate behavior in the direct operations of companies and across their global value chains is important to ensuring a resilient domestic critical minerals supply2 7#aa7 investments in domestic extraction and processing infrastructure1 as well as reuse1 repurposing1 and recycling1 are necessary to build a resilient and diversified supply chain for critical minerals and materials1 supporting the economic growth and national security interests of the ,united ,states2 and 7#ab7 government support to develop and ensure the integrity of ,western and partner country markets for critical minerals and materials as a countermeasure against the anti-competitive tactics of the ,people's ,republic of ,china and the supply chain co-collaborators of the ,people's ,republic of ,china will fill the most acute strategic gap1 which cannot be otherwise achieved by private industry participants acting alone4 #c4 ,definitions ,in this ,act3 7#a7 ,appropriate congressional committees ,the term appropriate congressional committees means-- 7,a7 the ,committee on ,agriculture1 ,nutrition1 and ,forestry of the ,senate2 7,b7 the ,committee on ,agriculture of the ,house of ,representatives2 7,c7 the ,committee on ,armed ,services of the ,senate2 7,d7 the ,committee on ,armed ,services of the ,house of ,representatives2 7,e7 the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate2 7,f7 the ,committee on ,financial ,services of the ,house of ,representatives2 7,g7 the ,committee on ,commerce1 ,science1 and ,transportation of the ,senate2 7,h7 the ,committee on ,energy and ,commerce of the ,house of ,representatives2 7,i7 the ,committee on ,energy and ,natural ,resources of the ,senate2 7,j7 the ,committee on ,natural ,resources of the ,house of ,representatives2 7,k7 the ,committee on ,foreign ,relations of the ,senate2 and 7,l7 the ,committee on ,foreign ,affairs of the ,house of ,representatives4 7#b7 ,authorized intermediary ,the term authorized intermediary means an entity that-- 7,a7 is a private entity2 7,b7 has expertise in more than #a critical mineral or material2 7,c7 has expertise in commodities trading1 market making1 capital management1 or finance2 7,d7 does not have any management influenced by a foreign entity of concern or a citizen of a covered country1 including any entities affiliated with the private entity or the ownership of the private entity2 7,e7 is not owned1 controlled1 directed1 financed1 or otherwise influenced1 directly or indirectly1 in whole or in any part greater than #be percent1 by a foreign entity of concern1 a citizen of a covered country1 or the government of a covered country2 and 7,f7 has been approved to be an authorized intermediary by the ,board4 7#c7 ,board ,the term ,board means the board of governors of the ,reserve established by section #ajb7;a74 7#d7 ,chairperson ,the term ,chairperson means the ,chairperson of the ,board4 7#e7 ,covered country ,the term covered country means a country that-- 7,a7 is a covered nation 7as defined in section #dhgb7;f7 of title #aj1 ,united ,states ,code72 or 7,b7 the ,secretary of ,energy1 in consultation with the ,secretary of ,defense1 the ,secretary of ,state1 and the ,director of ,national ,intelligence1 determines to be engaged in conduct that is detrimental to the national security or foreign policy of the ,united ,states4 7#f7 ,critical mineral or material ,the term critical mineral or material means mineral or material included in the list of eligible critical minerals and materials established by the ,reserve under section #bjb7;a74 7#g7 ,dependence rate ,the term dependence rate means the percentage of domestic end-use consumption of a critical mineral or material that is supplied by production by a foreign entity of concern or in a covered country1 in aggregate4 7#h7 ,foreign entity of concern ,the term foreign entity of concern means a foreign entity that-- 7,a7 meets the requirements described in subparagraphs 7,a71 7,b71 7,d71 or 7,e7 of section #ajfch7c7 of the ,research and ,development1 ,competition1 and ,innovation ,act 7#db ,u4,s4,c4 #aibcg7c772 or 7,b7 7i7 is owned1 controlled1 directed1 financed1 or otherwise influenced1 directly or indirectly1 in whole or in any part greater than #be percent1 by the government of a foreign country that is a covered country2 or 7ii7 is otherwise subject to the jurisdiction or direction of a government of a covered country2 7#i7 ,partner country ,the term partner country means-- 7,a7 a member country of the ,north ,atlantic ,treaty ,organization2 7,b7 a country that has been designated as a major non-,,nato ally under section #eag of the ,foreign ,assistance ,act of #aifa 7#bb ,u4,s4,c4 #bcbak72 or 7,c7 a foreign country1 including any market or any producer in a foreign country-- 7i7 with which the ,united ,states has entered into a mutual defense treaty or other mutual defense agreement1 but not including ,venezuela2 7ii7 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 mutual interests in security1 defense1 and critical mineral supply chains1 including countries designated under ,united ,states strategic frameworks and agreements2 7iii7 with which the ,united ,states has entered into a comprehensive economic and trade agreement that includes provisions for the collaboration on critical mineral resources and to safeguard supply chains critical to national security and economic stability2 7iv7 with which the ,united ,states ,geological ,survey has in effect a memorandum of understanding concerning scientific and technical cooperation in earth sciences1 unless that country is a covered country2 or 7v7 with which the ,department of ,state1 the ,united ,states ,international ,development ,finance ,corporation1 the ,export-,import ,bank of the ,united ,states1 or the ,united ,states ,trade and ,development ,agency is working to advance an active critical mineral project4 7#aj7 ,production rate ,the term production 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 aggregate4 7#aa7 ,purposes of the ,reserve ,the term purposes of the ,reserve means the purposes of the ,reserve described in section #aja7;b74 7#ab7 ,recycle ,the term recycle means an action or process to convert a critical mineral or material contained within a finished or semi-finished product into a form suitable for repurposing or reuse of the critical mineral or material4 7#ac7 ,repurpose ,the term repurpose means any operation that results1 in whole or in part1 in a critical mineral or material being used for a different purpose or application than the purpose or application for which the critical mineral or material1 or the product into which the critical mineral or material is manufactured into1 was originally intended4 7#ad7 ,reserve ,the term ,reserve means the ,strategic ,resilience ,reserve ,corporation of the ,united ,states established by section #aja7;a77#a74 7#ae7 ,reuse ,the term reuse means the complete or partial direct use of a critical mineral or material after use for the original purposes for which the critical mineral or material was intended4 7#af7 ,vice-chairperson ,the term ,vice-chairperson means the ,vice-chairperson of the ,board4 ,i ,establishment and ,board of ,governors #aja4 ,establishment 7a7 ,entity formation 7#a7 ,in general ,there is established a wholly owned government corporation1 to be known as the ,strategic ,resilience ,reserve ,corporation of the ,united ,states4 7#b7 ,conforming amendment ,section #iaja7c7 of title #ca1 ,united ,states ,code1 is amended by adding at the end the following3 7,q7 the ,strategic ,resilience ,reserve ,corporation of the ,united ,states4 4 7b7 ,purposes ,the purposes of the ,reserve are-- 7#a7 to support a free1 fair1 and competitive market for critical minerals and materials in which domestic and partner country producers and processors can compete and innovate2 7#b7 to support domestic and partner country production1 extraction1 processing1 refining1 reuse1 repurposing1 and recycling of1 and capabilities and infrastructure with respect to1 critical minerals and materials2 7#c7 to support and protect stable and economically sustainable prices of critical minerals and materials1 including price levels consistent with competitive market economies and reliable supply2 7#d7 to support responsible production of critical minerals and materials with respect to standards for transparency1 environmental1 and labor practices1 and to ensure a competitive market for producers meeting those standards2 7#e7 to assist in maintaining balanced and adequate supplies of critical minerals and materials to the ,united ,states1 as determined by the ,board2 7#f7 to the maximum extent practicable1 to ensure that1 at each stage of the supply chain-- 7,a7 the production rate of each critical mineral or material is equal to or greater than a percentage determined to be reasonable by the ,board1 in coordination with appropriate ,federal agencies1 but not less than #be percent2 and 7,b7 the dependence rate for each critical mineral or material is equal to or less than a percentage determined to be reasonable by the ,board1 in coordination with appropriate ,federal agencies1 but not less than #ge percent2 7#g7 to prioritize-- 7,a7 domestic projects and supply chains1 including processing capacity1 for critical minerals and materials2 7,b7 projects that-- 7i7 recycle1 reuse1 or repurpose critical minerals or materials2 or 7ii7 extract or produce critical minerals or materials from mine or industrial waste1 including mining tailings1 industrial waste1 or non-conventional waste streams2 and 7,c7 projects for critical minerals or materials the dependence rate of which is #ajj percent2 and 7#h7 to ensure the efficient use of government funds to support critical mineral and material projects and1 to the maximum extent practicable1 ensure fair returns to taxpayers and investments made by the ,reserve4 7c7 ,authorization of appropriations ,there is authorized to be appropriated to the ,reserve to carry out the requirements of this ,act #b1ejj1jjj1jjj1 to remain available until expended4 #ajb4 ,board of governors 7a7 ,membership 7#a7 ,appointment 7,a7 ,in general ,the ,reserve shall have a board of governors consisting of #g voting members appointed by the ,president1 by and with the advice and consent of the ,senate4 7,b7 ,chairperson and ,vice-chairperson ,the ,president shall designate1 by and with the advice and consent of the ,senate-- 7i7 #a member of the ,board to serve as ,chairperson1 for a term of #d years2 and 7ii7 #a member of the ,board to serve as ,vice-chairperson1 for a term of #d years1 and who shall serve as ,chairperson in the absence or vacancy of the ,chairperson4 7,c7 ,initial appointment ,not later than #ahj days after the date of enactment of this ,act1 the ,president shall appoint each of the #g members of the ,board4 7,d7 ,representation ,the ,president shall carry out this paragraph with due regard for a fair representation of ,tribal1 labor1 environmental1 industrial1 and commercial interests4 7#b7 ,qualifications ,to be eligible to be appointed as a member of the ,board under paragraph 7#a71 an individual-- 7,a7 shall have significant demonstrated expertise in-- 7i7 the business of commodities production1 storage1 or trade1 or the financial sector as it relates to critical minerals or materials2 7ii7 the financing1 development1 or operation of projects related to the manufacturing and commercialization of critical minerals or materials2 7iii7 the demand for1 and usage of1 critical minerals or materials1 including future demand or usage of critical minerals or materials for national security and economic purposes2 7iv7 the recycling1 repurposing1 or reuse of critical minerals2 or 7v7 other experience related to the production and usage of critical minerals and materials1 including expertise in sustainable and responsible production practices1 in the fields of engineering1 logistics1 law1 academia1 research1 or policy2 and 7,b7 may not-- 7i7 have a direct1 or closely indirect1 financial interest in an entity directly involved in the commodities industry or financial sector as it relates to critical minerals or materials2 or 7ii7 have immediate family with a direct financial interest in an entity directly described in clause 7i74 7#c7 ,terms 7,a7 ,in general ,except as otherwise provided in this section1 each member of the ,board shall be appointed for a term of #ad years4 7,b7 ,initial staggered terms ,of the members first appointed to the ,board-- 7i7 #a member each shall be appointed to a term expiring in calendar year #bjbh1 #bjcj1 #bjcb1 #bjcd1 #bjcf1 #bjch1 and #bjdj1 respectively2 and 7ii7 each term shall expire on ,january #ca of the applicable calendar year4 7,c7 ,vacancies ,not later than #ahj days after the date on which a vacancy occurs on the ,board before the expiration of the term for that member1 the ,president1 by and with the advice and consent of the ,senate1 shall appoint a new member of the ,board to fill the vacancy and serve the remainder of that term4 7,d7 ,completion of term 7i7 ,in general ,on expiration of a term for a ,board member1 the applicable ,board member may continue to serve for #a year or until a successor is appointed pursuant to this subsection1 whichever is less4 7ii7 ,chairperson and ,vice-chairperson ,an individual who is appointed to serve a term as the ,chairperson or ,vice-chairperson under paragraph 7#a77;,b7 shall1 after such term ends-- 7,i7 serve as the ,chairperson or ,vice-chairperson1 respectively1 until a successor is appointed pursuant to this subsection2 and 7,,ii7 serve as a member of the ,board for the remainder of the term of such individual in accordance with this paragraph4 7#d7 ,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 #ecad of title #e1 ,united ,states ,code4 7#e7 ,conflicts of interest 7,a7 ,in general ,during the period beginning on the date on which the term of a member of the ,board begins and ending on the date that is #b years after the date on which the term of that member ends1 the member may not hold any direct1 or closely indirect1 financial interest in1 or hold any office1 position1 including in an advisory or consultant position1 or other employment in or with1 any entity receiving or pursuing financial support from the ,reserve4 7,b7 ,opportunity to cure violation 7i7 ,in general ,if the ,comptroller ,general of the ,united ,states finds that an individual described in subparagraph 7,a7 is in violation of that subparagraph1 that individual shall cure the applicable violation by not later than #cj days after the date on which the violation is found4 7ii7 ,requirements to cure ,to cure a violation of subparagraph 7,a71 as required by clause 7i71 the applicable individual shall1 at a minimum-- 7,i7 renounce any pecuniary gain associated with the violation2 and 7,,ii7 terminate each relationship that is the subject of the violation4 7,c7 ,penalty for uncured violation 7i7 ,removal ,if the ,comptroller ,general of the ,united ,states finds that an individual described in subparagraph 7,a7 is in violation of that subparagraph and does not cure the violation in accordance with subparagraph 7,b7 by the date described in clause 7i7 of that subparagraph or1 as applicable1 by the date established by the ,board under subparagraph 7,d71 that individual shall be removed from the ,board4 7ii7 ,applicability of criminal liability 7,i7 ,in general ,a member of the ,board shall be considered to be an officer or employee of the ,executive ,branch for purposes of section #bjg7;a7 of title #ah1 ,united ,states ,code1 and shall be subject to paragraph 7#b7 of that section4 7,,ii7 ,referral ,if the ,comptroller ,general of the ,united ,states makes a finding described in clause 7i7 with respect to an individual described in that clause1 the ,comptroller ,general of the ,united ,states may refer the matter to the ,attorney ,general4 7,d7 ,extension of cure period ,the ,board-- 7i7 may extend the time period provided under subparagraph 7,b77i7 for an individual described in subparagraph 7,a7 to cure a violation of that subparagraph by not more than #ij days2 and 7ii7 shall document the rationale behind any extension granted under clause 7i74 7#f7 ,removal ,except as provided in paragraph #e7;,c77i71 a member of the ,board1 ,chairperson1 and ,vice-chairperson may not be removed from office except by-- 7,a7 impeachment by ,congress2 or 7,b7 the action of the ,president for inefficiency1 neglect of duty1 malfeasance in office1 or incapacity to perform the applicable duties described in this section4 7b7 ,meetings 7#a7 ,open to the public2 notice ,except as provided in paragraph 7#c71 all meetings of the ,board shall be-- 7,a7 open to the public2 and 7,b7 preceded by reasonable public notice4 7#b7 ,frequency ,the ,board shall meet-- 7,a7 not later than #fj days after the date on which all members of the ,board are first appointed2 7,b7 not less frequently than quarterly after the date described in subparagraph 7,a72 and 7,c7 at the call of-- 7i7 the ,chairperson2 or 7ii7 #d or more members of the ,board4 7#c7 ,closed meetings ,the ,board1 by majority vote of the members1 may close a meeting to the public if1 during the meeting1 there is likely to be disclosed proprietary or sensitive information regarding a project under consideration for assistance under this ,act4 7#d7 ,minutes 7,a7 ,in general ,except as provided in subparagraph 7,b71 the minutes of each meeting of the ,board shall be made publicly available as soon as practicable4 7,b7 ,closed meeting minutes ,the minutes for a closed meeting shall be made available-- 7i7 to the appropriate congressional committees not later than #fj days after the date of the closed meeting2 and 7ii7 to the public not later than #c years after the date of the closed meeting1 with any necessary redactions to protect information that remains proprietary or sensitive at the time of publication4 7,c7 ,exemptions from public transparency requirements ,the closed meetings and minutes under this subsection shall-- 7i7 be exempt from disclosure under-- 7,i7 section #eeb of title #e1 ,united ,states ,code 7commonly known as the ,freedom of ,information ,act71 pursuant to subsection 7b77#c7 of that section2 and 7,,ii7 any provision of ,state1 ,tribal1 or local freedom of information law1 open government law1 open meetings law1 open records law1 sunshine law1 or similar law requiring disclosure of information or records2 and 7ii7 not be subject to section #eeb;b of title #e1 ,united ,states ,code 7commonly referred to as the ,government in the ,sunshine ,act74 7#e7 ,quorum #e members of the ,board shall constitute a quorum4 7#f7 ,voting 7,a7 ,in general ,each member of the ,board shall have an equal vote in all decisions of the ,board4 7,b7 ,decisions ,unless otherwise specified1 decisions of the ,board shall be made by majority vote of the members constituting a quorum4 7c7 ,powers and duties of the ,board ,the ,board shall-- 7#a7 not later than #ahj days after the date on which all members of the ,board are appointed-- 7,a7 develop and approve the bylaws of the ,reserve1 including bylaws for the regulation of the affairs and conduct of the business of the ,reserve1 consistent with the purpose1 goals1 objectives1 and policies of this ,act2 7,b7 establish dollar-value thresholds1 not to exceed #b1ejj1jjj1 above which transactions and loans made by the ,reserve will require approval of the ,board2 7,c7 establish committees required by this ,act composed solely of members of the ,board1 as the ,board determines to be appropriate2 7,d7 develop and approve a conflict-of-interest policy for the ,board and employees of the ,reserve1 including-- 7i7 establishing compensation levels for employees of the ,reserve1 not to exceed #aej1jjj initially 7but which may be adjusted for inflation71 above which employees of the ,reserve shall be limited with regard to future employment at and compensation from entities receiving financial support from the ,reserve1 for a period not to exceed the date that is #b years after the date on which employment with the ,reserve ends2 and 7ii7 establishing penalties for violations1 including monetary penalties1 that1 for violations of the limitations described in clause 7i71 may be based on the higher of-- 7,i7 the current compensation of the employee2 and 7,,ii7 the total compensation from entities receiving financial support from the ,reserve2 7,e7 approve or disapprove internal policies that the ,chairperson shall submit to the ,board1 including-- 7i7 policies and procedures regarding the approval of authorized intermediaries2 7ii7 policies and procedures regarding the project application and approval process2 7iii7 policies and procedures regarding the acquisition and sale of critical minerals and materials sufficient to ensure fair access to transactions with the ,reserve and effective use of capital of the ,reserve2 7iv7 policies and procedures regarding financing1 acquisition1 and sale to raise global production standards for critical minerals and materials that minimize environmental damage1 prevent forced labor use1 and ensure a more competitive market for producers in countries with stronger standards2 and 7v7 operational guidelines2 and 7,f7 approve or disapprove a #a-year business plan and budget for the ,reserve2 7#b7 ensure that the ,reserve is operated in a manner that is consistent with this ,act by-- 7,a7 monitoring and assessing the effectiveness of the ,reserve in achieving the purposes of the ,reserve2 7,b7 reviewing and approving internal policies1 annual business plans1 annual budgets1 and long-term strategies submitted by the ,chairperson2 7,c7 reviewing and approving annual reports submitted by the ,chairperson2 7,d7 engaging #a or more external auditors2 and 7,e7 reviewing and approving all changes to the organization of the ,reserve2 7#c7 appoint and fix1 by a vote of not fewer than #e of the #g members of the ,board1 and without regard to the provisions of chapter #ea and subchapter ,,iii of chapter #ec of title #e1 ,united ,states ,code1 the compensation and adjustments to compensation of all personnel of the ,reserve1 subject to the condition that in appointing and fixing any compensation or adjustments to compensation under this paragraph1 the ,board shall-- 7,a7 consult with1 and seek to maintain comparability with1 other comparable ,federal personnel1 as the ,board may determine to be appropriate2 7,b7 consult with the ,office of ,personnel ,management2 and 7,c7 carry out those duties consistent with merit principles1 where applicable1 as well as the education1 experience1 level of responsibility1 geographic differences1 comparability to private sector positions1 and retention and recruitment needs of the ,reserve in determining compensation of personnel2 7#d7 approve by a vote of not fewer than #e of the #g members of the ,board-- 7,a7 any changes to the bylaws or internal policies of the ,reserve2 and 7,b7 any equity investments and accompanying documentation made under section #bjf7;b77#d72 7#e7 have the authority and responsibility-- 7,a7 to oversee entering into and carrying out contracts1 leases1 cooperative agreements1 or other transactions as are necessary to carry out this ,act2 7,b7 to approve of the acquisition1 lease1 pledge1 exchange1 and disposal of real and personal property by the ,reserve and otherwise approve the exercise by the ,reserve of all of the usual incidents of ownership of property1 to the extent that the exercise of those powers is appropriate to and consistent with the purposes of the ,reserve2 7,c7 to determine the character of1 and the necessity for1 the obligations and expenditures of the ,reserve1 and the manner in which the obligations and expenditures will be incurred1 allowed1 and paid1 subject to this ,act and ,federal law specifically applicable to wholly owned government corporations2 7,d7 to execute or approve1 in accordance with applicable bylaws and regulations1 appropriate financial instruments2 7,e7 to approve other forms of credit enhancement that the ,reserve may provide to projects1 subject to the condition that the forms of credit enhancements shall be consistent with the purposes of this ,act2 7,f7 to exercise all other lawful powers that are necessary or appropriate to carry out1 and are consistent with1 the purposes of the ,reserve2 7,g7 to sue or be sued in the corporate capacity of the ,reserve in any court of competent jurisdiction2 7,h7 to indemnify and hold harmless the members of the ,board for any liabilities arising out of the actions of the members acting in that capacity1 in accordance with1 and subject to the limitations under1 this ,act2 7,i7 to enter into binding commitments1 as specified in approved financial assistance packages2 and 7,j7 to determine whether-- 7i7 to obtain a lien on the assets of an entity that receives assistance under this ,act2 and 7ii7 to subordinate a lien under clause 7i7 to any other lien securing project obligations2 and 7#f7 establish the risk and audit committees described in section #dja4 ,,ii ,duties and authorities of the ,reserve #bja4 ,general authorities ,to the extent necessary to develop1 operate1 or maintain the ,reserve1 the ,reserve may-- 7#a7 issue rules1 regulations1 or orders2 7#b7 acquire by purchase land or interests in land for the location of storage and related facilities2 7#c7 construct1 purchase1 lease1 or otherwise acquire storage and related facilities2 7#d7 use1 lease1 maintain1 sell1 or otherwise dispose of land or interests in land1 or of storage and related facilities acquired under this ,act1 under such terms and conditions as the ,board considers necessary or appropriate2 7#e7 acquire1 subject to the requirements of this ,act1 by purchase1 exchange1 or otherwise1 critical minerals or materials for storage2 7#f7 store critical minerals or materials in storage facilities owned and controlled by the ,united ,states or in storage facilities owned by authorized intermediaries if the ,reserve has sufficient contractual certainty of access to the critical minerals and materials and those facilities are subject to audit by the ,united ,states2 7#g7 execute contracts with private entities for the storage of critical minerals and materials at storage facilities owned by private entities if the ,reserve has sufficient contractual certainty of access to those critical minerals and materials and those facilities are subject to audit by the ,united ,states2 7#h7 partner with private sector1 academia1 and ,federal agencies to further the purposes of the ,reserve1 including to advance the development and commercialization of responsible reuse and recycling processes for critical minerals and materials2 and 7#i7 execute any contracts necessary to develop1 operate1 or maintain the ,reserve4 #bjb4 ,identification of eligible critical minerals and materials 7a7 ,eligible critical minerals and materials list ,subject to subsections 7b71 7c71 and 7d71 the ,reserve1 in consultation with the heads of ,federal departments and agencies described in section #bjc7f71 shall establish1 and thereafter maintain1 a list of critical minerals and materials eligible for financing or acquisition support described in section #bjf4 7b7 ,requirements 7#a7 ,establishment ,a mineral or material may only be included on the list of eligible critical minerals and materials established under subsection 7a7 if-- 7,a7 the mineral or material is-- 7i7 included on the list of critical minerals published by the ,united ,states ,geological ,survey pursuant to section #gjjb7;c7 of the ,energy ,act of #bjbj 7#cj ,u4,s4,c4 #afjf7;c772 7ii7 included on the list of critical materials published by the ,department of ,energy pursuant to section #gjjb7;a7 of the ,energy ,act of #bjbj 7#cj ,u4,s4,c4 #afjf7;a772 or 7iii7 a material of interest designated by the ,director of the ,defense ,logistics ,agency2 and 7,b7 the ,reserve determines that the mineral or material-- 7i7 is a non-fuel mineral or material2 7ii7 has a vulnerable or highly concentrated supply chain2 and 7iii7 is necessary-- 7,i7 for the national defense and national security requirements of the ,united ,states2 7,,ii7 for the energy infrastructure of the ,united ,states1 including-- 7aa7 pipelines2 7bb7 refining capacity2 7cc7 electrical power generation1 storage1 transmission1 and distribution2 7dd7 renewable energy production2 and 7ee7 energy storage2 7,,iii7 to support domestic manufacturing1 agriculture1 housing1 telecommunications1 health care1 or transportation and transportation infrastructure2 or 7,,iv7 for the economic security of the ,united ,states4 7#b7 ,modifications 7,a7 ,additions ,after the list of eligible critical minerals and materials is established under paragraph 7#a71 the ,reserve may add a mineral or material to the list of eligible critical minerals and materials maintained under subsection 7a7 if1 after the date that the most recent list is published under subsection 7e77#a7-- 7i7 the mineral or material-- 7,i7 is included on the most recently published list of critical minerals published by the ,united ,states ,geological ,survey pursuant to section #gjjb7;c7 of the ,energy ,act of #bjbj 7#cj ,u4,s4,c4 #afjf7;c772 7,,ii7 is included on the most recently published list of critical materials published by the ,department of ,energy pursuant to section #gjjb7;a7 of the ,energy ,act of #bjbj 7#cj ,u4,s4,c4 #afjf7;a772 or 7,,iii7 a material of interest designated by the ,director of the ,defense ,logistics ,agency2 and 7ii7 the ,reserve determines that the mineral or material meets the requirements described in paragraph 7#a77;,b74 7,b7 ,removals ,after the list of eligible critical minerals and materials is established under paragraph 7#a71 the ,reserve shall remove a mineral or material from the list of eligible critical minerals and materials maintained under subsection 7a7 if-- 7i7 the mineral or material1 as of the date on which the list is published under subsection 7e77#a7-- 7,i7 has not been included on a list of critical minerals published by the ,united ,states ,geological ,survey pursuant to section #gjjb7;c7 of the ,energy ,act of #bjbj 7#cj ,u4,s4,c4 #afjf7;c77 for a period of at least #c years2 7,,ii7 has not been included on a list of critical materials published by the ,department of ,energy pursuant to section #gjjb7;a7 of the ,energy ,act of #bjbj 7#cj ,u4,s4,c4 #afjf7;a77 for a period of at least #c years2 or 7,,iii7 has not been designated as a material of interest by the ,director of the ,defense ,logistics ,agency for a period of at least #c years2 or 7ii7 the ,reserve determines that the mineral or material no longer meets the requirements described in paragraph 7#a77;,b74 7c7 ,considerations ,in establishing and maintaining the list of eligible critical minerals and materials under subsection 7a71 the ,reserve shall consider-- 7#a7 the results of any assessments conducted under sections #bjd and #bje2 7#b7 the existing market infrastructure and financial environment for a given critical mineral or material1 especially domestically or in partner countries2 7#c7 the substitutability of1 and projected demand for1 a given critical mineral or material2 and 7#d7 other information the ,reserve determines necessary to achieve the purposes of the ,reserve4 7d7 ,exclusions ,a mineral or material may not be included on the list of eligible critical minerals and materials established and maintained under subsection 7a7 if the mineral or material is-- 7#a7 oil1 oil shale1 natural gas1 coal1 or uranium2 7#b7 water1 ice1 or snow2 or 7#c7 a common variety1 as determined by the ,board1 of sand1 gravel1 stone1 pumice1 cinders1 or clay4 7e7 ,update 7#a7 ,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 7a74 7#b7 ,requirement ,in carrying out paragraph 7#a71 the ,reserve shall separately publish a list of minerals and materials-- 7,a7 previously included on a list published under paragraph 7#a7 but were removed within the previous #c years2 and 7,b7 not included in the list published under paragraph 7#a7 but with respect to which the ,reserve has an active position1 contract1 or transaction4 #bjc4 ,data collection ,there is established within the ,reserve a division1 to be known as the ,division of ,data ,collection1 which1 to the extent practicable1 shall-- 7#a7 be led by a ,director selected by the ,board2 7#b7 develop and maintain a proprietary dataset sufficient to ensure the thorough analysis of global critical minerals and materials markets2 7#c7 collect and maintain sufficient datasets1 including data comprising global1 domestic1 and partner country markets and1 to the extent possible1 data derived from individual critical mineral and material projects1 to inform and estimate-- 7,a7 production1 extraction1 infrastructure1 repurposing1 and recycling costs for critical minerals and materials supply chains2 7,b7 collection and recycling rates for critical minerals and materials in domestic and partner country markets2 and 7,c7 the forecast of supply and demand of critical minerals and materials within domestic and partner country markets2 7#d7 collect and maintain-- 7,a7 actual transaction price data for critical minerals and materials in the global market1 including geographic data2 and 7,b7 any other datasets necessary to effectuate such purpose1 including modeled transaction data and datasets produced by or derivative of datasets produced by the ,people's ,republic of ,china2 7#e7 using the most current data collected under paragraphs 7#c7 and 7#d71 support the activities described in sections #bjd and #bjf2 7#f7 consult with relevant heads of ,federal departments and agencies1 including-- 7,a7 the ,secretary of ,agriculture2 7,b7 the ,secretary of ,commerce2 7,c7 the ,secretary of ,defense2 7,d7 the ,secretary of ,energy2 7,e7 the ,secretary of the ,interior2 7,f7 the ,secretary of ,state2 7,g7 the ,secretary of the ,treasury2 7,h7 the ,chief ,executive ,officer of the ,united ,states ,international ,development ,finance ,corporation2 7,i7 the ,director of the ,central ,intelligence ,agency2 7,j7 the ,director of the ,united ,states ,geological ,survey2 7,k7 the ,president of the ,export-,import ,bank of the ,united ,states2 and 7,l7 any other ,federal department or agency head the ,director determines necessary2 7#g7 establish mechanisms when establishing loan terms1 contracts1 and agreements as described in this ,act to collect the necessary data required by this section2 and 7#h7 to the extent practicable1 carry out the responsibilities of this section using existing government data and information4 #bjd4 ,critical mineral and material market risk and vulnerability assessment 7a7 ,establishment ,there is established within the ,reserve a division1 to be known as the ,division of ,risk and ,vulnerability ,evaluation1 which shall-- 7#a7 be led by a ,director selected by the ,board2 7#b7 develop or1 to the extent practicable1 use existing sophisticated models to evaluate threats and risks in critical mineral and material markets across ,united ,states industrial sectors1 including defense1 energy1 agriculture1 transportation1 health1 and emerging technology2 7#c7 maintain a comprehensive database of critical mineral and material price movements1 supply chain vulnerabilities1 production and processing capacities1 and consumption patterns2 7#d7 identify critical dependencies in critical mineral and material markets that could threaten national security or economic stability2 7#e7 assess the potential for geopolitical events1 natural disasters1 technological disruptions1 or market failures to impact commodity markets2 7#f7 develop and implement methodologies for modeling the impact of various critical mineral or material shocks on the ,united ,states economy2 7#g7 assess vulnerabilities1 including price spikes1 supply disruptions1 transportation failures1 export controls1 and financial market disturbances2 7#h7 model the cross-sectoral impacts of critical mineral or material price or supply shocks1 including effects on inflation1 employment1 government finances1 and consumer welfare2 7#i7 assess the specific impact of critical mineral or material disruptions on infrastructure1 national security assets1 and essential services2 and 7#aj7 to the extent practicable1 carry out the responsibilities of this section using existing government data and information4 7b7 ,mandatory risk assessment 7#a7 ,in general ,the ,reserve shall conduct and submit to the appropriate congressional committees1 the ,president1 and the heads of ,federal departments and agencies listed in section #bjc7f7 a biennial comprehensive risk and vulnerability assessment for critical minerals and materials1 which shall include-- 7,a7 identification of specific threats to stable supply and prices2 7,b7 an analysis of current market conditions1 including geographic and ownership concentration of suppliers1 transportation bottlenecks1 and financial vulnerabilities2 7,c7 an evaluation of substitution possibilities and technological alternatives2 and 7,d7 recommendations for risk mitigation strategies4 7#b7 ,form of assessment 7,a7 ,in general ,each assessment required by paragraph 7#a7-- 7i7 shall be submitted in unclassified form2 but 7ii7 may include a classified annex4 7,b7 ,requirement ,any assessments required by paragraph 7#a7 that include a classified annex shall include an unclassified summary4 #bje4 ,production standards ,there is established within the ,reserve a division1 to be known as the ,division of ,production ,standards1 which shall-- 7#a7 be led by a ,director selected by the ,board2 7#b7 develop methodologies for evaluating relative risk in global environmental and labor standards and practices for the production1 extraction1 processing1 reuse1 repurposing1 and recycling of critical minerals and materials1 including transparency1 traceability1 and forced labor risk1 which may include incorporating existing research2 7#c7 conduct periodic risk-based assessments of environmental and labor standards and practices for the production1 extraction1 processing1 reuse1 repurposing1 and recycling of critical minerals and materials in foreign countries producing critical minerals and materials1 and1 to the extent practicable1 significant production projects2 and 7#d7 publish an annual report summarizing the methodologies used and describing the results of the most recent assessments conducted under paragraph 7#c7 for each foreign country and significant production project1 and1 to the extent practicable1 mitigation measures used in transactions and loans made by the ,reserve1 without identifying proprietary or sensitive commercial information4 #bjf4 ,financing and acquisition of critical minerals or materials 7a7 ,authority 7#a7 ,in general ,the ,reserve may deploy financing and acquisition tools as described in subsection 7b7 to achieve the purposes of the ,reserve1 subject to the condition that the ,reserve may not deploy such tools to benefit a foreign entity of concern4 7#b7 ,considerations ,in carrying out this section1 the ,reserve shall consider-- 7,a7 the results of the assessments described in section #bje7c72 7,b7 the ability of the ,reserve to efficiently achieve the purposes of the ,reserve with limited resources2 7,c7 diversification across critical minerals and materials2 7,d7 non-,reserve investments and market developments regarding a specific critical mineral or material2 7,e7 with respect to deploying financing and acquisition tools with a specific producer or processor1 the management1 financial condition1 and ability of the producer or processor to fulfill any contractual obligations2 and 7,f7 other factors the ,reserve determines valuable to achieving the purposes of the ,reserve over an extended period of time4 7#c7 ,federal ,government ,investments ,the ,reserve shall1 to the maximum extent practicable in carrying out this section1 consult1 coordinate1 and leverage existing ,federal ,government investments1 including by-- 7,a7 the ,export-,import ,bank of the ,united ,states2 7,b7 the ,united ,states ,international ,development ,finance ,corporation2 7,c7 the ,department of ,energy1 pursuant to title ,,xvii of the ,energy ,policy ,act of #bjje 7#db ,u4,s4,c4 #afeaa et seq472 7,d7 the ,office of ,strategic ,capital of the ,department of ,defense2 and 7,e7 applicable execution offices of the ,department of ,defense for contract actions carried out under title ,,iii of the ,defense ,production ,act of #aiej 7#ej ,u4,s4,c4 #deca et seq474 7b7 ,means of support ,the financing and acquisition tools referred to in subsection 7a7 include the following3 7#a7 ,loans to authorized intermediaries 7,a7 ,loan program authorized ,the ,reserve may make loans to authorized intermediaries who may use those funds to enter into financing and purchasing agreements with producers and processors of critical minerals or materials4 7,b7 ,loan conditions 7i7 ,in general ,in making loans under subparagraph 7,a71 the ,reserve shall establish such terms and conditions as the ,reserve determines appropriate to achieve the purposes of the ,reserve4 7ii7 ,adjustment of loan terms ,the ,reserve and an authorized intermediary may adjust loan terms under a loan issued under subparagraph 7,a7 if the ,reserve and that authorized intermediary agree to the adjustment4 7iii7 ,preferential terms for certain loans ,in making loans under subparagraph 7,a71 the ,reserve-- 7,i7 may provide preferential loan terms-- 7aa7 which may include an interest rate equal to the ,federal funds rate1 to an authorized intermediary that will use the loan to enter into financing and purchasing agreements with producers or processors of critical minerals or materials2 and 7bb7 to authorized intermediaries that will use the loan to enter into financing and purchasing agreements with producers or processors of critical minerals or materials in partner countries1 in such manner as the ,reserve determines appropriate2 and 7,,ii7 shall-- 7aa7 consult with the heads of ,federal departments and agencies described in section #bjc7e7 with respect to the loan terms described in subclause 7,i77aa72 and 7bb7 ensure that1 under the terms of such loans1 authorized intermediaries shall1 to the maximum extent practicable1 give priority to ,united ,states suppliers of critical minerals and materials and preference to the ,united ,states supply chain4 7,c7 ,proposal solicitation ,to be eligible to receive a loan under subparagraph 7,a71 an authorized intermediary shall submit to the ,reserve an application at such time1 in such manner1 and containing such information as the ,reserve may require1 including the proposed financing or purchasing agreements described in that subparagraph4 7,d7 ,uncured default 7i7 ,in general ,if an authorized intermediary fails to make a required repayment on a loan under subparagraph 7,a7 for a #ij-;day period1 the ,reserve may-- 7,i7 recoup the amount of that loan by taking possession of the critical mineral and material inventories of the authorized intermediary and any other contractual rights of the authorized intermediary to receive critical minerals or materials from suppliers2 7,,ii7 revoke the participation with the ,reserve of the authorized intermediary2 7,,iii7 subject to clause 7ii71 appoint itself as conservator or receiver of the authorized intermediary2 7,,iv7 obtain a lien on the assets of the intermediary pursuant to section #ajb7;c77#e77;,j72 and 7,v7 adjust the loan terms pursuant to subparagraph 7,b77ii74 7ii7 ,authorities under conservator or receivership ,if the ,reserve appoints itself a conservator or receiver of an authorized intermediary under clause 7i77,,ii71 the ,reserve shall have the same authorities with respect to the authorized intermediary that the ,federal ,deposit ,insurance ,corporation has with respect to an institution for which the ,federal ,deposit ,insurance ,corporation has appointed itself as conservator or receiver under the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahaa et seq474 7iii7 ,treatment of bankruptcy ,an authorized intermediary for which the ,reserve has appointed itself a conservator or a receiver under clause 7i77,,ii7 may not be placed into bankruptcy under title #aa1 ,united ,states ,code1 during that conservatorship or receivership1 and any bankruptcy process under title #aa1 ,united ,states ,code1 that is in effect when the appointment occurs shall be terminated4 7#b7 ,acquisitions 7,a7 ,acquisition through solicitation and direct contracting with private counterparties4 7,b7 ,acquisition through physically cleared financial instruments1 such as futures contracts through intermediaries1 including financial exchanges4 7,c7 ,acquisition through options contracts directly or through intermediaries1 including financial exchanges4 7#c7 ,non-recourse lending ,non-recourse lending to projects secured by a portion of the expected production of the project4 7#d7 ,other transactions ,other financing and acquisition transactions1 including contract for differences1 advance or milestone payments1 advanced market commitments1 and minority1 non-controlling equity investment1 as determined by the ,board as necessary to fulfill the purposes of the ,reserve1 except that equity investment shall only be used with-- 7,a7 a written justification describing how other financing and acquisition tools in this section are not sufficient2 and 7,b7 a written explanation of the intended exit strategy for the equity investment4 7c7 ,partner co-,investment 7#a7 ,in general ,a partner country may1 if approved by the ,reserve1 make capital contributions of at least #ajj1jjj1jjj to the ,reserve for purposes of financing or acquisition under subsection 7b74 7#b7 ,minimum amount ,the ,reserve shall annually adjust the amount in paragraph 7#a7 by the percentage increase in the ,personal ,consumption ,expenditures ,price ,index of the ,bureau of ,economic ,analysis of the ,department of ,commerce1 rounded to the nearest #a1jjj1jjj4 7#c7 ,treatment of capital contributions ,the ,reserve-- 7,a7 shall maintain separate accounts for the capital contributions of each partner country that provides such contributions under paragraph 7#a72 7,b7 shall not commingle the capital contributions of any partner country with any other partner country or the funds of the ,reserve2 7,c7 may return such capital contributions to the partner country at any time1 without obligation or penalty1 or under such other terms and conditions as agreed to by the ,reserve and that partner country2 and 7,d7 may not guarantee the repayment of such capital contributions to a partner country4 7#d7 ,loans made with partner co-investment funds ,financing and acquisitions made under subsection 7b7 with capital contributions under paragraph 7#a7 shall be made in the same manner as financing and acquisitions made under subsection 7b7 with funds of the ,reserve4 7#e7 ,restriction ,the ,reserve may not approve a partner country under paragraph 7#a7 unless the partner country certifies that the capital contributions being made are coming from funds of the partner country and not from funds of a foreign entity of concern or a covered country4 7d7 ,international advisory council of partners 7#a7 ,in general ,the ,reserve may establish an ,international ,advisory ,council of ,partners comprising-- 7,a7 the ,vice-chairperson1 who shall be the head of the council2 and 7,b7 #a representative from each partner country that makes a capital contribution under subsection 7c77#a74 7#b7 ,consultation ,the ,international ,advisory ,council of ,partners shall1 at the request of the ,reserve1 advise the ,reserve on financing and acquisitions made with capital contributions under subsection 7c77#a74 7#c7 ,applicability of ,,faca ,chapter #aj of title #e1 ,united ,states ,code 7commonly known as the ,federal ,advisory ,committee ,act71 shall not apply to the ,international ,advisory ,council of ,partners4 #bjg4 ,sale of critical minerals or materials 7a7 ,sale ,the ,reserve may sell critical minerals or materials stored in the ,reserve in accordance with the purposes of the ,reserve and this section4 7b7 ,sale of critical minerals or materials ,the ,reserve may sell a critical mineral or material stored in the ,reserve if the ,board determines that-- 7#a7 a supply shortage or potential supply shortage of that critical mineral or material threatens-- 7,a7 the national or economic security of the ,united ,states2 or 7,b7 price stability in the value chain of that critical mineral or material2 or 7#b7 the sale is otherwise necessary to support the purposes of the ,reserve4 7c7 ,sale of non-,critical minerals or materials 7#a7 ,in general ,the ,reserve may sell a mineral or material stored in the ,reserve that1 as of the date of sale1 is no longer included on the list of critical minerals and materials established by the ,reserve under section #bjb7;a7 if the ,board determines that-- 7,a7 the mineral or material is unlikely to be imminently re-added to the list of critical minerals and materials established by the ,reserve under section #bjb7;a72 7,b7 the mineral or material is available in sufficient supply or is no longer necessary in large quantities for economic or national security purposes2 7,c7 a supply shortage or potential supply shortage of that mineral or material threatens-- 7i7 the national or economic security of the ,united ,states2 or 7ii7 price stability in the value chain of that mineral or material2 or 7,d7 the sale is otherwise necessary to support the purposes of the ,reserve4 7#b7 ,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 #bjb7;a7 does not have a substantial market value1 the ,board may enter into a contract for the transfer and use for research purposes of that mineral or material with-- 7,a7 ,federal departments and agencies2 7,b7 ,state governments2 7,c7 ,national ,laboratories 7as defined in section #b of the ,energy ,policy ,act of #bjje 7#db ,u4,s4,c4 #aehja772 and 7,d7 institutions of higher education 7as defined in section #aja7;a7 of the ,higher ,education ,act of #aife 7#bj ,u4,s4,c4 #ajja7;a7774 7d7 ,means of sale ,the ,reserve may carry out a sale described in subsections 7b7 and 7c7 through-- 7#a7 solicitation and direct contracting with private parties2 7#b7 physically cleared financial instruments1 such as futures contracts through authorized intermediaries2 7#c7 options contracts directly or through authorized intermediaries2 and 7#d7 other transactions1 including public auctions1 as determined necessary by the ,board to support the purposes of the ,reserve4 7e7 ,foreign entities of concern ,the ,reserve may not carry out a sale described in subsections 7b7 and 7c7 to a foreign entity of concern4 ,,iii ,administrative provisions #cja4 ,corporate powers 7a7 ,in general ,the ,reserve-- 7#a7 may adopt1 alter1 and use a seal1 which may include an identifiable symbol of the ,united ,states2 7#b7 notwithstanding division ,c of subtitle ,i of title #da1 ,united ,states ,code1 may make and perform with any person contracts1 including no-cost contracts 7as defined by the ,reserve71 grants1 and other agreements1 that are necessary for carrying out the functions of the ,reserve2 7#c7 may lease1 purchase1 or otherwise acquire1 improve1 and use real property that is necessary to carry out the functions of the ,reserve2 7#d7 may use the ,united ,states mails in the same manner and on the same conditions as the ,executive departments 7as defined in section #aja of title #e1 ,united ,states ,code72 7#e7 may contract with individuals for personal services1 who shall not be considered ,federal employees for any provision of law administered by the ,director of the ,office of ,personnel ,management2 7#f7 may hire or obtain passenger motor vehicles2 7#g7 may acquire1 hold1 or dispose of1 on such terms and conditions as the ,reserve may determine1 any property 7real1 personal1 or mixed71 tangible or intangible1 or any interest in such property2 7#h7 may lease office space for the use of the ,reserve2 7#i7 may indemnify directors1 officers1 employees1 and agents of the ,reserve for liabilities and expenses incurred in connection with their activities on behalf of the ,reserve2 7#aj7 notwithstanding any other provision of law1 may represent itself or contract for representation in any legal or arbitral proceeding2 7#aa7 may exercise any priority of the ,federal ,government in collecting debts from bankrupt1 insolvent1 or decedents' estates2 7#ab7 may collect1 notwithstanding section #cgaa7;g77#a7 of title #ca1 ,united ,states ,code1 or compromise any obligations assigned to or held by the ,reserve1 including any legal or equitable rights accruing to the ,reserve2 7#ac7 may sell direct investments of the ,reserve to private investors on such terms and conditions as the ,reserve may determine2 and 7#ad7 shall have such other powers as may be necessary and incident to carrying out the functions of the ,reserve4 7b7 ,treatment of property ,notwithstanding any other provision of law relating to the acquisition1 handling1 or disposal of property by the ,united ,states1 the ,reserve shall have the right in its discretion to complete1 recondition1 reconstruct1 renovate1 repair1 maintain1 operate1 or sell any property acquired by the ,reserve pursuant to this ,act4 #cjb4 ,records and accounts 7a7 ,preparation and maintenance ,the ,board may require any person to prepare and maintain such records or accounts as the ,board1 by rule1 determines necessary to carry out this ,act4 7b7 ,audit of operations of storage facilities ,the ,board may audit the operations of any storage facility in which any critical mineral or material acquired is stored or required to be stored pursuant to this ,act4 7c7 ,access to and inspection of records or accounts and storage facilities ,the ,board may require access to1 and has the right to inspect and examine1 at reasonable times-- 7#a7 any records or accounts required to be prepared or maintained pursuant to subsection 7a72 and 7#b7 any storage facilities subject to audit by the ,united ,states pursuant to this ,act4 ,,iv ,oversight and accountability #dja4 ,risk and audit committees 7a7 ,establishment ,not later than #a year after the date of enactment of this ,act1 the ,reserve shall establish-- 7#a7 a risk committee2 and 7#b7 an audit committee4 7b7 ,duties and responsibilities 7#a7 ,risk committee ,subject to the direction of the ,board1 the risk committee established under subsection 7a77#a7 shall be responsible for-- 7,a7 formulating risk management policies of the operations of the ,reserve2 7,b7 reviewing and providing guidance on the operation of the global risk management framework of the ,reserve2 7,c7 developing policies for enterprise risk management1 risk monitoring1 and the management of strategic1 reputational1 regulatory1 operational1 developmental1 responsible production1 and financial risks2 7,d7 developing the risk profile of the ,reserve1 including a risk management and compliance framework and governance structure to support such a framework2 7,e7 monitoring ,reserve participants to ensure existing participants do not become foreign entities of concern2 and 7,f7 developing and using a mechanism to remove participants if more than #be percent of that participant is owned1 controlled1 directed1 financed1 or otherwise influenced1 directly or indirectly1 in whole or in part by the government of a foreign entity of concern4 7#b7 ,audit committee ,subject to the direction of the ,board1 the audit committee established under subsection 7a77#b7 shall be responsible for-- 7,a7 the integrity of-- 7i7 the financial reporting of the ,reserve2 7ii7 systems of internal controls relating to finance and accounting of the ,reserve2 and 7iii7 the financial statements of the ,reserve2 7,b7 the performance of the internal audit function of the ,reserve2 and 7,c7 the compliance of the ,reserve with legal and regulatory requirements relating to the finances of the ,reserve4 #djb4 ,annual audit and comptroller review 7a7 ,annual independent audit 7#a7 ,in general ,not later than #a year after the date of enactment of this ,act1 and annually thereafter1 an independent qualified public accountant selected by the ,board shall audit the financial statements of the ,reserve1 the results of which shall be made publicly available4 7#b7 ,requirements ,an independent qualified public accountant selected under paragraph 7#a7 shall be-- 7,a7 certified and licensed by a ,state board of accountancy2 7,b7 independent of the ,reserve and each authorized intermediary within the meaning of section #baj4b-ja of title #ag1 ,code of ,federal ,regulations 7or a successor regulation72 and 7,c7 registered with the ,public ,company ,accounting and ,oversight ,board4 7b7 ,review ,the ,comptroller ,general of the ,united ,states shall conduct a biennial review of the ,reserve1 to include-- 7#a7 reviewing the most recent annual report submitted pursuant to section #djc7;a72 7#b7 the operations and functions of the ,reserve as managed by the ,board2 and 7#c7 the performance of the ,board in fulfilling the purposes of the ,reserve4 #djc4 ,reporting and transparency 7a7 ,annual report 7#a7 ,in general ,the ,board shall submit to the ,president1 the ,comptroller ,general of the ,united ,states1 the ,director of the ,office of ,management and ,budget1 and the appropriate congressional committees1 an annual report describing the operations of the ,reserve during the preceding calendar year4 7#b7 ,contents ,each report required under paragraph 7#a7 shall include-- 7,a7 information regarding the administration of the functions of the ,board1 including recommendations the ,board determines appropriate2 7,b7 the assessment of the ,board of the extent to which compliance with the requirements of this ,act and the purposes of the ,reserve have been achieved2 7,c7 a summary of transactions and loans made by the ,reserve during the preceding calendar year1 to include how well those transactions and loans have helped achieve the purposes of the ,reserve2 and 7,d7 information regarding vulnerabilities1 risks1 and audits4 7b7 ,testimony ,the ,chairperson shall appear before the ,committee on ,energy and ,natural ,resources of the ,senate and the ,committee on ,natural ,resources of the ,house of ,representatives not later than #cj calendar days after the date that a report required under subsection 7a7 is submitted4 7c7 ,database 7#a7 ,in general ,the ,reserve shall maintain a database with detailed information on all transactions undertaken pursuant to section #bjf4 7#b7 ,requirements ,the database maintained under paragraph 7#a7 shall-- 7,a7 be user-friendly2 7,b7 subject to paragraph 7#c71 be publicly available2 and 7,c7 to the extent practicable1 include a description of the support provided for each project1 including the information contained in the report required under subsection 7a74 7#c7 ,limit on public availability 7,a7 ,in general ,an identified subset of the database maintained under paragraph 7#a7 shall not be made publicly available if the ,board determines doing so would be harmful to the national security of the ,united ,states4 7,b7 ,accessibility ,if the ,board makes a determination under subparagraph 7,a7 that public availability of the identified subset of the database maintained under paragraph 7#a7 would be harmful to the national security of the ,united ,states1 the ,reserve shall-- 7i7 make the identified subset of the database accessible to the appropriate congressional committees2 and 7ii7 not later than #c years after a transaction undertaken pursuant to section #bjf occurs1 make the information about that transaction publicly available4