Us Congress 2023-2024 Regular Session

Us Congress House Bill HB7662

Introduced
3/13/24  
Refer
3/13/24  

Caption

Critical Minerals Security Act of 2024

Impact

Upon passing, the bill is likely to strengthen U.S. efforts in safeguarding its interests in critical minerals which are essential for technology and defense sectors. By requiring regular assessments and reporting, it seeks to foster a clearer understanding of the global landscape around these resources and ensure that the U.S. remains competitive. The implications of this bill extend to both national security and economic stability, particularly in relation to the supply chains for vital technologies.

Summary

House Bill 7662, titled the 'Critical Minerals Security Act of 2024', aims to establish a systematic approach for assessing and tracking critical mineral resources and rare earth elements globally. The bill mandates the Secretary of the Interior, in consultation with relevant federal agencies, to prepare and submit a report within a year of enactment, and every two years thereafter, outlining the status and control of these critical resources. This includes information on resources controlled by foreign entities and efforts to identify potential risks associated with reliance on foreign sources.

Contention

There may be concerns surrounding the transparency and accessibility of the reports generated by the Department of the Interior. Some stakeholders might argue about the potential economic impact of restrictive measures on foreign investments in mining operations within the U.S. Additionally, discussions could arise about how well the U.S. can develop its own mining capacities without unnecessarily obstructing foreign partnerships that are crucial to the advancement of mining technologies.

Companion Bills

US SB3631

Same As Critical Minerals Security Act of 2024

Previously Filed As

US SB3631

Critical Minerals Security Act of 2024

US SB4712

Global Strategy for Securing Critical Minerals Act of 2024

US HB7807

Intergovernmental Critical Minerals Task Force Act

US SB789

Critical Minerals Security Act of 2025This bill establishes requirements for the Department of the Interior related to securing U.S. access to critical minerals and rare earth element (REE) resources. Critical minerals mean any mineral, element, substance, or material designated as critical by the U.S. Geological Survey. REEs mean cerium, dysprosium, erbium, europium, gadolinium, holmium, lanthanum, lutetium, neodymium, praseodymium, promethium, samarium, scandium, terbium, thulium, ytterbium, and yttrium. First, Interior must report on the critical mineral and REE resources, including recyclable or recycled materials containing those resources, around the world. Among other information, the report must include an assessment of the global ownership and supply of critical mineral and REE resources. Interior must submit the report within a year and every two years thereafter.Next, Interior must establish a process to assist a U.S. person—a U.S. citizen, a non-U.S. National (alien under federal law) lawfully admitted for permanent residence, or an entity organized under U.S. laws—seeking to divest stock in mining, processing, or recycling operations for critical minerals and REEs in a foreign country with finding a purchaser that is not under the control of North Korea, China, Russia, or Iran.Finally, Interior must develop (1) a strategy to collaborate with U.S. allies and partners to develop advanced mining, refining, separation, processing, and recycling technologies; and (2) a method for sharing related intellectual property with U.S. allies and partners to enable those countries to license those technologies and develop their resources.

US SB823

Intergovernmental Critical Minerals Task Force Act

US HR179

Expressing support for the strengthening of United States-Africa partnerships in critical minerals development.

US SB5030

National Critical Minerals Council Act

US SB2550

Critical Minerals Partnership Act of 2025

US SB1871

Intergovernmental Critical Minerals Task Force Act

US HB3617

Securing America’s Critical Minerals Supply Act

Similar Bills

No similar bills found.