| 1 | 1 | | II |
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| 2 | 2 | | 119THCONGRESS |
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| 3 | 3 | | 1 |
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| 4 | 4 | | STSESSION S. 596 |
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| 5 | 5 | | To establish a pilot program to support domestic critical material processing, |
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| 6 | 6 | | and for other purposes. |
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| 7 | 7 | | IN THE SENATE OF THE UNITED STATES |
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| 8 | 8 | | FEBRUARY13, 2025 |
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| 9 | 9 | | Mr. H |
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| 10 | 10 | | ICKENLOOPER(for himself, Mr. GRAHAM, Mr. COONS, and Mr. YOUNG) |
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| 11 | 11 | | introduced the following bill; which was read twice and referred to the |
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| 12 | 12 | | Committee on Energy and Natural Resources |
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| 13 | 13 | | A BILL |
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| 14 | 14 | | To establish a pilot program to support domestic critical |
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| 15 | 15 | | material processing, and for other purposes. |
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| 16 | 16 | | Be it enacted by the Senate and House of Representa-1 |
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| 17 | 17 | | tives of the United States of America in Congress assembled, 2 |
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| 18 | 18 | | SECTION 1. SHORT TITLE. 3 |
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| 19 | 19 | | This Act may be cited as the ‘‘Critical Materials Fu-4 |
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| 20 | 20 | | ture Act of 2025’’. 5 |
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| 21 | 21 | | SEC. 2. DEFINITIONS. 6 |
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| 22 | 22 | | In this Act: 7 |
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| 23 | 23 | | (1) C |
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| 24 | 24 | | OUNTRY OF RISK.—The term ‘‘country of 8 |
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| 25 | 25 | | risk’’ has the meaning given the term in section 9 |
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| 27 | 27 | | kjohnson on DSK7ZCZBW3PROD with $$_JOB 2 |
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| 28 | 28 | | •S 596 IS |
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| 29 | 29 | | 10114(a) of the Research and Development, Com-1 |
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| 30 | 30 | | petition, and Innovation Act (42 U.S.C. 18912(a)). 2 |
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| 31 | 31 | | (2) C |
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| 32 | 32 | | RITICAL MATERIAL.—The term ‘‘critical 3 |
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| 33 | 33 | | material’’ has the meaning given the term in section 4 |
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| 34 | 34 | | 7002(a) of the Energy Act of 2020 (30 U.S.C. 5 |
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| 35 | 35 | | 1606(a)). 6 |
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| 36 | 36 | | (3) D |
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| 37 | 37 | | OMESTIC.—The term ‘‘domestic’’ means 7 |
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| 38 | 38 | | facilities operating within the United States or with-8 |
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| 39 | 39 | | in any territory or possession of the United States. 9 |
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| 40 | 40 | | (4) E |
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| 41 | 41 | | LIGIBLE PROJECT.—The term ‘‘eligible 10 |
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| 42 | 42 | | project’’ means a project that refines and processes 11 |
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| 43 | 43 | | or recycles raw critical materials into purified forms 12 |
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| 44 | 44 | | suitable for first-use applications. 13 |
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| 45 | 45 | | (5) E |
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| 46 | 46 | | NTITY OF CONCERN.— 14 |
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| 47 | 47 | | (A) I |
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| 48 | 48 | | N GENERAL.—The term ‘‘entity of 15 |
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| 49 | 49 | | concern’’ has the meaning given the term in 16 |
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| 50 | 50 | | section 10114(a) of the Research and Develop-17 |
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| 51 | 51 | | ment, Competition, and Innovation Act (42 18 |
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| 52 | 52 | | U.S.C. 18912(a)); and 19 |
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| 53 | 53 | | (B) I |
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| 54 | 54 | | NCLUSION.—The term ‘‘entity of con-20 |
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| 55 | 55 | | cern’’ includes an entity that the Secretary has 21 |
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| 56 | 56 | | determined, using a risk-based approach, is 22 |
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| 57 | 57 | | subject to the control or influence of a foreign 23 |
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| 58 | 58 | | nation whose strategic interests concerning crit-24 |
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| 61 | 61 | | •S 596 IS |
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| 62 | 62 | | ical materials does not align with the strategic 1 |
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| 63 | 63 | | interests of the United States. 2 |
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| 64 | 64 | | (6) I |
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| 65 | 65 | | NNOVATIVE FINANCIAL TOOLS .—The term 3 |
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| 66 | 66 | | ‘‘innovative financial tools’’ means financial instru-4 |
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| 67 | 67 | | ments to support demand-side economic mecha-5 |
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| 68 | 68 | | nisms, including— 6 |
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| 69 | 69 | | (A) pricing support mechanisms, such as 7 |
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| 70 | 70 | | contracts for difference and price floors, ad-8 |
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| 71 | 71 | | vanced market commitments, and forward con-9 |
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| 72 | 72 | | tracts; and 10 |
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| 73 | 73 | | (B) other transactions that the Secretary 11 |
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| 74 | 74 | | may enter into under section 646 of the De-12 |
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| 75 | 75 | | partment of Energy Organization Act (42 13 |
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| 76 | 76 | | U.S.C. 7256). 14 |
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| 77 | 77 | | (7) P |
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| 78 | 78 | | ILOT PROGRAM.—The term ‘‘Pilot Pro-15 |
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| 79 | 79 | | gram’’ means the Domestic Critical Material Proc-16 |
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| 80 | 80 | | essing Pilot Program established under section 4(a). 17 |
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| 81 | 81 | | (8) R |
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| 82 | 82 | | ELIABLE SOURCES.— 18 |
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| 83 | 83 | | (A) I |
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| 84 | 84 | | N GENERAL.—The term ‘‘reliable 19 |
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| 85 | 85 | | source’’ has the meaning given the term in sec-20 |
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| 86 | 86 | | tion 12 of the Strategic and Critical Materials 21 |
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| 87 | 87 | | Stock Piling Act (50 U.S.C. 98h–3). 22 |
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| 88 | 88 | | (B) I |
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| 89 | 89 | | NCLUSIONS.—The term ‘‘reliable 23 |
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| 90 | 90 | | source’’ includes facilities owned by, controlled 24 |
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| 93 | 93 | | •S 596 IS |
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| 94 | 94 | | by, or subject to the jurisdiction of any coun-1 |
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| 95 | 95 | | try— 2 |
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| 96 | 96 | | (i) with which the United States has 3 |
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| 97 | 97 | | a free trade agreement in effect; and 4 |
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| 98 | 98 | | (ii) designated a major non-NATO 5 |
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| 99 | 99 | | ally under section 517 of the Foreign As-6 |
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| 100 | 100 | | sistance Act of 1961 (22 U.S.C. 2321k). 7 |
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| 101 | 101 | | (9) S |
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| 102 | 102 | | ECRETARY.—The term ‘‘Secretary’’ means 8 |
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| 103 | 103 | | the Secretary of Energy. 9 |
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| 104 | 104 | | SEC. 3. PURPOSES. 10 |
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| 105 | 105 | | The purposes of this Act are— 11 |
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| 106 | 106 | | (1) to support domestic critical material proc-12 |
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| 107 | 107 | | essing with innovative financial tools to reduce sup-13 |
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| 108 | 108 | | ply chain vulnerabilities and enhance energy and na-14 |
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| 109 | 109 | | tional security; and 15 |
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| 110 | 110 | | (2) to evaluate the effectiveness of innovative fi-16 |
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| 111 | 111 | | nancial tools in supporting investment in and ex-17 |
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| 112 | 112 | | panding domestic critical materials processing, in-18 |
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| 113 | 113 | | cluding the impact of different support mechanisms 19 |
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| 114 | 114 | | on project development for various critical materials 20 |
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| 115 | 115 | | and fostering more liquid, transparent, and predict-21 |
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| 116 | 116 | | able markets for critical materials. 22 |
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| 119 | 119 | | •S 596 IS |
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| 120 | 120 | | SEC. 4. DOMESTIC CRITICAL MATERIAL PROCESSING 1 |
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| 121 | 121 | | PILOT PROGRAM. 2 |
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| 122 | 122 | | (a) E |
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| 123 | 123 | | STABLISHMENT.—Not later than 180 days after 3 |
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| 124 | 124 | | the date of enactment of this Act, the Secretary shall es-4 |
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| 125 | 125 | | tablish a pilot program, to be known as the ‘‘Domestic 5 |
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| 126 | 126 | | Critical Material Processing Pilot Program’’, to support 6 |
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| 127 | 127 | | not fewer than 3 domestic critical material processing 7 |
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| 128 | 128 | | projects. 8 |
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| 129 | 129 | | (b) O |
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| 130 | 130 | | BJECTIVES.—The objectives of the Pilot Pro-9 |
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| 131 | 131 | | gram are— 10 |
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| 132 | 132 | | (1) to provide financial stability and attract pri-11 |
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| 133 | 133 | | vate investment in eligible domestic critical material 12 |
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| 134 | 134 | | processing projects; 13 |
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| 135 | 135 | | (2) to analyze how different financial tools in-14 |
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| 136 | 136 | | fluence critical material market dynamics and 15 |
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| 137 | 137 | | projects and the estimated level of financial support 16 |
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| 138 | 138 | | needed to secure reliable United States supply 17 |
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| 139 | 139 | | chains for various critical materials and support a 18 |
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| 140 | 140 | | sufficient domestic critical materials processing in-19 |
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| 141 | 141 | | dustry; and 20 |
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| 142 | 142 | | (3) to reduce supply chain vulnerabilities and 21 |
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| 143 | 143 | | enhance energy security and national security. 22 |
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| 144 | 144 | | (c) R |
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| 145 | 145 | | EQUIREMENTS.— 23 |
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| 146 | 146 | | (1) I |
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| 147 | 147 | | MPLEMENTATION.— 24 |
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| 148 | 148 | | (A) R |
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| 149 | 149 | | EGULATIONS.—Not later than 180 25 |
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| 150 | 150 | | days after the date of enactment of this Act, 26 |
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| 153 | 153 | | •S 596 IS |
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| 154 | 154 | | the Secretary shall issue regulations to imple-1 |
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| 155 | 155 | | ment the Pilot Program. 2 |
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| 156 | 156 | | (B) O |
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| 157 | 157 | | THER TRANSACTION AUTHORITY .—In 3 |
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| 158 | 158 | | carrying out the Pilot Program, the Secretary 4 |
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| 159 | 159 | | shall have the authority to enter into other 5 |
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| 160 | 160 | | transactions in the same manner and subject to 6 |
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| 161 | 161 | | the same terms and conditions as transactions 7 |
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| 162 | 162 | | that the Secretary may enter into under section 8 |
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| 163 | 163 | | 646 of the Department of Energy Organization 9 |
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| 164 | 164 | | Act (42 U.S.C. 7256). 10 |
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| 165 | 165 | | (C) F |
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| 166 | 166 | | LEXIBLE HIRING AUTHORITY .—The 11 |
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| 167 | 167 | | Secretary may appoint and fix the compensa-12 |
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| 168 | 168 | | tion of such temporary personnel as may be 13 |
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| 169 | 169 | | necessary to carry out and implement the Pilot 14 |
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| 170 | 170 | | Program, without regard to the provisions of 15 |
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| 171 | 171 | | subchapter I of chapter 33 of title 5, United 16 |
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| 172 | 172 | | States Code, governing appointments in com-17 |
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| 173 | 173 | | petitive service and compensation of personnel. 18 |
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| 174 | 174 | | (D) C |
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| 175 | 175 | | ONSULTATION.—The Secretary shall 19 |
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| 176 | 176 | | consult outside stakeholders and experts, in-20 |
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| 177 | 177 | | cluding mining and critical material processing 21 |
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| 178 | 178 | | industry representatives, financial experts, and 22 |
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| 179 | 179 | | academic researchers, during development of 23 |
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| 180 | 180 | | the Pilot Program for purposes of improving 24 |
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| 184 | 184 | | the effectiveness and efficiency of the Pilot Pro-1 |
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| 185 | 185 | | gram. 2 |
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| 186 | 186 | | (2) D |
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| 187 | 187 | | IVERSITY.— 3 |
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| 188 | 188 | | (A) I |
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| 189 | 189 | | N GENERAL.—Subject to subpara-4 |
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| 190 | 190 | | graph (B), the Pilot Program shall provide sup-5 |
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| 191 | 191 | | port for the processing of not fewer than 3 dif-6 |
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| 192 | 192 | | ferent critical materials in order to gain insight 7 |
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| 193 | 193 | | into the impact of innovative financial tools on 8 |
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| 194 | 194 | | different critical material markets. 9 |
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| 195 | 195 | | (B) L |
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| 196 | 196 | | IMITATION.—Support provided under 10 |
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| 197 | 197 | | subparagraph (A) to a single critical material 11 |
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| 198 | 198 | | shall not exceed 50 percent of any funding pro-12 |
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| 199 | 199 | | vided to the Pilot Program under subsection 13 |
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| 200 | 200 | | (h). 14 |
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| 201 | 201 | | (3) S |
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| 202 | 202 | | UNSET.—The Pilot Program shall termi-15 |
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| 203 | 203 | | nate on the date that is not later than 5 years after 16 |
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| 204 | 204 | | the date the Pilot Program is established under sub-17 |
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| 205 | 205 | | section (a). 18 |
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| 206 | 206 | | (d) A |
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| 207 | 207 | | PPLICATIONS.— 19 |
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| 208 | 208 | | (1) I |
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| 209 | 209 | | N GENERAL.—Applications under the Pilot 20 |
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| 210 | 210 | | Program for eligible projects shall be submitted to 21 |
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| 211 | 211 | | the Secretary at such time, in such manner, and 22 |
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| 212 | 212 | | containing such information as the Secretary may 23 |
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| 213 | 213 | | require. 24 |
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| 214 | 214 | | (2) E |
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| 215 | 215 | | LIGIBILITY CRITERIA.— 25 |
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| 219 | 219 | | (A) IN GENERAL.—The Secretary shall re-1 |
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| 220 | 220 | | view and select applications under the Pilot 2 |
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| 221 | 221 | | Program for eligible projects based on— 3 |
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| 222 | 222 | | (i) the potential of the eligible project 4 |
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| 223 | 223 | | to enhance the economic, energy, and na-5 |
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| 224 | 224 | | tional security of the United States; 6 |
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| 225 | 225 | | (ii) the economic competitiveness of 7 |
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| 226 | 226 | | the eligible project; 8 |
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| 227 | 227 | | (iii) the economic and financial sus-9 |
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| 228 | 228 | | tainability of the eligible project, using in-10 |
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| 229 | 229 | | formation such as— 11 |
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| 230 | 230 | | (I) the potential for the applicant 12 |
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| 231 | 231 | | of the eligible project to secure an 13 |
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| 232 | 232 | | offtake agreement if the eligible 14 |
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| 233 | 233 | | project is selected; and 15 |
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| 234 | 234 | | (II) an analysis of the estimated 16 |
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| 235 | 235 | | production costs of the eligible project 17 |
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| 236 | 236 | | and prevailing or anticipated market 18 |
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| 237 | 237 | | prices; 19 |
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| 238 | 238 | | (iv) the potential of the eligible project 20 |
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| 239 | 239 | | to mitigate risks associated with importing 21 |
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| 240 | 240 | | critical materials from entities of concern; 22 |
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| 241 | 241 | | (v) the prioritization requirements de-23 |
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| 242 | 242 | | scribed in subparagraph (B); and 24 |
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| 246 | 246 | | (vi) other factors, as determined by 1 |
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| 247 | 247 | | the Secretary, in coordination with the 2 |
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| 248 | 248 | | agencies described in subsection (e). 3 |
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| 249 | 249 | | (B) P |
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| 250 | 250 | | RIORITY.—In selecting applications 4 |
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| 251 | 251 | | under the Pilot Program for eligible projects, 5 |
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| 252 | 252 | | the Secretary shall prioritize eligible projects— 6 |
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| 253 | 253 | | (i) that use feedstock from domestic 7 |
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| 254 | 254 | | or reliable sources, with higher priority 8 |
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| 255 | 255 | | given to eligible projects that have greater 9 |
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| 256 | 256 | | use of feedstock from domestic sources; 10 |
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| 257 | 257 | | (ii) the selection of which would sup-11 |
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| 258 | 258 | | port the ability of the applicant to secure 12 |
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| 259 | 259 | | an offtake agreement with domestic or reli-13 |
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| 260 | 260 | | able sources; and 14 |
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| 261 | 261 | | (iii) that are the most economically 15 |
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| 262 | 262 | | competitive, as determined by the Sec-16 |
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| 263 | 263 | | retary, based on factors including— 17 |
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| 264 | 264 | | (I) the potential for the applicant 18 |
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| 265 | 265 | | of the eligible project to secure an 19 |
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| 266 | 266 | | offtake agreement if selected; and 20 |
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| 267 | 267 | | (II) the difference between the 21 |
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| 268 | 268 | | estimated production costs of the eli-22 |
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| 269 | 269 | | gible project and prevailing or antici-23 |
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| 270 | 270 | | pated market prices. 24 |
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| 274 | 274 | | (3) TIMELINE.—The Secretary shall select ap-1 |
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| 275 | 275 | | plications under the Pilot Program for eligible 2 |
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| 276 | 276 | | projects not later than 1 year after the date of en-3 |
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| 277 | 277 | | actment of this Act. 4 |
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| 278 | 278 | | (e) C |
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| 279 | 279 | | OORDINATION.— 5 |
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| 280 | 280 | | (1) I |
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| 281 | 281 | | N GENERAL.—To ensure the efficient im-6 |
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| 282 | 282 | | plementation and operation of the Pilot Program, 7 |
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| 283 | 283 | | the Secretary shall coordinate with— 8 |
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| 284 | 284 | | (A) the Secretary of Commerce; 9 |
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| 285 | 285 | | (B) the Secretary of Defense; 10 |
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| 286 | 286 | | (C) the Secretary of the Interior; 11 |
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| 287 | 287 | | (D) the Secretary of State; 12 |
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| 288 | 288 | | (E) the Director of the United States Geo-13 |
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| 289 | 289 | | logical Survey; 14 |
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| 290 | 290 | | (F) the United States Trade Representa-15 |
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| 291 | 291 | | tive; and 16 |
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| 292 | 292 | | (G) the heads of other Federal depart-17 |
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| 293 | 293 | | ments and agencies, as determined by the Sec-18 |
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| 294 | 294 | | retary. 19 |
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| 295 | 295 | | (2) S |
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| 296 | 296 | | ECURITY RESEARCH AND DEVELOP -20 |
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| 297 | 297 | | MENT.—When selecting applications and deter-21 |
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| 298 | 298 | | mining the level of financial support for each project 22 |
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| 299 | 299 | | under the Pilot Program, the Secretary shall coordi-23 |
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| 300 | 300 | | nate with the Secretary of Defense to incorporate in-24 |
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| 301 | 301 | | sights from the Open Price Exploration for National 25 |
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| 304 | 304 | | •S 596 IS |
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| 305 | 305 | | Security research and development program of the 1 |
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| 306 | 306 | | Defense Advanced Research Projects Agency. 2 |
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| 307 | 307 | | (f) S |
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| 308 | 308 | | TUDY.— 3 |
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| 309 | 309 | | (1) I |
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| 310 | 310 | | N GENERAL.—Not later than 2 years after 4 |
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| 311 | 311 | | the date on which the Pilot Program terminates 5 |
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| 312 | 312 | | under subsection (c)(3), the Secretary shall conduct 6 |
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| 313 | 313 | | and publish a study on— 7 |
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| 314 | 314 | | (A) the impact of innovative financial tools 8 |
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| 315 | 315 | | on the critical materials sector and the relative 9 |
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| 316 | 316 | | cost-effectiveness of those tools in supporting 10 |
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| 317 | 317 | | domestic critical materials processing projects 11 |
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| 318 | 318 | | and developing more liquid, transparent, and 12 |
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| 319 | 319 | | predictable markets for critical materials; 13 |
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| 320 | 320 | | (B) the estimated level of financial support 14 |
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| 321 | 321 | | needed to secure reliable United States supply 15 |
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| 322 | 322 | | chains for various critical materials and support 16 |
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| 323 | 323 | | a sufficient domestic critical materials proc-17 |
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| 324 | 324 | | essing industry; 18 |
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| 325 | 325 | | (C) the potential of critical material recy-19 |
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| 326 | 326 | | cling to support the domestic critical materials 20 |
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| 327 | 327 | | market; 21 |
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| 328 | 328 | | (D) the effectiveness of the Pilot Program, 22 |
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| 329 | 329 | | including an evaluation of each eligible project 23 |
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| 330 | 330 | | supported by the Pilot Program; and 24 |
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| 334 | 334 | | (E) whether the models of the Open Price 1 |
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| 335 | 335 | | Exploration for National Security research and 2 |
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| 336 | 336 | | development program of the Defense Advanced 3 |
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| 337 | 337 | | Research Projects Agency allowed the Pilot 4 |
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| 338 | 338 | | Program to better anticipate market trends, op-5 |
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| 339 | 339 | | timize resource allocation, and provide the ap-6 |
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| 340 | 340 | | propriate level of support based on current and 7 |
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| 341 | 341 | | future critical material market needs. 8 |
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| 342 | 342 | | (2) I |
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| 343 | 343 | | NSIGHTS.—The study under paragraph (1) 9 |
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| 344 | 344 | | shall include insights into concerns of private inves-10 |
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| 345 | 345 | | tors in different critical material markets and the 11 |
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| 346 | 346 | | impact of innovative financial tools on catalyzing 12 |
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| 347 | 347 | | final investment decisions. 13 |
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| 348 | 348 | | (3) S |
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| 349 | 349 | | TAKEHOLDER ENGAGEMENT .—The study 14 |
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| 350 | 350 | | under paragraph (1) shall be carried out in consulta-15 |
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| 351 | 351 | | tion with relevant stakeholders, as determined by the 16 |
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| 352 | 352 | | Secretary, including mining and critical material 17 |
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| 353 | 353 | | processing industry representatives, financial ex-18 |
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| 354 | 354 | | perts, local governments hosting critical material 19 |
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| 355 | 355 | | processing projects, and academic researchers. 20 |
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| 356 | 356 | | (4) DARPA |
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| 357 | 357 | | OPEN PROGRAM.—The Secretary 21 |
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| 358 | 358 | | shall share the results of the study under paragraph 22 |
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| 359 | 359 | | (1) with the Open Price Exploration for National 23 |
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| 360 | 360 | | Security research and development program of the 24 |
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| 361 | 361 | | Defense Advanced Research Projects Agency to in-25 |
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| 364 | 364 | | •S 596 IS |
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| 365 | 365 | | form ongoing research and development of tools to 1 |
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| 366 | 366 | | support transparency in domestic critical materials 2 |
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| 367 | 367 | | markets. 3 |
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| 368 | 368 | | (g) R |
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| 369 | 369 | | EPORT.— 4 |
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| 370 | 370 | | (1) I |
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| 371 | 371 | | N GENERAL.—The Secretary shall submit 5 |
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| 372 | 372 | | to the Committees on Energy and Natural Re-6 |
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| 373 | 373 | | sources, Foreign Relations, and Armed Services of 7 |
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| 374 | 374 | | the Senate, and the Committees on Natural Re-8 |
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| 375 | 375 | | sources, Energy and Commerce, and Armed Services 9 |
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| 376 | 376 | | of the House of Representatives, an annual report 10 |
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| 377 | 377 | | for each year that the Pilot Program is carried out. 11 |
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| 378 | 378 | | (2) C |
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| 379 | 379 | | ONTENTS.—The report under paragraph 12 |
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| 380 | 380 | | (1) shall include— 13 |
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| 381 | 381 | | (A) activities, expenditures, and outcomes 14 |
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| 382 | 382 | | of the Pilot Program; 15 |
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| 383 | 383 | | (B) recommendations to Congress on the 16 |
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| 384 | 384 | | continuation or expansion of the Pilot Program; 17 |
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| 385 | 385 | | and 18 |
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| 386 | 386 | | (C) recommendations for how the Federal 19 |
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| 387 | 387 | | Government should use innovative financial 20 |
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| 388 | 388 | | tools— 21 |
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| 389 | 389 | | (i) to increase domestic critical mate-22 |
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| 390 | 390 | | rials processing capacity; 23 |
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| 391 | 391 | | (ii) to strengthen domestic critical 24 |
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| 392 | 392 | | material supply chains by increasing 25 |
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| 395 | 395 | | •S 596 IS |
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| 396 | 396 | | United States processing capacity using 1 |
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| 397 | 397 | | domestic feedstock; 2 |
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| 398 | 398 | | (iii) to mitigate market volatility; 3 |
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| 399 | 399 | | (iv) to boost price transparency in 4 |
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| 400 | 400 | | critical materials markets; 5 |
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| 401 | 401 | | (v) to leverage market indices in coun-6 |
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| 402 | 402 | | tries other than those designated as coun-7 |
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| 403 | 403 | | tries of risk; 8 |
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| 404 | 404 | | (vi) to ensure long-term adequate sup-9 |
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| 405 | 405 | | plies of critical materials for the economy 10 |
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| 406 | 406 | | of the United States; and 11 |
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| 407 | 407 | | (vii) to increase the domestic recycling 12 |
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| 408 | 408 | | of critical materials. 13 |
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| 409 | 409 | | (h) F |
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| 410 | 410 | | UNDING.— 14 |
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| 411 | 411 | | (1) F |
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| 412 | 412 | | INANCIAL MECHANISMS .— 15 |
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| 413 | 413 | | (A) I |
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| 414 | 414 | | N GENERAL.—In establishing and car-16 |
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| 415 | 415 | | rying out the Pilot Program, the Secretary shall 17 |
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| 416 | 416 | | enter into agreements, including contracts, 18 |
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| 417 | 417 | | grants, and cooperative agreements, and other 19 |
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| 418 | 418 | | transactions, as determined by the Secretary, to 20 |
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| 419 | 419 | | enable the use of innovative financial tools to 21 |
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| 420 | 420 | | support domestic critical material processing 22 |
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| 421 | 421 | | projects. 23 |
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| 422 | 422 | | (B) A |
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| 423 | 423 | | UTHORITY.—In carrying out sub-24 |
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| 424 | 424 | | paragraph (A), the Secretary may use innova-25 |
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| 427 | 427 | | •S 596 IS |
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| 428 | 428 | | tive financial tools, including price support such 1 |
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| 429 | 429 | | as contracts for differences, and leverage func-2 |
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| 430 | 430 | | tions to develop and drive critical materials 3 |
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| 431 | 431 | | processing to entities that are not entities of 4 |
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| 432 | 432 | | concern, under such terms and conditions as 5 |
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| 433 | 433 | | the Secretary determines to be necessary or ap-6 |
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| 434 | 434 | | propriate. 7 |
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| 435 | 435 | | (2) R |
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| 436 | 436 | | EINVESTMENT OF REVENUE .— 8 |
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| 437 | 437 | | (A) E |
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| 438 | 438 | | STABLISHMENT.—There is estab-9 |
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| 439 | 439 | | lished in the Treasury of the United States a 10 |
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| 440 | 440 | | fund, to be known as the ‘‘Critical Materials 11 |
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| 441 | 441 | | Revolving Fund’’ (referred to in this paragraph 12 |
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| 442 | 442 | | as the ‘‘Fund’’). 13 |
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| 443 | 443 | | (B) P |
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| 444 | 444 | | URPOSES.—The Fund shall be avail-14 |
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| 445 | 445 | | able to the Secretary as a revolving fund— 15 |
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| 446 | 446 | | (i) to reinvest amounts generated 16 |
|---|
| 447 | 447 | | from eligible projects into new critical ma-17 |
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| 448 | 448 | | terials processing projects under the Pilot 18 |
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| 449 | 449 | | Program; and 19 |
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| 450 | 450 | | (ii) to further enhance the objectives 20 |
|---|
| 451 | 451 | | of the Pilot Program. 21 |
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| 452 | 452 | | (3) A |
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| 453 | 453 | | UTHORIZATION OF APPROPRIATIONS .— 22 |
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| 454 | 454 | | There is authorized to be appropriated to the Sec-23 |
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| 458 | 458 | | retary to carry out this Act $750,000,000, to remain 1 |
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| 459 | 459 | | available until expended. 2 |
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| 460 | 460 | | Æ |
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