,,ii  #aai? ,,congress  #b;d ,session   
,s4 #cfei  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,janu>y #ae1 #bjbf,mrs4
 ,%ahe5 7= h]self1 ,mr4 ,"y1 ,mr4       
,r\nds1 & ,ms4 ,cortez ,ma/o7 introduc$ 
! foll[+ bill2 :i* 0 read twice & ref]r$
 to ! ,committee on ,en]gy & ,natural   
,res\rces  ,a ,,bill  ,to e/abli% a     
,/rategic ,resili5ce ,res]ve ( ! ,unit$ 
,/ates1 & = o!r purposes4  #a4 ,%ort    
title2 table ( cont5ts  7a7 ,%ort title 
,?is ,act may be cit$ z ! ,secur+       
,ess5tial & ,critical ,u4,s4 ,res\rces &
 ,elem5ts ,m9]als ,act ( #bjbf or !     
,,secure ,m9]als ,act ( #bjbf4  7b7     
,table ( cont5ts ,! table ( cont5ts =   
?is ,act is z foll[s3 ,sec4 #a4 ,%ort   
title2 table ( cont5ts4,sec4 #b4        
,f9d+s4,sec4 #c4 ,def9itions4,,title    
,i--,e/abli%m5t & ,bo>d (               
,governors,sec4 #aja4 ,e/abli%m5t4,sec4 
#ajb4 ,bo>d ( gov]nors4,,title          
,,ii--,duties & au?orities ( !          
,reserve,sec4 #bja4 ,g5]al              
au?orities4,sec4 #bjb4 ,id5tification ( 

eligible critical m9]als &              
mat]ials4,sec4 #bjc4 ,data              
collection4,sec4 #bjd4 ,critical m9]al &
 mat]ial m>ket risk & vuln]ability      
assessm5t4,sec4 #bje4 ,production       
/&>ds4,sec4 #bjf4 ,f9anc+ & acquisition 
( critical m9]als or mat]ials4,sec4     
#bjg4 ,sale ( critical m9]als or        
mat]ials4,,title ,,iii--,adm9i/rative   
provisions,sec4 #cja4 ,corporate        
p[]s4,sec4 #cjb4 ,records &             
acc\nts4,,title ,,iv--,ov]sight &       
accountability,sec4 #dja4 ,risk & audit 
committees4,sec4 #djb4 ,annual audit &  
comptroll] review4,sec4 #djc4 ,report+ &
 transp>5cy4  #b4 ,f9d+s ,congress f9ds 
t-- 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 sectors2  7#b7 ! global 
dem& = critical m9]als & mat]ials has   
be5 rapidly increas+ due to advancem5ts 
9 te*nology1 :e!r def5se1 dual-use1 or  

comm]cial1 & ! increas+ adoption (      
r5ewable en]gy s\rces & next-g5]ation   
automotive sy/ems1 all ( :i* rely       
heavily on critical m9]als & mat]ials = 
! production ( batt]ies1 sol> panels1   
w9d turb9es1 high-spe$ comput+1 advanc$ 
magnetic sy/ems1 & o!r high-te*         
applications2  7#c7 ! ,p's ,republic (  
,*9a-- 7,a7 curr5tly controls a         
significant portion ( ! global supply   
*a9 = critical m9]als & mat]ials ?r\gh  
ext5sive m9+1 integrat$ mid/ream        
op]ations1 significant dome/ic subsidies
 & inc5tives1 & /rategic inve/m5ts 9    
res\rce-ri* c\ntries1 dom9at+ ! global  
m>ket infra/ructure = critical m9]als & 
mat]ials & enhanc+ ! ability ( ! ,p's   
,republic ( ,*9a to manipulate pric+ to 
! detrim5t ( competitors2  7,b7 c5trally
 controls its dom9ant m>ket %>e across  
multiple critical m9]al v]tical m>kets1 
prev5t+ fair competition & h9d]+ !      
ability ( ,unit$ ,/ates firms & firms 9 
p>tn] c\ntries to innovate & scale      
production2  7,c7 pr$atorily lev]ages   

its position z sponsor or consum]1 z    
applicable1 ov] m9+ projects globally1  
result+ 9 a de>? ( fe$/ocks to ! great  
detrim5t ( d[n/ream indu/ries1 regions1 
& c\ntries1 includ+ ! ,unit$ ,/ates2    
7,d7 ! integrat$ op]ations ( :i* are    
subs]vi5t to ! ,*9ese /ate1 is 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      
critical m9]als & mat]ials2 &  7,e7 acts
 to und]cut ef=ts 9 ! ,unit$ ,/ates &   
p>tn] c\ntries to develop alt]native    
s\rces ( supply2  7#d7 produc]s (       
critical m9]als & mat]ials 9 ! ,unit$   
,/ates (t5 face artificially l[ prices  
set by supply *a9s controll$ by ! ,p's  
,republic ( ,*9a1 disc\rag+ private     
inve/m5t 9 dome/ic extraction &         
process+2  7#e7 ! lack ( transp>5t1     
competitive1 & m>ket-driv5 pric+        
me*anisms = critical m9]als & mat]ials  
outside ( ! ,p's ,republic ( ,*9a       
comp\nds m>ket problems1 creat+ sy/emic 

risk & limit+ ! viability ( an indep5d5t
 supply *a9 = critical m9]als & mat]ials
 9 ! ,unit$ ,/ates2  7#f7 ! ,unit$      
,/ates is heavily reliant on imports =  
_m ( ! mo/ critical m9]als & mat]ials1  
includ+ r>e e>? elem5ts1 mak+ ! ,unit$  
,/ates vuln]able to supply disruptions1 
geopolitical t5sions1 & economic        
manipulation by c\ntries t dom9ate !    
m>ket1 specifically ! ,p's ,republic (  
,*9a2  7#g7 ! vuln]abilities to ! ,unit$
 ,/ates def5se indu/rial base pos$ by   
reliance on imports ( critical m9]als & 
mat]ials are significant1 & giv5 ! long 
lead times = inve/m5ts 9 bo? m9+ &      
process+ ( critical m9]als1 dome/ic     
critical m9]als production projects are 
p>ticul>ly susceptible to price %ocks   
induc$ by ! ,p's ,republic ( ,*9a1 :i* c
 depress critical m9]al prices = an     
ext5d$ p]iod2  7#h7 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 m>ket supply 9     

p>tn] c\ntries1 are imp]ative to r$uce !
 impact ( m>ket manipulation by =eign   
/ate actors1 su* z ! ,p's ,republic (   
,*9a2  7#i7 ! ,unit$ ,/ates mu/ ensure t
 a /able & secure supply *a9 ( ess5tial 
res\rces is available to our dome/ic    
innovation & manufactur+ ecosy/ems2     
7#aj7 su/a9able & responsible corporate 
behavior 9 ! direct op]ations (         
companies & across _! global value *a9s 
is important to ensur+ a resili5t       
dome/ic critical m9]als supply2  7#aa7  
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$ ,/ates2 &  7#ab7     
gov]nm5t support to develop & ensure !  
integrity ( ,we/]n & p>tn] c\ntry m>kets
 = critical m9]als & mat]ials z a       
c\nt]measure aga9/ ! anti-competitive   
tactics ( ! ,p's ,republic ( ,*9a & !   
supply *a9 co-collaborators ( ! ,p's    

,republic ( ,*9a w fill ! mo/ acute     
/rategic gap1 :i* _c be o!rwise a*iev$  
by private indu/ry p>ticipants act+     
alone4  #c4 ,def9itions ,9 ?is ,act3    
7#a7 ,appropriate congressional         
committees ,! t]m appropriate           
congressional committees means-- 7,a7 ! 
,committee on ,agriculture1 ,nutrition1 
& ,=e/ry ( ! ,s5ate2  7,b7 ! ,committee 
on ,agriculture ( ! ,h\se (             
,repres5tatives2  7,c7 ! ,committee on  
,arm$ ,s]vices ( ! ,s5ate2  7,d7 !      
,committee on ,arm$ ,s]vices ( ! ,h\se (
 ,repres5tatives2  7,e7 ! ,committee on 
,bank+1 ,h\s+1 & ,urban ,affairs ( !    
,s5ate2  7,f7 ! ,committee on ,f9ancial 
,s]vices ( ! ,h\se ( ,repres5tatives2   
7,g7 ! ,committee on ,comm]ce1 ,sci5ce1 
& ,transportation ( ! ,s5ate2  7,h7 !   
,committee on ,en]gy & ,comm]ce ( !     
,h\se ( ,repres5tatives2  7,i7 !        
,committee on ,en]gy & ,natural         
,res\rces ( ! ,s5ate2  7,j7 ! ,committee
 on ,natural ,res\rces ( ! ,h\se (      
,repres5tatives2  7,k7 ! ,committee on  

,=eign ,relations ( ! ,s5ate2 &  7,l7 ! 
,committee on ,=eign ,affairs ( ! ,h\se 
( ,repres5tatives4  7#b7 ,au?oriz$      
int]m$i>y ,! t]m au?oriz$ int]m$i>y     
means an entity t-- 7,a7 is a private   
entity2  7,b7 has exp]tise 9 m ?an #a   
critical m9]al or mat]ial2  7,c7 has    
exp]tise 9 commodities trad+1 m>ket     
mak+1 capital managem5t1 or f9ance2     
7,d7 does n h any managem5t influ5c$ by 
a =eign entity ( conc]n or a citiz5 ( a 
cov]$ c\ntry1 includ+ any entities      
affiliat$ ) ! private entity or !       
own]%ip ( ! private entity2  7,e7 is n  
own$1 controll$1 direct$1 f9anc$1 or    
o!rwise influ5c$1 directly or           
indirectly1 9 :ole or 9 any "p great]   
?an #be p]c5t1 by a =eign entity (      
conc]n1 a citiz5 ( a cov]$ c\ntry1 or ! 
gov]nm5t ( a cov]$ c\ntry2 &  7,f7 has  
be5 approv$ to be an au?oriz$ int]m$i>y 
by ! ,bo>d4  7#c7 ,bo>d ,! t]m ,bo>d    
means ! bo>d ( gov]nors ( ! ,res]ve     
e/abli%$ by section #ajb7;a74  7#d7     
,*airp]son ,! t]m ,*airp]son means !    

,*airp]son ( ! ,bo>d4  7#e7 ,cov]$      
c\ntry ,! t]m cov]$ c\ntry means a      
c\ntry t-- 7,a7 is a cov]$ nation 7z    
def9$ 9 section #dhgb7;f7 ( title #aj1  
,unit$ ,/ates ,code72 or  7,b7 !        
,secret>y ( ,en]gy1 9 consultation ) !  
,secret>y ( ,def5se1 ! ,secret>y (      
,/ate1 & ! ,director ( ,national        
,intellig5ce1 det]m9es to be engag$ 9   
conduct t is detrim5tal to ! national   
security or =eign policy ( ! ,unit$     
,/ates4  7#f7 ,critical m9]al or mat]ial
 ,! t]m critical m9]al or mat]ial means 
m9]al or mat]ial includ$ 9 ! li/ (      
eligible critical m9]als & mat]ials     
e/abli%$ by ! ,res]ve "u section        
#bjb7;a74  7#g7 ,dep5d5ce rate ,! t]m   
dep5d5ce rate means ! p]c5tage ( dome/ic
 end-use consumption ( a critical m9]al 
or mat]ial t is suppli$ by production by
 a =eign entity ( conc]n or 9 a cov]$   
c\ntry1 9 aggregate4  7#h7 ,=eign entity
 ( conc]n ,! t]m =eign entity ( conc]n  
means a =eign entity t-- 7,a7 meets !   
requirem5ts describ$ 9 subp>agraphs     

7,a71 7,b71 7,d71 or 7,e7 ( section     
#ajfch7c7 ( ! ,rese>* & ,developm5t1    
,competition1 & ,innovation ,act 7#db   
,u4,s4,c4 #aibcg7c772 or  7,b7 7i7 is   
own$1 controll$1 direct$1 f9anc$1 or    
o!rwise influ5c$1 directly or           
indirectly1 9 :ole or 9 any "p great]   
?an #be p]c5t1 by ! gov]nm5t ( a =eign  
c\ntry t is a cov]$ c\ntry2 or  7ii7 is 
o!rwise subject to ! jurisdiction or    
direction ( a gov]nm5t ( a cov]$ c\ntry2
  7#i7 ,p>tn] c\ntry ,! t]m p>tn] c\ntry
 means-- 7,a7 a memb] c\ntry ( ! ,nor?  
,atlantic ,treaty ,organization2  7,b7 a
 c\ntry t has be5 designat$ z a major   
non-,,nato ally "u section #eag ( !     
,=eign ,assi/ance ,act ( #aifa 7#bb     
,u4,s4,c4 #bcbak72 or  7,c7 a =eign     
c\ntry1 includ+ any m>ket or any produc]
 9 a =eign c\ntry-- 7i7 ) :i* ! ,unit$  
,/ates has ent]$ into a mutual def5se   
treaty or o!r mutual def5se agreem5t1 b 
n includ+ ,v5ezuela2  7ii7 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 
7iii7 ) :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  
7iv7 ) :i* ! ,unit$ ,/ates ,geological  
,survey has 9 effect a memor&um (       
und]/&+ conc]n+ sci5tific & te*nical    
coop]ation 9 e>? sci5ces1 unless t      
c\ntry is a cov]$ c\ntry2 or  7v7 ) :i* 
! ,dep>tm5t ( ,/ate1 ! ,unit$ ,/ates    
,int]national ,developm5t ,f9ance       
,corporation1 ! ,export-,import ,bank ( 
! ,unit$ ,/ates1 or ! ,unit$ ,/ates     
,trade & ,developm5t ,ag5cy is work+ to 
advance an active critical m9]al        
project4  7#aj7 ,production rate ,! t]m 
production rate means ! p]c5tage (      
dome/ic end-use consumption ( a critical

 m9]al or mat]ial t is suppli$ by       
dome/ic & p>tn] c\ntry production 9     
aggregate4  7#aa7 ,purposes ( ! ,res]ve 
,! t]m purposes ( ! ,res]ve means !     
purposes ( ! ,res]ve describ$ 9 section 
#aja7;b74  7#ab7 ,recycle ,! t]m recycle
 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 ( !       
critical m9]al or mat]ial4  7#ac7       
,repurpose ,! t]m repurpose 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 !    
purpose or application = :i* ! critical 
m9]al or mat]ial1 or ! product into :i* 
! critical m9]al or mat]ial is          
manufactur$ into1 0 orig9ally int5d$4   
7#ad7 ,res]ve ,! t]m ,res]ve means !    
,/rategic ,resili5ce ,res]ve            
,corporation ( ! ,unit$ ,/ates e/abli%$ 
by section #aja7;a77#a74  7#ae7 ,reuse  
,! t]m reuse means ! complete or p>tial 
direct use ( a critical m9]al or mat]ial

 aft] use = ! orig9al purposes = :i* !  
critical m9]al or mat]ial 0 int5d$4     
7#af7 ,vice-*airp]son ,! t]m            
,vice-*airp]son means ! ,vice-*airp]son 
( ! ,bo>d4  ,i ,e/abli%m5t & ,bo>d (    
,gov]nors  #aja4 ,e/abli%m5t  7a7       
,entity =mation  7#a7 ,9 g5]al ,!re is  
e/abli%$ a :olly own$ gov]nm5t          
corporation1 to be kn[n z ! ,/rategic   
,resili5ce ,res]ve ,corporation ( !     
,unit$ ,/ates4  7#b7 ,con=m+ am5dm5t    
,section #iaja7c7 ( title #ca1 ,unit$   
,/ates ,code1 is am5d$ by add+ at ! end 
! foll[+3  7,q7 ! ,/rategic ,resili5ce  
,res]ve ,corporation ( ! ,unit$ ,/ates4 
4  7b7 ,purposes ,! purposes ( ! ,res]ve
 are-- 7#a7 to support a free1 fair1 &  
competitive m>ket = critical m9]als &   
mat]ials 9 :i* dome/ic & p>tn] c\ntry   
produc]s & processors c compete &       
innovate2  7#b7 to support dome/ic &    
p>tn] c\ntry production1 extraction1    
process+1 ref9+1 reuse1 repurpos+1 &    
recycl+ (1 & capabilities &             
infra/ructure ) respect to1 critical    

m9]als & mat]ials2  7#c7 to support &   
protect /able & economically su/a9able  
prices ( critical m9]als & mat]ials1    
includ+ price levels consi/5t )         
competitive m>ket economies & reliable  
supply2  7#d7 to support responsible    
production ( critical m9]als & mat]ials 
) respect to /&>ds = transp>5cy1        
environm5tal1 & labor practices1 & to   
ensure a competitive m>ket = produc]s   
meet+ ^? /&>ds2  7#e7 to assi/ 9 ma9ta9+
 balanc$ & adequate supplies ( critical 
m9]als & mat]ials to ! ,unit$ ,/ates1 z 
det]m9$ by ! ,bo>d2  7#f7 to ! maximum  
ext5t practicable1 to ensure t1 at ea*  
/age ( ! supply *a9-- 7,a7 ! production 
rate ( ea* critical m9]al or mat]ial is 
equal to or great] ?an a p]c5tage       
det]m9$ to be reasonable by ! ,bo>d1 9  
coord9ation ) appropriate ,f$]al        
ag5cies1 b n less ?an #be p]c5t2 &  7,b7
 ! dep5d5ce rate = ea* critical m9]al or
 mat]ial is equal to or less ?an a      
p]c5tage det]m9$ to be reasonable by !  
,bo>d1 9 coord9ation ) appropriate      

,f$]al ag5cies1 b n less ?an #ge p]c5t2 
7#g7 to prioritize-- 7,a7 dome/ic       
projects & supply *a9s1 includ+ process+
 capacity1 = critical m9]als & mat]ials2
  7,b7 projects t-- 7i7 recycle1 reuse1 
or repurpose critical m9]als or         
mat]ials2 or  7ii7 extract or produce   
critical m9]als or mat]ials f m9e or    
indu/rial wa/e1 includ+ m9+ tail+s1     
indu/rial wa/e1 or non-conv5tional wa/e 
/reams2 &  7,c7 projects = critical     
m9]als or mat]ials ! dep5d5ce rate ( :i*
 is #ajj p]c5t2 &  7#h7 to ensure !     
effici5t use ( gov]nm5t funds to support
 critical m9]al & mat]ial projects &1 to
 ! maximum ext5t practicable1 ensure    
fair returns to taxpay]s & inve/m5ts    
made by ! ,res]ve4  7c7 ,au?orization ( 
appropriations ,!re is au?oriz$ to be   
appropriat$ to ! ,res]ve to c>ry out !  
requirem5ts ( ?is ,act #b1ejj1jjj1jjj1  
to rema9 available until exp5d$4  #ajb4 
,bo>d ( gov]nors  7a7 ,memb]%ip  7#a7   
,appo9tm5t  7,a7 ,9 g5]al ,! ,res]ve    
%all h a bo>d ( gov]nors consi/+ ( #g   

vot+ memb]s appo9t$ by ! ,presid5t1 by &
 ) ! advice & cons5t ( ! ,s5ate4  7,b7  
,*airp]son & ,vice-*airp]son ,!         
,presid5t %all designate1 by & ) !      
advice & cons5t ( ! ,s5ate-- 7i7 #a     
memb] ( ! ,bo>d to s]ve z ,*airp]son1 = 
a t]m ( #d ye>s2 &  7ii7 #a memb] ( !   
,bo>d to s]ve z ,vice-*airp]son1 = a t]m
 ( #d ye>s1 & :o %all s]ve z ,*airp]son 
9 ! abs5ce or vacancy ( ! ,*airp]son4   
7,c7 ,initial appo9tm5t ,n lat] ?an #ahj
 days aft] ! date ( enactm5t ( ?is ,act1
 ! ,presid5t %all appo9t ea* ( ! #g     
memb]s ( ! ,bo>d4  7,d7 ,repres5tation  
,! ,presid5t %all c>ry out ?is p>agraph 
) due reg>d = a fair repres5tation (    
,tribal1 labor1 environm5tal1 indu/rial1
 & comm]cial int]e/s4  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       
significant demon/rat$ exp]tise 9-- 7i7 
! bus9ess ( commodities production1     
/orage1 or trade1 or ! f9ancial sector z
 x relates to critical m9]als or        

mat]ials2  7ii7 ! f9anc+1 developm5t1 or
 op]ation ( projects relat$ to !        
manufactur+ & comm]cialization (        
critical m9]als or mat]ials2  7iii7 !   
dem& =1 & usage (1 critical m9]als or   
mat]ials1 includ+ future dem& or usage (
 critical m9]als or mat]ials = national 
security & economic purposes2  7iv7 !   
recycl+1 repurpos+1 or reuse ( critical 
m9]als2 or  7v7 o!r exp]i5ce relat$ to !
 production & usage ( critical m9]als & 
mat]ials1 includ+ exp]tise 9 su/a9able &
 responsible production practices1 9 !  
fields ( eng9e]+1 logi/ics1 law1        
academia1 rese>*1 or policy2 &  7,b7 may
 n-- 7i7 h a direct1 or closely         
indirect1 f9ancial int]e/ 9 an entity   
directly involv$ 9 ! commodities indu/ry
 or f9ancial sector z x relates to      
critical m9]als or mat]ials2 or  7ii7 h 
imm$iate family ) a direct f9ancial     
int]e/ 9 an entity directly describ$ 9  
clause 7i74  7#c7 ,t]ms  7,a7 ,9 g5]al  
,except z o!rwise provid$ 9 ?is section1
 ea* memb] ( ! ,bo>d %all be appo9t$ = a

 t]m ( #ad ye>s4  7,b7 ,initial /agg]$  
t]ms ,( ! memb]s fir/ appo9t$ to !      
,bo>d-- 7i7 #a memb] ea* %all be appo9t$
 to a t]m expir+ 9 cal5d> ye> #bjbh1    
#bjcj1 #bjcb1 #bjcd1 #bjcf1 #bjch1 &    
#bjdj1 respectively2 &  7ii7 ea* t]m    
%all expire on ,janu>y #ca ( !          
applicable cal5d> ye>4  7,c7 ,vacancies 
,n lat] ?an #ahj days aft] ! date on :i*
 a vacancy occurs on ! ,bo>d be=e !     
expiration ( ! t]m = t memb]1 !         
,presid5t1 by & ) ! advice & cons5t ( ! 
,s5ate1 %all appo9t a new memb] ( !     
,bo>d to fill ! vacancy & s]ve ! rema9d]
 ( t t]m4  7,d7 ,completion ( t]m  7i7  
,9 g5]al ,on expiration ( a t]m = a     
,bo>d memb]1 ! applicable ,bo>d memb]   
may cont9ue to s]ve = #a ye> or until a 
successor is appo9t$ pursuant to ?is    
subsection1 :i*ev] is less4  7ii7       
,*airp]son & ,vice-*airp]son ,an        
individual :o is appo9t$ to s]ve a t]m z
 ! ,*airp]son or ,vice-*airp]son "u     
p>agraph 7#a77;,b7 %all1 aft] su* t]m   
ends-- 7,i7 s]ve z ! ,*airp]son or      

,vice-*airp]son1 respectively1 until a  
successor is appo9t$ pursuant to ?is    
subsection2 &  7,,ii7 s]ve z a memb] ( !
 ,bo>d = ! rema9d] ( ! t]m ( su*        
individual 9 accordance ) ?is p>agraph4 
7#d7 ,comp5sation ,ea* memb] ( ! ,bo>d  
%all be comp5sat$ at a rate equal to !  
annual rate ( basic pay prescrib$ =     
level ,,iii ( ! ,executive ,s*$ule "u   
section #ecad ( title #e1 ,unit$ ,/ates 
,code4  7#e7 ,conflicts ( int]e/  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 ( t memb] ends1 ! memb]   
may n hold any direct1 or closely       
indirect1 f9ancial int]e/ 91 or hold any
 (fice1 position1 includ+ 9 an advisory 
or consultant position1 or o!r employm5t
 9 or )1 any entity receiv+ or pursu+   
f9ancial support f ! ,res]ve4  7,b7     
,opportunity to cure violation  7i7 ,9  
g5]al ,if ! ,comptroll] ,g5]al ( !      
,unit$ ,/ates f9ds t an individual      
describ$ 9 subp>agraph 7,a7 is 9        

violation ( t subp>agraph1 t individual 
%all cure ! applicable violation by n   
lat] ?an #cj days aft] ! date on :i* !  
violation is f\nd4  7ii7 ,requirem5ts to
 cure ,to cure a violation ( subp>agraph
 7,a71 z requir$ by clause 7i71 !       
applicable individual %all1 at a        
m9imum-- 7,i7 r5\nce any pecuni>y ga9   
associat$ ) ! violation2 &  7,,ii7      
t]m9ate ea* relation%ip t is ! subject (
 ! violation4  7,c7 ,p5alty = uncur$    
violation  7i7 ,removal ,if !           
,comptroll] ,g5]al ( ! ,unit$ ,/ates    
f9ds t an individual describ$ 9         
subp>agraph 7,a7 is 9 violation ( t     
subp>agraph & does n cure ! violation 9 
accordance ) subp>agraph 7,b7 by ! date 
describ$ 9 clause 7i7 ( t subp>agraph   
or1 z applicable1 by ! date e/abli%$ by 
! ,bo>d "u subp>agraph 7,d71 t          
individual %all be remov$ f ! ,bo>d4    
7ii7 ,applicability ( crim9al liability 
7,i7 ,9 g5]al ,a memb] ( ! ,bo>d %all be
 consid]$ to be an (fic] or employee ( !
 ,executive ,bran* = purposes ( section 

#bjg7;a7 ( title #ah1 ,unit$ ,/ates     
,code1 & %all be subject to p>agraph    
7#b7 ( t section4  7,,ii7 ,ref]ral ,if !
 ,comptroll] ,g5]al ( ! ,unit$ ,/ates   
makes a f9d+ describ$ 9 clause 7i7 )    
respect to an individual describ$ 9 t   
clause1 ! ,comptroll] ,g5]al ( ! ,unit$ 
,/ates may ref] ! matt] to ! ,attorney  
,g5]al4  7,d7 ,ext5sion ( cure p]iod ,! 
,bo>d-- 7i7 may ext5d ! "t p]iod provid$
 "u subp>agraph 7,b77i7 = an individual 
describ$ 9 subp>agraph 7,a7 to cure a   
violation ( t subp>agraph by n m ?an #ij
 days2 &  7ii7 %all docum5t ! rationale 
beh9d any ext5sion grant$ "u clause 7i74
  7#f7 ,removal ,except z provid$ 9     
p>agraph #e7;,c77i71 a memb] ( ! ,bo>d1 
,*airp]son1 & ,vice-*airp]son may n be  
remov$ f (fice except by-- 7,a7         
impea*m5t by ,congress2 or  7,b7 !      
action ( ! ,presid5t = ineffici5cy1     
neglect ( duty1 malfeasance 9 (fice1 or 
incapacity to p]=m ! applicable duties  
describ$ 9 ?is section4  7b7 ,meet+s    
7#a7 ,op5 to ! public2 notice ,except z 

provid$ 9 p>agraph 7#c71 all meet+s ( ! 
,bo>d %all be-- 7,a7 op5 to ! public2 & 
7,b7 prec$$ by reasonable public notice4
  7#b7 ,frequ5cy ,! ,bo>d %all meet--   
7,a7 n lat] ?an #fj days aft] ! date on 
:i* all memb]s ( ! ,bo>d are fir/       
appo9t$2  7,b7 n less frequ5tly ?an     
qu>t]ly aft] ! date describ$ 9          
subp>agraph 7,a72 &  7,c7 at ! call (-- 
7i7 ! ,*airp]son2 or  7ii7 #d or m      
memb]s ( ! ,bo>d4  7#c7 ,clos$ meet+s ,!
 ,bo>d1 by majority vote ( ! memb]s1 may
 close a meet+ to ! public if1 dur+ !   
meet+1 !re is likely to be disclos$     
propriet>y or s5sitive in=mation reg>d+ 
a project "u consid]ation = assi/ance "u
 ?is ,act4  7#d7 ,m9utes  7,a7 ,9 g5]al 
,except z provid$ 9 subp>agraph 7,b71 ! 
m9utes ( ea* meet+ ( ! ,bo>d %all be    
made publicly available z soon z        
practicable4  7,b7 ,clos$ meet+ m9utes  
,! m9utes = a clos$ meet+ %all be made  
available-- 7i7 to ! appropriate        
congressional committees n lat] ?an #fj 
days aft] ! date ( ! clos$ meet+2 &     

7ii7 to ! public n lat] ?an #c ye>s aft]
 ! date ( ! clos$ meet+1 ) any necess>y 
r$actions to protect in=mation t rema9s 
propriet>y or s5sitive at ! "t (        
publication4  7,c7 ,exemptions f public 
transp>5cy requirem5ts ,! clos$ meet+s &
 m9utes "u ?is subsection %all-- 7i7 be 
exempt f disclosure "u-- 7,i7 section   
#eeb ( title #e1 ,unit$ ,/ates ,code    
7commonly kn[n z ! ,fre$om ( ,in=mation 
,act71 pursuant to subsection 7b77#c7 ( 
t section2 &  7,,ii7 any provision (    
,/ate1 ,tribal1 or local fre$om (       
in=mation law1 op5 gov]nm5t law1 op5    
meet+s law1 op5 records law1 sun%9e law1
 or simil> law requir+ disclosure (     
in=mation or records2 &  7ii7 n be      
subject to section #eeb;b ( title #e1   
,unit$ ,/ates ,code 7commonly ref]r$ to 
z ! ,gov]nm5t 9 ! ,sun%9e ,act74  7#e7  
,quorum #e memb]s ( ! ,bo>d %all        
con/itute a quorum4  7#f7 ,vot+  7,a7 ,9
 g5]al ,ea* memb] ( ! ,bo>d %all h an   
equal vote 9 all decisions ( ! ,bo>d4   
7,b7 ,decisions ,unless o!rwise         

specifi$1 decisions ( ! ,bo>d %all be   
made by majority vote ( ! memb]s        
con/itut+ a quorum4  7c7 ,p[]s & duties 
( ! ,bo>d ,! ,bo>d %all-- 7#a7 n lat]   
?an #ahj days aft] ! date on :i* all    
memb]s ( ! ,bo>d are appo9t$-- 7,a7     
develop & approve ! bylaws ( ! ,res]ve1 
includ+ bylaws = ! regulation ( !       
affairs & conduct ( ! bus9ess ( !       
,res]ve1 consi/5t ) ! purpose1 goals1   
objectives1 & policies ( ?is ,act2  7,b7
 e/abli% doll>-value ?re%olds1 n to     
exce$ #b1ejj1jjj1 above :i* transactions
 & loans made by ! ,res]ve w require    
approval ( ! ,bo>d2  7,c7 e/abli%       
committees requir$ by ?is ,act compos$  
solely ( memb]s ( ! ,bo>d1 z ! ,bo>d    
det]m9es to be appropriate2  7,d7       
develop & approve a conflict-(-int]e/   
policy = ! ,bo>d & employees ( !        
,res]ve1 includ+-- 7i7 e/abli%+         
comp5sation levels = employees ( !      
,res]ve1 n to exce$ #aej1jjj initially  
7b :i* may be adju/$ = inflation71 above
 :i* employees ( ! ,res]ve %all be      

limit$ ) reg>d to future employm5t at & 
comp5sation f entities receiv+ f9ancial 
support f ! ,res]ve1 = a p]iod n to     
exce$ ! date t is #b ye>s aft] ! date on
 :i* employm5t ) ! ,res]ve ends2 &  7ii7
 e/abli%+ p5alties = violations1 includ+
 monet>y p5alties1 t1 = violations ( !  
limitations describ$ 9 clause 7i71 may  
be bas$ on ! high] (-- 7,i7 ! curr5t    
comp5sation ( ! employee2 &  7,,ii7 !   
total comp5sation f entities receiv+    
f9ancial support f ! ,res]ve2  7,e7     
approve or disapprove int]nal policies t
 ! ,*airp]son %all submit to ! ,bo>d1   
includ+-- 7i7 policies & proc$ures      
reg>d+ ! approval ( au?oriz$            
int]m$i>ies2  7ii7 policies & proc$ures 
reg>d+ ! project application & approval 
process2  7iii7 policies & proc$ures    
reg>d+ ! acquisition & sale ( critical  
m9]als & mat]ials suffici5t to ensure   
fair access to transactions ) ! ,res]ve 
& effective use ( capital ( ! ,res]ve2  
7iv7 policies & proc$ures reg>d+ f9anc+1
 acquisition1 & sale to raise global    

production /&>ds = critical m9]als &    
mat]ials t m9imize environm5tal damage1 
prev5t =c$ labor use1 & ensure a m      
competitive m>ket = produc]s 9 c\ntries 
) /rong] /&>ds2 &  7v7 op]ational       
guidel9es2 &  7,f7 approve or disapprove
 a #a-ye> bus9ess plan & budget = !     
,res]ve2  7#b7 ensure t ! ,res]ve is    
op]at$ 9 a mann] t is consi/5t ) ?is    
,act by-- 7,a7 monitor+ & assess+ !     
effectiv5ess ( ! ,res]ve 9 a*iev+ !     
purposes ( ! ,res]ve2  7,b7 review+ &   
approv+ int]nal policies1 annual bus9ess
 plans1 annual budgets1 & long-t]m      
/rategies submitt$ by ! ,*airp]son2     
7,c7 review+ & approv+ annual reports   
submitt$ by ! ,*airp]son2  7,d7 engag+  
#a or m ext]nal auditors2 &  7,e7       
review+ & approv+ all *anges to !       
organization ( ! ,res]ve2  7#c7 appo9t &
 fix1 by a vote ( n few] ?an #e ( ! #g  
memb]s ( ! ,bo>d1 & )\t reg>d to !      
provisions ( *apt] #ea & sub*apt] ,,iii 
( *apt] #ec ( title #e1 ,unit$ ,/ates   
,code1 ! comp5sation & adju/m5ts to     

comp5sation ( all p]sonnel ( ! ,res]ve1 
subject to ! condition t 9 appo9t+ &    
fix+ any comp5sation or adju/m5ts to    
comp5sation "u ?is p>agraph1 ! ,bo>d    
%all-- 7,a7 consult )1 & seek to ma9ta9 
comp>ability )1 o!r comp>able ,f$]al    
p]sonnel1 z ! ,bo>d may det]m9e to be   
appropriate2  7,b7 consult ) ! ,(fice ( 
,p]sonnel ,managem5t2 &  7,c7 c>ry out  
^? duties consi/5t ) m]it pr9ciples1 :]e
 applicable1 z well z ! education1      
exp]i5ce1 level ( responsibility1       
geographic diff]5ces1 comp>ability to   
private sector positions1 & ret5tion &  
recruitm5t ne$s ( ! ,res]ve 9 det]m9+   
comp5sation ( p]sonnel2  7#d7 approve by
 a vote ( n few] ?an #e ( ! #g memb]s ( 
! ,bo>d-- 7,a7 any *anges to ! bylaws or
 int]nal policies ( ! ,res]ve2 &  7,b7  
any equity inve/m5ts & accompany+       
docum5tation made "u section            
#bjf7;b77#d72  7#e7 h ! au?ority &      
responsibility-- 7,a7 to ov]see ent]+   
into & c>ry+ out contracts1 leases1     
coop]ative agreem5ts1 or o!r            

transactions z are necess>y to c>ry out 
?is ,act2  7,b7 to approve ( !          
acquisition1 lease1 pl$ge1 ex*ange1 &   
disposal ( real & p]sonal prop]ty by !  
,res]ve & o!rwise approve ! ex]cise by !
 ,res]ve ( all ( ! usual incid5ts (     
own]%ip ( prop]ty1 to ! ext5t t !       
ex]cise ( ^? p[]s is appropriate to &   
consi/5t ) ! purposes ( ! ,res]ve2  7,c7
 to det]m9e ! "* (1 & ! necessity =1 !  
obligations & exp5ditures ( ! ,res]ve1 &
 ! mann] 9 :i* ! obligations &          
exp5ditures w be incurr$1 all[$1 & paid1
 subject to ?is ,act & ,f$]al law       
specifically applicable to :olly own$   
gov]nm5t corporations2  7,d7 to execute 
or approve1 9 accordance ) applicable   
bylaws & regulations1 appropriate       
f9ancial in/rum5ts2  7,e7 to approve o!r
 =ms ( cr$it enhancem5t t ! ,res]ve may 
provide to projects1 subject to !       
condition t ! =ms ( cr$it enhancem5ts   
%all be consi/5t ) ! purposes ( ?is     
,act2  7,f7 to ex]cise all o!r lawful   
p[]s t are necess>y or appropriate to   

c>ry out1 & are consi/5t )1 ! purposes (
 ! ,res]ve2  7,g7 to sue or be su$ 9 !  
corporate capacity ( ! ,res]ve 9 any    
c\rt ( compet5t jurisdiction2  7,h7 to  
indemnify & hold h>mless ! memb]s ( !   
,bo>d = any liabilities aris+ out ( !   
actions ( ! memb]s act+ 9 t capacity1 9 
accordance )1 & subject to ! limitations
 "u1 ?is ,act2  7,i7 to ent] into b9d+  
commitm5ts1 z specifi$ 9 approv$        
f9ancial assi/ance packages2 &  7,j7 to 
det]m9e :e!r-- 7i7 to obta9 a li5 on !  
assets ( an entity t receives assi/ance 
"u ?is ,act2 &  7ii7 to subord9ate a li5
 "u clause 7i7 to any o!r li5 secur+    
project obligations2 &  7#f7 e/abli% !  
risk & audit committees describ$ 9      
section #dja4  ,,ii ,duties & au?orities
 ( ! ,res]ve  #bja4 ,g5]al au?orities   
,to ! ext5t necess>y to develop1 op]ate1
 or ma9ta9 ! ,res]ve1 ! ,res]ve may--   
7#a7 issue rules1 regulations1 or ord]s2
  7#b7 acquire by pur*ase l& or int]e/s 
9 l& = ! location ( /orage & relat$     
facilities2  7#c7 con/ruct1 pur*ase1    

lease1 or o!rwise acquire /orage &      
relat$ facilities2  7#d7 use1 lease1    
ma9ta91 sell1 or o!rwise dispose ( l& or
 int]e/s 9 l&1 or ( /orage & relat$     
facilities acquir$ "u ?is ,act1 "u su*  
t]ms & conditions z ! ,bo>d consid]s    
necess>y or appropriate2  7#e7 acquire1 
subject to ! requirem5ts ( ?is ,act1 by 
pur*ase1 ex*ange1 or o!rwise1 critical  
m9]als or mat]ials = /orage2  7#f7 /ore 
critical m9]als or mat]ials 9 /orage    
facilities own$ & controll$ by ! ,unit$ 
,/ates or 9 /orage facilities own$ by   
au?oriz$ int]m$i>ies if ! ,res]ve has   
suffici5t contractual c]ta9ty ( access  
to ! critical m9]als & mat]ials & ^?    
facilities are subject to audit by !    
,unit$ ,/ates2  7#g7 execute contracts )
 private entities = ! /orage ( critical 
m9]als & mat]ials at /orage facilities  
own$ by private entities if ! ,res]ve   
has suffici5t contractual c]ta9ty (     
access to ^? critical m9]als & mat]ials 
& ^? facilities are subject to audit by 
! ,unit$ ,/ates2  7#h7 p>tn] ) private  

sector1 academia1 & ,f$]al ag5cies to   
fur!r ! purposes ( ! ,res]ve1 includ+ to
 advance ! developm5t & comm]cialization
 ( responsible reuse & recycl+ processes
 = critical m9]als & mat]ials2 &  7#i7  
execute any contracts necess>y to       
develop1 op]ate1 or ma9ta9 ! ,res]ve4   
#bjb4 ,id5tification ( eligible critical
 m9]als & mat]ials  7a7 ,eligible       
critical m9]als & mat]ials li/ ,subject 
to subsections 7b71 7c71 & 7d71 !       
,res]ve1 9 consultation ) ! heads (     
,f$]al dep>tm5ts & ag5cies describ$ 9   
section #bjc7f71 %all e/abli%1 & !reaft]
 ma9ta91 a li/ ( critical m9]als &      
mat]ials eligible = f9anc+ or           
acquisition support describ$ 9 section  
#bjf4  7b7 ,requirem5ts  7#a7           
,e/abli%m5t ,a m9]al or mat]ial may only
 be includ$ on ! li/ ( eligible critical
 m9]als & mat]ials e/abli%$ "u          
subsection 7a7 if-- 7,a7 ! m9]al or     
mat]ial is-- 7i7 includ$ on ! 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;c772  7ii7  
includ$ on ! 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;a772 or     
7iii7 a mat]ial ( int]e/ designat$ by ! 
,director ( ! ,def5se ,logi/ics ,ag5cy2 
&  7,b7 ! ,res]ve det]m9es t ! m9]al or 
mat]ial-- 7i7 is a non-fuel m9]al or    
mat]ial2  7ii7 has a vuln]able or highly
 conc5trat$ supply *a92 &  7iii7 is     
necess>y-- 7,i7 = ! national def5se &   
national security requirem5ts ( ! ,unit$
 ,/ates2  7,,ii7 = ! en]gy infra/ructure
 ( ! ,unit$ ,/ates1 includ+-- 7aa7      
pipel9es2  7bb7 ref9+ capacity2  7cc7   
electrical p[] g5]ation1 /orage1        
transmission1 & di/ribution2  7dd7      
r5ewable en]gy production2 &  7ee7 en]gy
 /orage2  7,,iii7 to support dome/ic    
manufactur+1 agriculture1 h\s+1         
telecommunications1 heal? c>e1 or       
transportation & transportation         
infra/ructure2 or  7,,iv7 = ! economic  

security ( ! ,unit$ ,/ates4  7#b7       
,modifications  7,a7 ,additions ,aft] ! 
li/ ( eligible critical m9]als &        
mat]ials is e/abli%$ "u p>agraph 7#a71 !
 ,res]ve may add a m9]al or mat]ial to !
 li/ ( eligible critical m9]als &       
mat]ials ma9ta9$ "u subsection 7a7 if1  
aft] ! date t ! mo/ rec5t li/ is publi%$
 "u subsection 7e77#a7-- 7i7 ! m9]al or 
mat]ial-- 7,i7 is includ$ on ! mo/      
rec5tly publi%$ 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;c772  7,,ii7 is includ$ on ! mo/ 
rec5tly publi%$ 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;a772 or     
7,,iii7 a mat]ial ( int]e/ designat$ by 
! ,director ( ! ,def5se ,logi/ics       
,ag5cy2 &  7ii7 ! ,res]ve det]m9es t !  
m9]al or mat]ial meets ! requirem5ts    
describ$ 9 p>agraph 7#a77;,b74  7,b7    
,removals ,aft] ! li/ ( eligible        

critical m9]als & mat]ials is e/abli%$  
"u p>agraph 7#a71 ! ,res]ve %all remove 
a m9]al or mat]ial f ! li/ ( eligible   
critical m9]als & mat]ials ma9ta9$ "u   
subsection 7a7 if-- 7i7 ! m9]al or      
mat]ial1 z ( ! date on :i* ! li/ is     
publi%$ "u subsection 7e77#a7-- 7,i7 has
 n be5 includ$ on a 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;c77 = a p]iod ( at lea/
 #c ye>s2  7,,ii7 has n be5 includ$ on a
 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;a77 = a p]iod ( at lea/
 #c ye>s2 or  7,,iii7 has n be5         
designat$ z a mat]ial ( int]e/ by !     
,director ( ! ,def5se ,logi/ics ,ag5cy =
 a p]iod ( at lea/ #c ye>s2 or  7ii7 !  
,res]ve det]m9es t ! m9]al or mat]ial no
 long] meets ! requirem5ts describ$ 9   
p>agraph 7#a77;,b74  7c7 ,consid]ations 
,9 e/abli%+ & ma9ta9+ ! li/ ( eligible  

critical m9]als & mat]ials "u subsection
 7a71 ! ,res]ve %all consid]-- 7#a7 !   
results ( any assessm5ts conduct$ "u    
sections #bjd & #bje2  7#b7 ! exi/+     
m>ket infra/ructure & f9ancial          
environm5t = a giv5 critical m9]al or   
mat]ial1 especially dome/ically or 9    
p>tn] c\ntries2  7#c7 ! sub/itutability 
(1 & project$ dem& =1 a giv5 critical   
m9]al or mat]ial2 &  7#d7 o!r in=mation 
! ,res]ve det]m9es necess>y to a*ieve ! 
purposes ( ! ,res]ve4  7d7 ,exclusions  
,a m9]al or mat]ial may n be includ$ on 
! li/ ( eligible critical m9]als &      
mat]ials e/abli%$ & ma9ta9$ "u          
subsection 7a7 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>iety1 z det]m9$
 by ! ,bo>d1 ( s&1 gravel1 /one1 pumice1
 c9d]s1 or clay4  7e7 ,update  7#a7 ,9  
g5]al ,! ,res]ve %all publi% & update n 
less frequ5tly ?an annually ! li/ (     
eligible critical m9]als & mat]ials     
e/abli%$ & ma9ta9$ "u subsection 7a74   

7#b7 ,requirem5t ,9 c>ry+ out p>agraph  
7#a71 ! ,res]ve %all sep>ately publi% a 
li/ ( m9]als & mat]ials-- 7,a7 previ\sly
 includ$ on a li/ publi%$ "u p>agraph   
7#a7 b 7 remov$ )9 ! previ\s #c ye>s2 & 
7,b7 n includ$ 9 ! li/ publi%$ "u       
p>agraph 7#a7 b ) respect to :i* !      
,res]ve has an active position1         
contract1 or transaction4  #bjc4 ,data  
collection ,!re is e/abli%$ )9 ! ,res]ve
 a division1 to be kn[n z ! ,division ( 
,data ,collection1 :i*1 to ! ext5t      
practicable1 %all-- 7#a7 be l$ by a     
,director select$ by ! ,bo>d2  7#b7     
develop & ma9ta9 a propriet>y dataset   
suffici5t to ensure ! ?or\gh analysis ( 
global critical m9]als & mat]ials       
m>kets2  7#c7 collect & ma9ta9 suffici5t
 datasets1 includ+ data compris+ global1
 dome/ic1 & p>tn] c\ntry 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 collection &
 recycl+ rates = critical m9]als &      
mat]ials 9 dome/ic & p>tn] c\ntry       
m>kets2 &  7,c7 ! =eca/ ( supply & dem& 
( critical m9]als & mat]ials )9 dome/ic 
& p>tn] c\ntry m>kets2  7#d7 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* purpose1 includ+ model$  
transaction data & datasets produc$ by  
or d]ivative ( datasets produc$ by !    
,p's ,republic ( ,*9a2  7#e7 us+ ! mo/  
curr5t data collect$ "u p>agraphs 7#c7 &
 7#d71 support ! activities describ$ 9  
sections #bjd & #bjf2  7#f7 consult )   
relevant heads ( ,f$]al dep>tm5ts &     
ag5cies1 includ+-- 7,a7 ! ,secret>y (   
,agriculture2  7,b7 ! ,secret>y (       
,comm]ce2  7,c7 ! ,secret>y ( ,def5se2  
7,d7 ! ,secret>y ( ,en]gy2  7,e7 !      
,secret>y ( ! ,int]ior2  7,f7 !         
,secret>y ( ,/ate2  7,g7 ! ,secret>y ( !
 ,treasury2  7,h7 ! ,*ief ,executive    

,(fic] ( ! ,unit$ ,/ates ,int]national  
,developm5t ,f9ance ,corporation2  7,i7 
! ,director ( ! ,c5tral ,intellig5ce    
,ag5cy2  7,j7 ! ,director ( ! ,unit$    
,/ates ,geological ,survey2  7,k7 !     
,presid5t ( ! ,export-,import ,bank ( ! 
,unit$ ,/ates2 &  7,l7 any o!r ,f$]al   
dep>tm5t or ag5cy head ! ,director      
det]m9es necess>y2  7#g7 e/abli%        
me*anisms :5 e/abli%+ loan t]ms1        
contracts1 & agreem5ts z describ$ 9 ?is 
,act to collect ! necess>y data requir$ 
by ?is section2 &  7#h7 to ! ext5t      
practicable1 c>ry out ! responsibilities
 ( ?is section us+ exi/+ gov]nm5t data &
 in=mation4  #bjd4 ,critical m9]al &    
mat]ial m>ket risk & vuln]ability       
assessm5t  7a7 ,e/abli%m5t ,!re is      
e/abli%$ )9 ! ,res]ve a division1 to be 
kn[n z ! ,division ( ,risk &            
,vuln]ability ,evaluation1 :i* %all--   
7#a7 be l$ by a ,director select$ by !  
,bo>d2  7#b7 develop or1 to ! ext5t     
practicable1 use exi/+ sophi/icat$      
models to evaluate ?reats & risks 9     

critical m9]al & mat]ial m>kets across  
,unit$ ,/ates indu/rial sectors1 includ+
 def5se1 en]gy1 agriculture1            
transportation1 heal?1 & em]g+          
te*nology2  7#c7 ma9ta9 a compreh5sive  
database ( critical m9]al & mat]ial     
price movem5ts1 supply *a9              
vuln]abilities1 production & process+   
capacities1 & consumption patt]ns2  7#d7
 id5tify critical dep5d5cies 9 critical 
m9]al & mat]ial m>kets t c\ld ?reat5    
national security or economic /ability2 
7#e7 assess ! pot5tial = geopolitical   
ev5ts1 natural disa/]s1 te*nological    
disruptions1 or m>ket failures to impact
 commodity m>kets2  7#f7 develop &      
implem5t me?odologies = model+ ! impact 
( v>i\s critical m9]al or mat]ial %ocks 
on ! ,unit$ ,/ates economy2  7#g7 assess
 vuln]abilities1 includ+ price spikes1  
supply disruptions1 transportation      
failures1 export controls1 & f9ancial   
m>ket di/urbances2  7#h7 model !        
cross-sectoral impacts ( critical m9]al 
or mat]ial price or supply %ocks1       

includ+ effects on inflation1 employm5t1
 gov]nm5t f9ances1 & consum] welf>e2    
7#i7 assess ! specific impact ( critical
 m9]al or mat]ial disruptions on        
infra/ructure1 national security assets1
 & ess5tial s]vices2 &  7#aj7 to ! ext5t
 practicable1 c>ry out !                
responsibilities ( ?is section us+ exi/+
 gov]nm5t data & in=mation4  7b7        
,m&atory risk assessm5t  7#a7 ,9 g5]al  
,! ,res]ve %all conduct & submit to !   
appropriate congressional committees1 ! 
,presid5t1 & ! heads ( ,f$]al dep>tm5ts 
& ag5cies li/$ 9 section #bjc7f7 a      
bi5nial compreh5sive risk & vuln]ability
 assessm5t = critical m9]als & mat]ials1
 :i* %all include-- 7,a7 id5tification (
 specific ?reats to /able supply &      
prices2  7,b7 an analysis ( curr5t m>ket
 conditions1 includ+ geographic &       
own]%ip conc5tration ( suppli]s1        
transportation bottl5ecks1 & f9ancial   
vuln]abilities2  7,c7 an evaluation (   
sub/itution possibilities & te*nological
 alt]natives2 &  7,d7 recomm5dations =  

risk mitigation /rategies4  7#b7 ,=m (  
assessm5t  7,a7 ,9 g5]al ,ea* assessm5t 
requir$ by p>agraph 7#a7-- 7i7 %all be  
submitt$ 9 unclassifi$ =m2 b  7ii7 may  
include a classifi$ annex4  7,b7        
,requirem5t ,any assessm5ts requir$ by  
p>agraph 7#a7 t include a classifi$     
annex %all include an unclassifi$       
summ>y4  #bje4 ,production /&>ds ,!re is
 e/abli%$ )9 ! ,res]ve a division1 to be
 kn[n z ! ,division ( ,production       
,/&>ds1 :i* %all-- 7#a7 be l$ by a      
,director select$ by ! ,bo>d2  7#b7     
develop me?odologies = evaluat+ relative
 risk 9 global environm5tal & labor     
/&>ds & practices = ! production1       
extraction1 process+1 reuse1 repurpos+1 
& recycl+ ( critical m9]als & mat]ials1 
includ+ transp>5cy1 traceability1 & =c$ 
labor risk1 :i* may include incorporat+ 
exi/+ rese>*2  7#c7 conduct p]iodic     
risk-bas$ assessm5ts ( environm5tal &   
labor /&>ds & practices = ! production1 
extraction1 process+1 reuse1 repurpos+1 
& recycl+ ( critical m9]als & mat]ials 9

 =eign c\ntries produc+ critical m9]als 
& mat]ials1 &1 to ! ext5t practicable1  
significant production projects2 &  7#d7
 publi% an annual report summ>iz+ !     
me?odologies us$ & describ+ ! results ( 
! mo/ rec5t assessm5ts conduct$ "u      
p>agraph 7#c7 = ea* =eign c\ntry &      
significant production project1 &1 to ! 
ext5t practicable1 mitigation measures  
us$ 9 transactions & loans made by !    
,res]ve1 )\t id5tify+ propriet>y or     
s5sitive comm]cial in=mation4  #bjf4    
,f9anc+ & acquisition ( critical m9]als 
or mat]ials  7a7 ,au?ority  7#a7 ,9     
g5]al ,! ,res]ve may deploy f9anc+ &    
acquisition tools z describ$ 9          
subsection 7b7 to a*ieve ! purposes ( ! 
,res]ve1 subject to ! condition t !     
,res]ve may n deploy su* tools to b5efit
 a =eign entity ( conc]n4  7#b7         
,consid]ations ,9 c>ry+ out ?is section1
 ! ,res]ve %all consid]-- 7,a7 ! results
 ( ! assessm5ts describ$ 9 section      
#bje7c72  7,b7 ! ability ( ! ,res]ve to 
effici5tly a*ieve ! purposes ( ! ,res]ve

 ) limit$ res\rces2  7,c7 div]sification
 across critical m9]als & mat]ials2     
7,d7 non-,res]ve inve/m5ts & m>ket      
developm5ts reg>d+ a specific critical  
m9]al or mat]ial2  7,e7 ) respect to    
deploy+ f9anc+ & acquisition tools ) a  
specific produc] or processor1 !        
managem5t1 f9ancial condition1 & ability
 ( ! produc] or processor to fulfill any
 contractual obligations2 &  7,f7 o!r   
factors ! ,res]ve det]m9es valuable to  
a*iev+ ! purposes ( ! ,res]ve ov] an    
ext5d$ p]iod ( "t4  7#c7 ,f$]al         
,gov]nm5t ,inve/m5ts ,! ,res]ve %all1 to
 ! maximum ext5t practicable 9 c>ry+ out
 ?is section1 consult1 coord9ate1 &     
lev]age exi/+ ,f$]al ,gov]nm5t          
inve/m5ts1 includ+ by-- 7,a7 !          
,export-,import ,bank ( ! ,unit$ ,/ates2
  7,b7 ! ,unit$ ,/ates ,int]national    
,developm5t ,f9ance ,corporation2  7,c7 
! ,dep>tm5t ( ,en]gy1 pursuant to title 
,,xvii ( ! ,en]gy ,policy ,act ( #bjje  
7#db ,u4,s4,c4 #afeaa et seq472  7,d7 ! 
,(fice ( ,/rategic ,capital ( !         

,dep>tm5t ( ,def5se2 &  7,e7 applicable 
execution (fices ( ! ,dep>tm5t ( ,def5se
 = contract actions c>ri$ out "u title  
,,iii ( ! ,def5se ,production ,act (    
#aiej 7#ej ,u4,s4,c4 #deca et seq474    
7b7 ,means ( support ,! f9anc+ &        
acquisition tools ref]r$ to 9 subsection
 7a7 include ! foll[+3 7#a7 ,loans to   
au?oriz$ int]m$i>ies  7,a7 ,loan program
 au?oriz$ ,! ,res]ve may make loans to  
au?oriz$ int]m$i>ies :o may use ^? funds
 to ent] into f9anc+ & pur*as+ agreem5ts
 ) produc]s & processors ( critical     
m9]als or mat]ials4  7,b7 ,loan         
conditions  7i7 ,9 g5]al ,9 mak+ loans  
"u subp>agraph 7,a71 ! ,res]ve %all     
e/abli% su* t]ms & conditions z !       
,res]ve det]m9es appropriate to a*ieve !
 purposes ( ! ,res]ve4  7ii7 ,adju/m5t (
 loan t]ms ,! ,res]ve & an au?oriz$     
int]m$i>y may adju/ loan t]ms "u a loan 
issu$ "u subp>agraph 7,a7 if ! ,res]ve &
 t au?oriz$ int]m$i>y agree to !        
adju/m5t4  7iii7 ,pref]5tial t]ms =     
c]ta9 loans ,9 mak+ loans "u subp>agraph

 7,a71 ! ,res]ve-- 7,i7 may provide     
pref]5tial loan t]ms-- 7aa7 :i* may     
include an int]e/ rate equal to ! ,f$]al
 funds rate1 to an au?oriz$ int]m$i>y t 
w use ! loan to ent] into f9anc+ &      
pur*as+ agreem5ts ) produc]s or         
processors ( critical m9]als or         
mat]ials2 &  7bb7 to au?oriz$           
int]m$i>ies t w use ! loan to ent] into 
f9anc+ & pur*as+ agreem5ts ) produc]s or
 processors ( critical m9]als or        
mat]ials 9 p>tn] c\ntries1 9 su* mann] z
 ! ,res]ve det]m9es appropriate2 &      
7,,ii7 %all-- 7aa7 consult ) ! heads (  
,f$]al dep>tm5ts & ag5cies describ$ 9   
section #bjc7e7 ) respect to ! loan t]ms
 describ$ 9 subclause 7,i77aa72 &  7bb7 
ensure t1 "u ! t]ms ( su* loans1        
au?oriz$ int]m$i>ies %all1 to ! maximum 
ext5t practicable1 give priority to     
,unit$ ,/ates suppli]s ( critical m9]als
 & mat]ials & pref]5ce to ! ,unit$      
,/ates supply *a94  7,c7 ,proposal      
solicitation ,to be eligible to receive 
a loan "u subp>agraph 7,a71 an au?oriz$ 

int]m$i>y %all submit to ! ,res]ve an   
application at su* "t1 9 su* mann]1 &   
conta9+ su* in=mation z ! ,res]ve may   
require1 includ+ ! propos$ f9anc+ or    
pur*as+ agreem5ts describ$ 9 t          
subp>agraph4  7,d7 ,uncur$ default  7i7 
,9 g5]al ,if an au?oriz$ int]m$i>y fails
 to make a requir$ repaym5t on a loan "u
 subp>agraph 7,a7 = a #ij-;day p]iod1 ! 
,res]ve may-- 7,i7 rec\p ! am\nt ( t    
loan by tak+ possession ( ! critical    
m9]al & mat]ial inv5tories ( ! au?oriz$ 
int]m$i>y & any o!r contractual rights (
 ! au?oriz$ int]m$i>y to receive        
critical m9]als or mat]ials f suppli]s2 
7,,ii7 revoke ! p>ticipation ) ! ,res]ve
 ( ! au?oriz$ int]m$i>y2  7,,iii7       
subject to clause 7ii71 appo9t itself z 
cons]vator or receiv] ( ! au?oriz$      
int]m$i>y2  7,,iv7 obta9 a li5 on !     
assets ( ! int]m$i>y pursuant to section
 #ajb7;c77#e77;,j72 &  7,v7 adju/ ! loan
 t]ms pursuant to subp>agraph 7,b77ii74 
7ii7 ,au?orities "u cons]vator or       
receiv]%ip ,if ! ,res]ve appo9ts itself 

a cons]vator or receiv] ( an au?oriz$   
int]m$i>y "u clause 7i77,,ii71 ! ,res]ve
 %all h ! same au?orities ) respect to !
 au?oriz$ int]m$i>y t ! ,f$]al ,deposit 
,insurance ,corporation has ) respect to
 an in/itution = :i* ! ,f$]al ,deposit  
,insurance ,corporation has appo9t$     
itself z cons]vator or receiv] "u !     
,f$]al ,deposit ,insurance ,act 7#ab    
,u4,s4,c4 #ahaa et seq474  7iii7        
,treatm5t ( bankruptcy ,an au?oriz$     
int]m$i>y = :i* ! ,res]ve has appo9t$   
itself a cons]vator or a receiv] "u     
clause 7i77,,ii7 may n be plac$ into    
bankruptcy "u title #aa1 ,unit$ ,/ates  
,code1 dur+ t cons]vator%ip or          
receiv]%ip1 & any bankruptcy process "u 
title #aa1 ,unit$ ,/ates ,code1 t is 9  
effect :5 ! appo9tm5t occurs %all be    
t]m9at$4  7#b7 ,acquisitions  7,a7      
,acquisition ?r\gh solicitation & direct
 contract+ ) private c\nt]p>ties4  7,b7 
,acquisition ?r\gh physically cle>$     
f9ancial in/rum5ts1 su* z futures       
contracts ?r\gh int]m$i>ies1 includ+    

f9ancial ex*anges4  7,c7 ,acquisition   
?r\gh options contracts directly or     
?r\gh int]m$i>ies1 includ+ f9ancial     
ex*anges4  7#c7 ,non-rec\rse l5d+       
,non-rec\rse l5d+ to projects secur$ by 
a portion ( ! expect$ production ( !    
project4  7#d7 ,o!r transactions ,o!r   
f9anc+ & acquisition transactions1      
includ+ contract = diff]5ces1 advance or
 mile/one paym5ts1 advanc$ m>ket        
commitm5ts1 & m9ority1 non-controll+    
equity inve/m5t1 z det]m9$ by ! ,bo>d z 
necess>y to fulfill ! purposes ( !      
,res]ve1 except t equity inve/m5t %all  
only be us$ )-- 7,a7 a writt5           
ju/ification describ+ h[ o!r f9anc+ &   
acquisition tools 9 ?is section are n   
suffici5t2 &  7,b7 a writt5 explanation 
( ! int5d$ exit /rategy = ! equity      
inve/m5t4  7c7 ,p>tn] co-,inve/m5t  7#a7
 ,9 g5]al ,a p>tn] c\ntry may1 if       
approv$ by ! ,res]ve1 make capital      
contributions ( at lea/ #ajj1jjj1jjj to 
! ,res]ve = purposes ( f9anc+ or        
acquisition "u subsection 7b74  7#b7    

,m9imum am\nt  ,! ,res]ve %all annually 
adju/ ! am\nt 9 p>agraph 7#a7 by !      
p]c5tage increase 9 ! ,p]sonal          
,consumption ,exp5ditures ,price ,index 
( ! ,bureau ( ,economic ,analysis ( !   
,dep>tm5t ( ,comm]ce1 r\nd$ to ! ne>e/  
#a1jjj1jjj4  7#c7  ,treatm5t ( capital  
contributions  ,! ,res]ve-- 7,a7 %all   
ma9ta9 sep>ate acc\nts = ! capital      
contributions ( ea* p>tn] c\ntry t      
provides su* contributions "u p>agraph  
7#a72  7,b7 %all n comm+le ! capital    
contributions ( any p>tn] c\ntry ) any  
o!r p>tn] c\ntry or ! funds ( ! ,res]ve2
  7,c7 may return su* capital           
contributions to ! p>tn] c\ntry at any  
"t1 )\t obligation or p5alty1 or "u su* 
o!r t]ms & conditions z agre$ to by !   
,res]ve & t p>tn] c\ntry2 &  7,d7 may n 
gu>antee ! repaym5t ( su* capital       
contributions to a p>tn] c\ntry4  7#d7  
,loans made ) p>tn] co-inve/m5t funds   
,f9anc+ & acquisitions made "u          
subsection 7b7 ) capital contributions  
"u p>agraph 7#a7 %all be made 9 ! same  

mann] z f9anc+ & acquisitions made "u   
subsection 7b7 ) funds ( ! ,res]ve4     
7#e7  ,re/riction  ,! ,res]ve may n     
approve a p>tn] c\ntry "u p>agraph 7#a7 
unless ! p>tn] c\ntry c]tifies t !      
capital contributions be+ made are com+ 
f funds ( ! p>tn] c\ntry & n f funds ( a
 =eign entity ( conc]n or a cov]$       
c\ntry4  7d7 ,int]national advisory     
c\ncil ( p>tn]s  7#a7 ,9 g5]al ,!       
,res]ve may e/abli% an ,int]national    
,advisory ,c\ncil ( ,p>tn]s compris+--  
7,a7 ! ,vice-*airp]son1 :o %all be !    
head ( ! c\ncil2 &  7,b7 #a             
repres5tative f ea* p>tn] c\ntry t makes
 a capital contribution "u subsection   
7c77#a74  7#b7 ,consultation ,!         
,int]national ,advisory ,c\ncil (       
,p>tn]s %all1 at ! reque/ ( ! ,res]ve1  
advise ! ,res]ve on f9anc+ &            
acquisitions made ) capital             
contributions "u subsection 7c77#a74    
7#c7 ,applicability ( ,,faca ,*apt] #aj 
( title #e1 ,unit$ ,/ates ,code         
7commonly kn[n z ! ,f$]al ,advisory     

,committee ,act71 %all n apply to !     
,int]national ,advisory ,c\ncil (       
,p>tn]s4  #bjg4 ,sale ( critical m9]als 
or mat]ials  7a7 ,sale ,! ,res]ve may   
sell critical m9]als or mat]ials /or$ 9 
! ,res]ve 9 accordance ) ! purposes ( ! 
,res]ve & ?is section4  7b7 ,sale (     
critical m9]als or mat]ials ,! ,res]ve  
may sell a critical m9]al or mat]ial    
/or$ 9 ! ,res]ve if ! ,bo>d det]m9es t--
 7#a7 a supply %ortage or pot5tial      
supply %ortage ( t critical m9]al or    
mat]ial ?reat5s-- 7,a7 ! national or    
economic security ( ! ,unit$ ,/ates2 or 
7,b7 price /ability 9 ! value *a9 ( t   
critical m9]al or mat]ial2 or  7#b7 !   
sale is o!rwise necess>y to support !   
purposes ( ! ,res]ve4  7c7 ,sale (      
non-,critical m9]als or mat]ials  7#a7  
,9 g5]al ,! ,res]ve may sell a m9]al or 
mat]ial /or$ 9 ! ,res]ve t1 z ( ! date (
 sale1 is no long] includ$ on ! li/ (   
critical m9]als & mat]ials e/abli%$ by !
 ,res]ve "u section #bjb7;a7 if ! ,bo>d 
det]m9es t--  7,a7 ! m9]al or mat]ial is

 unlikely to be imm95tly re-add$ to !   
li/ ( critical m9]als & mat]ials        
e/abli%$ by ! ,res]ve "u section        
#bjb7;a72  7,b7 ! m9]al or mat]ial is   
available 9 suffici5t supply or is no   
long] necess>y 9 l>ge quantities =      
economic or national security purposes2 
7,c7 a supply %ortage or pot5tial supply
 %ortage ( t m9]al or mat]ial ?reat5s-- 
7i7 ! national or economic security ( ! 
,unit$ ,/ates2 or  7ii7 price /ability 9
 ! value *a9 ( t m9]al or mat]ial2 or   
7,d7 ! sale is o!rwise necess>y to      
support ! purposes ( ! ,res]ve4  7#b7   
,use = rese>* purposes  ,if ! ,bo>d     
det]m9es t a m9]al or mat]ial /or$ 9 !  
,res]ve t is no long] includ$ on ! li/ (
 critical m9]als & mat]ials e/abli%$ by 
! ,res]ve "u section #bjb7;a7 does n h a
 sub/antial m>ket value1 ! ,bo>d may    
ent] into a contract = ! transf] & use =
 rese>* purposes ( t m9]al or mat]ial   
)--  7,a7 ,f$]al dep>tm5ts & ag5cies2   
7,b7 ,/ate gov]nm5ts2  7,c7 ,national   
,laboratories 7z def9$ 9 section #b ( ! 

,en]gy ,policy ,act ( #bjje 7#db        
,u4,s4,c4 #aehja772 &  7,d7 in/itutions 
( high] education 7z def9$ 9 section    
#aja7;a7 ( ! ,high] ,education ,act (   
#aife 7#bj ,u4,s4,c4 #ajja7;a7774  7d7  
,means ( sale ,! ,res]ve may c>ry out a 
sale describ$ 9 subsections 7b7 & 7c7   
?r\gh-- 7#a7 solicitation & direct      
contract+ ) private p>ties2  7#b7       
physically cle>$ f9ancial in/rum5ts1 su*
 z futures contracts ?r\gh au?oriz$     
int]m$i>ies2  7#c7 options contracts    
directly or ?r\gh au?oriz$ int]m$i>ies2 
&  7#d7 o!r transactions1 includ+ public
 auctions1 z det]m9$ necess>y by ! ,bo>d
 to support ! purposes ( ! ,res]ve4  7e7
 ,=eign entities ( conc]n ,! ,res]ve may
 n c>ry out a sale describ$ 9           
subsections 7b7 & 7c7 to a =eign entity 
( conc]n4  ,,iii ,adm9i/rative          
provisions  #cja4 ,corporate p[]s  7a7  
,9 g5]al ,! ,res]ve-- 7#a7 may adopt1   
alt]1 & use a seal1 :i* may include an  
id5tifiable symbol ( ! ,unit$ ,/ates2   
7#b7 not)/&+ division ,c ( subtitle ,i (

 title #da1 ,unit$ ,/ates ,code1 may    
make & p]=m ) any p]son contracts1      
includ+ no-co/ contracts 7z def9$ by !  
,res]ve71 grants1 & o!r agreem5ts1 t are
 necess>y = c>ry+ out ! functions ( !   
,res]ve2  7#c7 may lease1 pur*ase1 or   
o!rwise acquire1 improve1 & use real    
prop]ty t is necess>y to c>ry out !     
functions ( ! ,res]ve2  7#d7 may use !  
,unit$ ,/ates mails 9 ! same mann] & on 
! same conditions z ! ,executive        
dep>tm5ts 7z def9$ 9 section #aja (     
title #e1 ,unit$ ,/ates ,code72  7#e7   
may contract ) individuals = p]sonal    
s]vices1 :o %all n be consid]$ ,f$]al   
employees = any provision ( law adm9i/]$
 by ! ,director ( ! ,(fice ( ,p]sonnel  
,managem5t2  7#f7 may hire or obta9     
pass5g] motor vehicles2  7#g7 may       
acquire1 hold1 or dispose (1 on su* t]ms
 & conditions z ! ,res]ve may det]m9e1  
any prop]ty 7real1 p]sonal1 or mix$71   
tangible or intangible1 or any int]e/ 9 
su* prop]ty2  7#h7 may lease (fice space
 = ! use ( ! ,res]ve2  7#i7 may         

indemnify directors1 (fic]s1 employees1 
& ag5ts ( ! ,res]ve = liabilities &     
exp5ses incurr$ 9 connection ) _!       
activities on behalf ( ! ,res]ve2  7#aj7
 not)/&+ any o!r provision ( law1 may   
repres5t itself or contract =           
repres5tation 9 any legal or arbitral   
proce$+2  7#aa7 may ex]cise any priority
 ( ! ,f$]al ,gov]nm5t 9 collect+ debts f
 bankrupt1 insolv5t1 or dec$5ts' e/ates2
  7#ab7 may collect1 not)/&+ section    
#cgaa7;g77#a7 ( title #ca1 ,unit$ ,/ates
 ,code1 or compromise any obligations   
assign$ to or held by ! ,res]ve1 includ+
 any legal or equitable rights accru+ to
 ! ,res]ve2  7#ac7 may sell direct      
inve/m5ts ( ! ,res]ve to private        
inve/ors on su* t]ms & conditions z !   
,res]ve may det]m9e2 &  7#ad7 %all h su*
 o!r p[]s z may be necess>y & incid5t to
 c>ry+ out ! functions ( ! ,res]ve4  7b7
 ,treatm5t ( prop]ty ,not)/&+ any o!r   
provision ( law relat+ to ! acquisition1
 h&l+1 or disposal ( prop]ty by ! ,unit$
 ,/ates1 ! ,res]ve %all h ! "r 9 its    

discretion to complete1 recondition1    
recon/ruct1 r5ovate1 repair1 ma9ta91    
op]ate1 or sell any prop]ty acquir$ by !
 ,res]ve pursuant to ?is ,act4  #cjb4   
,records & acc\nts  7a7 ,prep>ation &   
ma9t5ance ,! ,bo>d may require any p]son
 to prep>e & ma9ta9 su* records or      
acc\nts z ! ,bo>d1 by rule1 det]m9es    
necess>y to c>ry out ?is ,act4  7b7     
,audit ( op]ations ( /orage facilities  
,! ,bo>d may audit ! op]ations ( any    
/orage facility 9 :i* any critical m9]al
 or mat]ial acquir$ is /or$ or requir$  
to be /or$ pursuant to ?is ,act4  7c7   
,access to & inspection ( records or    
acc\nts & /orage facilities ,! ,bo>d may
 require access to1 & has ! "r to       
inspect & exam9e1 at reasonable times-- 
7#a7 any records or acc\nts requir$ to  
be prep>$ or ma9ta9$ pursuant to        
subsection 7a72 &  7#b7 any /orage      
facilities subject to audit by ! ,unit$ 
,/ates pursuant to ?is ,act4  ,,iv      
,ov]sight & acc\ntability  #dja4 ,risk &
 audit committees  7a7 ,e/abli%m5t ,n   

lat] ?an #a ye> aft] ! date ( enactm5t (
 ?is ,act1 ! ,res]ve %all e/abli%-- 7#a7
 a risk committee2 &  7#b7 an audit     
committee4  7b7 ,duties &               
responsibilities  7#a7 ,risk committee  
,subject to ! direction ( ! ,bo>d1 !    
risk committee e/abli%$ "u subsection   
7a77#a7 %all be responsible =-- 7,a7    
=mulat+ risk managem5t policies ( !     
op]ations ( ! ,res]ve2  7,b7 review+ &  
provid+ guidance on ! op]ation ( !      
global risk managem5t framework ( !     
,res]ve2  7,c7 develop+ policies =      
ent]prise risk managem5t1 risk monitor+1
 & ! managem5t ( /rategic1 reputational1
 regulatory1 op]ational1 developm5tal1  
responsible production1 & f9ancial      
risks2  7,d7 develop+ ! risk pr(ile ( ! 
,res]ve1 includ+ a risk managem5t &     
compliance framework & gov]nance        
/ructure to support su* a framework2    
7,e7 monitor+ ,res]ve p>ticipants to    
ensure exi/+ p>ticipants d n become     
=eign entities ( conc]n2 &  7,f7        
develop+ & us+ a me*anism to remove     

p>ticipants if m ?an #be p]c5t ( t      
p>ticipant is own$1 controll$1 direct$1 
f9anc$1 or o!rwise influ5c$1 directly or
 indirectly1 9 :ole or 9 "p by !        
gov]nm5t ( a =eign entity ( conc]n4     
7#b7 ,audit committee ,subject to !     
direction ( ! ,bo>d1 ! audit committee  
e/abli%$ "u subsection 7a77#b7 %all be  
responsible =-- 7,a7 ! integrity (-- 7i7
 ! f9ancial report+ ( ! ,res]ve2  7ii7  
sy/ems ( int]nal controls relat+ to     
f9ance & acc\nt+ ( ! ,res]ve2 &  7iii7 !
 f9ancial /atem5ts ( ! ,res]ve2  7,b7 ! 
p]=mance ( ! int]nal audit function ( ! 
,res]ve2 &  7,c7 ! compliance ( !       
,res]ve ) legal & regulatory requirem5ts
 relat+ to ! f9ances ( ! ,res]ve4  #djb4
 ,annual audit & comptroll] review  7a7 
,annual indep5d5t audit  7#a7 ,9 g5]al  
,n lat] ?an #a ye> aft] ! date (        
enactm5t ( ?is ,act1 & 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 ,an indep5d5t qualifi$     
public acc\ntant select$ "u p>agraph    
7#a7 %all be-- 7,a7 c]tifi$ & lic5s$ by 
a ,/ate bo>d ( acc\ntancy2  7,b7        
indep5d5t ( ! ,res]ve & ea* au?oriz$    
int]m$i>y )9 ! mean+ ( section #baj4b-ja
 ( title #ag1 ,code ( ,f$]al            
,regulations 7or a successor            
regulation72 &  7,c7 regi/]$ ) ! ,public
 ,company ,acc\nt+ & ,ov]sight ,bo>d4   
7b7 ,review ,! ,comptroll] ,g5]al ( !   
,unit$ ,/ates %all conduct a bi5nial    
review ( ! ,res]ve1 to include-- 7#a7   
review+ ! mo/ rec5t annual report       
submitt$ pursuant to section #djc7;a72  
7#b7 ! op]ations & functions ( ! ,res]ve
 z manag$ by ! ,bo>d2 &  7#c7 ! p]=mance
 ( ! ,bo>d 9 fulfill+ ! purposes ( !    
,res]ve4  #djc4 ,report+ & transp>5cy   
7a7 ,annual report  7#a7 ,9 g5]al ,!    
,bo>d %all submit to ! ,presid5t1 !     
,comptroll] ,g5]al ( ! ,unit$ ,/ates1 ! 
,director ( ! ,(fice ( ,managem5t &     
,budget1 & ! appropriate congressional  
committees1 an annual report describ+ ! 

op]ations ( ! ,res]ve dur+ ! prec$+     
cal5d> ye>4  7#b7 ,cont5ts ,ea* report  
requir$ "u p>agraph 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 & ! purposes ( ! 
,res]ve h be5 a*iev$2  7,c7 a summ>y (  
transactions & loans made by ! ,res]ve  
dur+ ! prec$+ cal5d> ye>1 to include h[ 
well ^? transactions & loans h help$    
a*ieve ! purposes ( ! ,res]ve2 &  7,d7  
in=mation reg>d+ vuln]abilities1 risks1 
& audits4  7b7 ,te/imony ,! ,*airp]son  
%all appe> be=e ! ,committee on ,en]gy &
 ,natural ,res\rces ( ! ,s5ate & !      
,committee on ,natural ,res\rces ( !    
,h\se ( ,repres5tatives n lat] ?an #cj  
cal5d> days aft] ! date t a report      
requir$ "u subsection 7a7 is submitt$4  
7c7 ,database  7#a7 ,9 g5]al ,! ,res]ve 
%all ma9ta9 a database ) detail$        
in=mation on all transactions und]tak5  

pursuant to section #bjf4  7#b7         
,requirem5ts ,! database ma9ta9$ "u     
p>agraph 7#a7 %all-- 7,a7 be            
us]-fri5dly2  7,b7 subject to p>agraph  
7#c71 be publicly available2 &  7,c7 to 
! ext5t practicable1 include a          
description ( ! support provid$ = ea*   
project1 includ+ ! in=mation conta9$ 9 !
 report requir$ "u subsection 7a74  7#c7
 ,limit on public availability  7,a7 ,9 
g5]al ,an id5tifi$ subset ( ! database  
ma9ta9$ "u p>agraph 7#a7 %all n be made 
publicly available if ! ,bo>d det]m9es  
do+ s w\ld be h>mful to ! national      
security ( ! ,unit$ ,/ates4  7,b7       
,accessibility ,if ! ,bo>d makes a      
det]m9ation "u subp>agraph 7,a7 t public
 availability ( ! id5tifi$ subset ( !   
database ma9ta9$ "u p>agraph 7#a7 w\ld  
be h>mful to ! national security ( !    
,unit$ ,/ates1 ! ,res]ve %all-- 7i7 make
 ! id5tifi$ subset ( ! database         
accessible to ! appropriate             
congressional committees2 &  7ii7 n lat]
 ?an #c ye>s aft] a transaction und]tak5

 pursuant to section #bjf occurs1 make !
 in=mation ab\t t transaction publicly  
available4