,,ii  #aai? ,,congress  #a/ ,session    
,s4 #eif  ,,9 ,,! ,,s5ate ,,( ,,!       
,,unit$ ,,/ates  ,febru>y #ac1 #bjbe,mr4
 ,hick5loop] 7= himself1 ,mr4 ,graham1  
,mr4 ,coons1 & ,mr4 ,"y7 introduc$ !    
foll[+ bill2 :i* 0 read twice & ref]r$  
to ! ,committee on ,en]gy & ,natural    
,res\rces  ,a ,,bill  ,to e/abli% a     
pilot program to support dome/ic        
critical mat]ial process+1 & = o!r      
purposes4  #a4 ,%ort title ,?is ,act may
 be cit$ z ! ,critical ,mat]ials ,future
 ,act ( #bjbe4  #b4 ,def9itions ,9 ?is  
,act3 7#a7 ,c\ntry ( risk ,! t]m c\ntry 
( risk has ! mean+ giv5 ! t]m 9 section 
#ajaad7;a7 ( ! ,rese>* & ,developm5t1   
,competition1 & ,innovation ,act 7#db   
,u4,s4,c4 #ahiab7;a774  7#b7 ,critical  
mat]ial ,! t]m critical mat]ial has !   
mean+ giv5 ! t]m 9 section #gjjb7;a7 ( !
 ,en]gy ,act ( #bjbj 7#cj ,u4,s4,c4     
#afjf7;a774  7#c7 ,dome/ic ,! t]m       
dome/ic means facilities op]at+ )9 !    
,unit$ ,/ates or )9 any t]ritory or     
possession ( ! ,unit$ ,/ates4  7#d7     

,eligible project ,! t]m eligible       
project means a project t ref9es &      
processes or recycles raw critical      
mat]ials into purifi$ =ms suitable =    
fir/-use applications4  7#e7 ,entity (  
conc]n  7,a7 ,9 g5]al ,! t]m entity (   
conc]n has ! mean+ giv5 ! t]m 9 section 
#ajaad7;a7 ( ! ,rese>* & ,developm5t1   
,competition1 & ,innovation ,act 7#db   
,u4,s4,c4 #ahiab7;a772 &  7,b7          
,inclusion ,! t]m entity ( conc]n       
includes an entity t ! ,secret>y has    
det]m9$1 us+ a risk-bas$ approa*1 is    
subject to ! control or influ5ce ( a    
=eign nation ^: /rategic int]e/s conc]n+
 critical mat]ials does n align ) !     
/rategic int]e/s ( ! ,unit$ ,/ates4     
7#f7 ,innovative f9ancial tools ,! t]m  
innovative f9ancial tools means f9ancial
 in/rum5ts to support dem&-side economic
 me*anisms1 includ+-- 7,a7 pric+ support
 me*anisms1 su* z contracts = diff]5ce &
 price floors1 advanc$ m>ket commitm5ts1
 & =w>d contracts2 &  7,b7 o!r          
transactions t ! ,secret>y may ent] into

 "u section #fdf ( ! ,dep>tm5t ( ,en]gy 
,organization ,act 7#db ,u4,s4,c4       
#gbef74  7#g7 ,pilot program ,! t]m     
,pilot ,program means ! ,dome/ic        
,critical ,mat]ial ,process+ ,pilot     
,program e/abli%$ "u section #d7;a74    
7#h7 ,reliable s\rces  7,a7 ,9 g5]al ,! 
t]m reliable s\rce has ! mean+ giv5 !   
t]m 9 section #ab ( ! ,/rategic &       
,critical ,mat]ials ,/ock ,pil+ ,act    
7#ej ,u4,s4,c4 #ih;h-#c74  7,b7         
,inclusions ,! t]m reliable s\rce       
includes facilities own$ by1 controll$  
by1 or subject to ! jurisdiction ( any  
c\ntry-- 7i7 ) :i* ! ,unit$ ,/ates has a
 free trade agreem5t 9 effect2 &  7ii7  
designat$ a major non-,,nato ally "u    
section #eag ( ! ,=eign ,assi/ance ,act 
( #aifa 7#bb ,u4,s4,c4 #bcbak74  7#i7   
,secret>y ,! t]m ,secret>y means !      
,secret>y ( ,en]gy4  #c4 ,purposes ,!   
purposes ( ?is ,act are-- 7#a7 to       
support dome/ic critical mat]ial        
process+ ) innovative f9ancial tools to 
r$uce supply *a9 vuln]abilities &       

enhance en]gy & national security2 &    
7#b7 to evaluate ! effectiv5ess (       
innovative f9ancial tools 9 support+    
inve/m5t 9 & exp&+ dome/ic critical     
mat]ials process+1 includ+ ! impact (   
diff]5t support me*anisms on project    
developm5t = v>i\s critical mat]ials &  
fo/]+ m liquid1 transp>5t1 & pr$ictable 
m>kets = critical mat]ials4  #d4        
,dome/ic critical mat]ial process+ pilot
 program  7a7 ,e/abli%m5t ,n lat] ?an   
#ahj days aft] ! date ( enactm5t ( ?is  
,act1 ! ,secret>y %all e/abli% a pilot  
program1 to be kn[n z ! ,dome/ic        
,critical ,mat]ial ,process+ ,pilot     
,program1 to support n few] ?an #c      
dome/ic critical mat]ial process+       
projects4  7b7 ,objectives ,! objectives
 ( ! ,pilot ,program are-- 7#a7 to      
provide f9ancial /ability & attract     
private inve/m5t 9 eligible dome/ic     
critical mat]ial process+ projects2     
7#b7 to analyze h[ diff]5t f9ancial     
tools influ5ce critical mat]ial m>ket   
dynamics & projects & ! e/imat$ level ( 

f9ancial support ne$$ to secure reliable
 ,unit$ ,/ates supply *a9s = v>i\s      
critical mat]ials & support a suffici5t 
dome/ic critical mat]ials process+      
indu/ry2 &  7#c7 to r$uce supply *a9    
vuln]abilities & enhance en]gy security 
& national security4  7c7 ,requirem5ts  
7#a7 ,implem5tation  7,a7 ,regulations  
,n lat] ?an #ahj days aft] ! date (     
enactm5t ( ?is ,act1 ! ,secret>y %all   
issue regulations to implem5t ! ,pilot  
,program4  7,b7 ,o!r transaction        
au?ority ,9 c>ry+ out ! ,pilot ,program1
 ! ,secret>y %all h ! au?ority to ent]  
into o!r transactions 9 ! same mann] &  
subject to ! same t]ms & conditions z   
transactions t ! ,secret>y may ent] into
 "u section #fdf ( ! ,dep>tm5t ( ,en]gy 
,organization ,act 7#db ,u4,s4,c4       
#gbef74  7,c7 ,flexible hir+ au?ority ,!
 ,secret>y may appo9t & fix !           
comp5sation ( su* tempor>y p]sonnel z   
may be necess>y to c>ry out & implem5t !
 ,pilot ,program1 )\t reg>d to !        
provisions ( sub*apt] ,i ( *apt] #cc (  

title #e1 ,unit$ ,/ates ,code1 gov]n+   
appo9tm5ts 9 competitive s]vice &       
comp5sation ( p]sonnel4  7,d7           
,consultation ,! ,secret>y %all consult 
outside /akehold]s & exp]ts1 includ+ m9+
 & critical mat]ial process+ indu/ry    
repres5tatives1 f9ancial exp]ts1 &      
academic rese>*]s1 dur+ developm5t ( !  
,pilot ,program = purposes ( improv+ !  
effectiv5ess & effici5cy ( ! ,pilot     
,program4  7#b7 ,div]sity  7,a7 ,9 g5]al
 ,subject to subp>agraph 7,b71 ! ,pilot 
,program %all provide support = !       
process+ ( n few] ?an #c diff]5t        
critical mat]ials 9 ord] to ga9 insight 
into ! impact ( innovative f9ancial     
tools on diff]5t critical mat]ial       
m>kets4  7,b7 ,limitation ,support      
provid$ "u subp>agraph 7,a7 to a s+le   
critical mat]ial %all n exce$ #ej p]c5t 
( any fund+ provid$ to ! ,pilot ,program
 "u subsection 7h74  7#c7 ,sunset ,!    
,pilot ,program %all t]m9ate on ! date t
 is n lat] ?an #e ye>s aft] ! date !    
,pilot ,program is e/abli%$ "u          

subsection 7a74  7d7 ,applications  7#a7
 ,9 g5]al ,applications "u ! ,pilot     
,program = eligible projects %all be    
submitt$ to ! ,secret>y at su* "t1 9 su*
 mann]1 & conta9+ su* in=mation z !     
,secret>y may require4  7#b7            
,eligibility crit]ia  7,a7 ,9 g5]al ,!  
,secret>y %all review & select          
applications "u ! ,pilot ,program =     
eligible projects bas$ on-- 7i7 !       
pot5tial ( ! eligible project to enhance
 ! economic1 en]gy1 & national security 
( ! ,unit$ ,/ates2  7ii7 ! economic     
competitiv5ess ( ! eligible project2    
7iii7 ! economic & f9ancial su/a9ability
 ( ! eligible project1 us+ in=mation su*
 z-- 7,i7 ! pot5tial = ! applicant ( !  
eligible project to secure an (ftake    
agreem5t if ! eligible project is       
select$2 &  7,,ii7 an analysis ( !      
e/imat$ production co/s ( ! eligible    
project & prevail+ or anticipat$ m>ket  
prices2  7iv7 ! pot5tial ( ! eligible   
project to mitigate risks associat$ )   
import+ critical mat]ials f entities (  

conc]n2  7v7 ! prioritization           
requirem5ts describ$ 9 subp>agraph 7,b72
 &  7vi7 o!r factors1 z det]m9$ by !    
,secret>y1 9 coord9ation ) ! ag5cies    
describ$ 9 subsection 7e74  7,b7        
,priority ,9 select+ applications "u !  
,pilot ,program = eligible projects1 !  
,secret>y %all prioritize eligible      
projects-- 7i7 t use fe$/ock f dome/ic  
or reliable s\rces1 ) high] priority    
giv5 to eligible projects t h great] use
 ( fe$/ock f dome/ic s\rces2  7ii7 !    
selection ( :i* w\ld support ! ability (
 ! applicant to secure an (ftake        
agreem5t ) dome/ic or reliable s\rces2 &
  7iii7 t are ! mo/ economically        
competitive1 z det]m9$ by ! ,secret>y1  
bas$ on factors includ+-- 7,i7 !        
pot5tial = ! applicant ( ! eligible     
project to secure an (ftake agreem5t if 
select$2 &  7,,ii7 ! diff]5ce betwe5 !  
e/imat$ production co/s ( ! eligible    
project & prevail+ or anticipat$ m>ket  
prices4  7#c7 ,timel9e ,! ,secret>y %all
 select applications "u ! ,pilot        

,program = eligible projects n lat] ?an 
#a ye> aft] ! date ( enactm5t ( ?is     
,act4  7e7 ,coord9ation  7#a7 ,9 g5]al  
,to ensure ! effici5t implem5tation &   
op]ation ( ! ,pilot ,program1 !         
,secret>y %all coord9ate )-- 7,a7 !     
,secret>y ( ,comm]ce2  7,b7 ! ,secret>y 
( ,def5se2  7,c7 ! ,secret>y ( !        
,int]ior2  7,d7 ! ,secret>y ( ,/ate2    
7,e7 ! ,director ( ! ,unit$ ,/ates      
,geological ,survey2  7,f7 ! ,unit$     
,/ates ,trade ,repres5tative2 &  7,g7 ! 
heads ( o!r ,f$]al dep>tm5ts & ag5cies1 
z det]m9$ by ! ,secret>y4  7#b7         
,security rese>* & developm5t ,:5       
select+ applications & det]m9+ ! level (
 f9ancial support = ea* project "u !    
,pilot ,program1 ! ,secret>y %all       
coord9ate ) ! ,secret>y ( ,def5se to    
incorporate insights f ! ,op5 ,price    
,exploration = ,national ,security      
rese>* & developm5t program ( ! ,def5se 
,advanc$ ,rese>* ,projects ,ag5cy4  7f7 
,/udy  7#a7 ,9 g5]al ,n lat] ?an #b ye>s
 aft] ! date on :i* ! ,pilot ,program   

t]m9ates "u subsection 7c77#c71 !       
,secret>y %all conduct & publi% a /udy  
on-- 7,a7 ! impact ( innovative f9ancial
 tools on ! critical mat]ials sector & !
 relative co/-effectiv5ess ( ^? tools 9 
support+ dome/ic critical mat]ials      
process+ projects & develop+ m liquid1  
transp>5t1 & pr$ictable m>kets =        
critical mat]ials2  7,b7 ! e/imat$ level
 ( f9ancial support ne$$ to secure      
reliable ,unit$ ,/ates supply *a9s =    
v>i\s critical mat]ials & support a     
suffici5t dome/ic critical mat]ials     
process+ indu/ry2  7,c7 ! pot5tial (    
critical mat]ial recycl+ to support !   
dome/ic critical mat]ials m>ket2  7,d7 !
 effectiv5ess ( ! ,pilot ,program1      
includ+ an evaluation ( ea* eligible    
project support$ by ! ,pilot ,program2 &
  7,e7 :e!r ! models ( ! ,op5 ,price    
,exploration = ,national ,security      
rese>* & developm5t program ( ! ,def5se 
,advanc$ ,rese>* ,projects ,ag5cy all[$ 
! ,pilot ,program to bett] anticipate   
m>ket tr5ds1 optimize res\rce           

allocation1 & provide ! appropriate     
level ( support bas$ on curr5t & future 
critical mat]ial m>ket ne$s4  7#b7      
,insights ,! /udy "u p>agraph 7#a7 %all 
include insights into conc]ns ( private 
inve/ors 9 diff]5t critical mat]ial     
m>kets & ! impact ( innovative f9ancial 
tools on catalyz+ f9al inve/m5t         
decisions4  7#c7 ,/akehold] engagem5t ,!
 /udy "u p>agraph 7#a7 %all be c>ri$ out
 9 consultation ) relevant /akehold]s1 z
 det]m9$ by ! ,secret>y1 includ+ m9+ &  
critical mat]ial process+ indu/ry       
repres5tatives1 f9ancial exp]ts1 local  
gov]nm5ts ho/+ critical mat]ial process+
 projects1 & academic rese>*]s4  7#d7   
,,d>pa ,,op5 program ,! ,secret>y %all  
%>e ! results ( ! /udy "u p>agraph 7#a7 
) ! ,op5 ,price ,exploration = ,national
 ,security rese>* & developm5t program (
 ! ,def5se ,advanc$ ,rese>* ,projects   
,ag5cy to in=m ongo+ rese>* & developm5t
 ( tools to support transp>5cy 9 dome/ic
 critical mat]ials m>kets4  7g7 ,report 
7#a7 ,9 g5]al ,! ,secret>y %all submit  

to ! ,committees on ,en]gy & ,natural   
,res\rces1 ,=eign ,relations1 & ,arm$   
,s]vices ( ! ,s5ate1 & ! ,committees on 
,natural ,res\rces1 ,en]gy & ,comm]ce1 &
 ,arm$ ,s]vices ( ! ,h\se (             
,repres5tatives1 an annual report = ea* 
ye> t ! ,pilot ,program is c>ri$ out4   
7#b7 ,cont5ts ,! report "u p>agraph 7#a7
 %all include-- 7,a7 activities1        
exp5ditures1 & outcomes ( ! ,pilot      
,program2  7,b7 recomm5dations to       
,congress on ! cont9uation or expansion 
( ! ,pilot ,program2 &  7,c7            
recomm5dations = h[ ! ,f$]al ,gov]nm5t  
%\ld use innovative f9ancial tools-- 7i7
 to increase dome/ic critical mat]ials  
process+ capacity2  7ii7 to /r5g!n      
dome/ic critical mat]ial supply *a9s by 
increas+ ,unit$ ,/ates process+ capacity
 us+ dome/ic fe$/ock2  7iii7 to mitigate
 m>ket volatility2  7iv7 to boo/ price  
transp>5cy 9 critical mat]ials m>kets2  
7v7 to lev]age m>ket indices 9 c\ntries 
o!r ?an ^? designat$ z c\ntries ( risk2 
7vi7 to ensure long-t]m adequate        

supplies ( critical mat]ials = ! economy
 ( ! ,unit$ ,/ates2 &  7vii7 to increase
 ! dome/ic recycl+ ( critical mat]ials4 
7h7 ,fund+  7#a7 ,f9ancial me*anisms    
7,a7 ,9 g5]al ,9 e/abli%+ & c>ry+ out ! 
,pilot ,program1 ! ,secret>y %all ent]  
into agreem5ts1 includ+ contracts1      
grants1 & coop]ative agreem5ts1 & o!r   
transactions1 z det]m9$ by ! ,secret>y1 
to enable ! use ( innovative f9ancial   
tools to support dome/ic critical       
mat]ial process+ projects4  7,b7        
,au?ority ,9 c>ry+ out subp>agraph 7,a71
 ! ,secret>y may use innovative f9ancial
 tools1 includ+ price support su* z     
contracts = diff]5ces1 & lev]age        
functions to develop & drive critical   
mat]ials process+ to entities t are n   
entities ( conc]n1 "u su* t]ms &        
conditions z ! ,secret>y det]m9es to be 
necess>y or appropriate4  7#b7          
,re9ve/m5t ( rev5ue  7,a7 ,e/abli%m5t   
,!re is e/abli%$ 9 ! ,treasury ( !      
,unit$ ,/ates a fund1 to be kn[n z !    
,critical ,mat]ials ,revolv+ ,fund      

7ref]r$ to 9 ?is p>agraph z ! ,fund74   
7,b7 ,purposes ,! ,fund %all be         
available to ! ,secret>y z a revolv+    
fund-- 7i7 to re9ve/ am\nts g5]at$ f    
eligible projects into new critical     
mat]ials process+ projects "u ! ,pilot  
,program2 &  7ii7 to fur!r enhance !    
objectives ( ! ,pilot ,program4  7#c7   
,au?orization ( appropriations ,!re is  
au?oriz$ to be appropriat$ to !         
,secret>y to c>ry out ?is ,act          
#gej1jjj1jjj1 to rema9 available until  
exp5d$4