S. 823: Intergovernmental Critical Minerals Task Force Act

This legislation, known as the Intergovernmental Critical Minerals Task Force Act, aims to address the United States' dependence on critical minerals and rare earth metals sourced mainly from countries like the People’s Republic of China. Here are the main points of what the bill would do:

Purpose

The bill establishes a framework for intergovernmental cooperation between federal, state, local, Tribal, and territorial governments to combat reliance on foreign sources for critical minerals, identifying it as a national security issue.

Assessment and Recommendations

The act creates a task force that will:

• Assess the risks associated with the United States' dependence on critical minerals from foreign countries.
• Make recommendations to the U.S. President on how to secure supply chains for these minerals.
• Suggest ways to reduce reliance on foreign critical minerals for both the United States and its allies.
• Promote cooperation among various levels of government and address the impacts of reliance on foreign sources.

Formation of the Task Force

The task force will be established by the President within 90 days of the law's enactment. The task force will consist of representatives from various federal agencies, including:

• The Department of Defense
• The Department of Energy
• The Bureau of Lands Management
• The Environmental Protection Agency
• And others involved in mineral resources and economic policies.

Meetings and Consultation

The task force must meet at least once every 90 days. It will actively consult with experts from various fields including education, corporate sectors, and mining to gather information and perspectives on improving domestic mineral supply chains.

Duties and Studies

The task force will:

• Enhance transparency and cooperation between various government levels regarding critical minerals.
• Develop strategies to increase domestic mining and processing capabilities while ensuring environmental responsibility.
• Explore alternative domestic sources and strategies to minimize risks to national security related to mineral supplies.

Additionally, the bill instructs the Comptroller General of the United States to conduct a study on the federal and state regulatory landscape affecting critical mineral supply chains, with a report due 18 months after the bill's enactment.

Termination and Funding

The task force is set to disband 90 days after it completes all its responsibilities outlined in the bill. The bill specifies that no additional funds will be allocated for the task force's operation.

Relevant Companies

• MP Materials (MP) - A key player in the production of rare earth minerals in the U.S., which could see operational impacts regarding regulation and supply chain support.
• Albemarle (ALB) - Engaged in lithium production and chemical manufacturing, likely to be involved in discussions and initiatives related to critical mineral sourcing.
• NextEra Energy (NEE) - As a leader in renewable energy, may be affected by the supply chain reliability for critical minerals used in technology and energy production.