HR 7126
SECURE Minerals Act of 2026
Take action
Record your position on this measure.
Sign in to record your position, submit testimony, or contact your legislator.
Sign in to take action- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Bill overview
The Secure Minerals Act of 2026 establishes a Strategic Resilience Reserve to bolster the United States’ supply of critical minerals and materials. The Reserve will be overseen by a board of governors and will utilize financing and acquisition tools to support domestic and partner country production. A key focus is reducing reliance on the People’s Republic of China, which currently dominates the global supply chain for many of these essential resources. The Act aims to ensure a stable and secure supply chain for critical minerals and materials, supporting national security and economic interests.
Key provisions
- Establishes a Strategic Resilience Reserve Corporation of the United States.
- Defines ‘critical mineral or material’ based on a list maintained by the Reserve.
- Authorizes the Reserve to provide loans to authorized intermediaries for the purchase of critical minerals and materials.
- Requires the Reserve to assess risks and vulnerabilities in the global critical minerals market.
- Establishes a division within the Reserve to evaluate environmental and labor standards in foreign production.
- Prioritizes domestic production and projects that recycle, reuse, or repurpose critical minerals.
- Requires the Reserve to consult with relevant Federal agencies and congressional committees.
- Defines ‘authorized intermediary’ with specific requirements regarding ownership and influence.
Who is affected
- United States Businesses (particularly those reliant on critical minerals)
Sponsors
Official sponsors from legislative records.
Primary sponsor
Cosponsors
Arguments in favor
Reasons to support this legislation.
No arguments in favor have been submitted.
Submit yoursArguments opposed
Reasons to oppose this legislation.
No arguments opposed have been submitted.
Submit yoursRead the latest version inline or switch to a previous version.
119th CONGRESS — 2d Session
H. R. 7126
IN THE HOUSE OF REPRESENTATIVES
A BILL
To establish a Strategic Resilience Reserve of the United States, and for other purposes.
or theSecuring Essential and Critical U.S. Resources and Elements Minerals Act of 2026
.SECURE Minerals Act of 2026
Congress finds that—
the lack of transparent, competitive, and market-driven pricing mechanisms for critical minerals and materials outside of the People’s Republic of China compounds market problems, creating systemic risk and limiting the viability of an independent supply chain for critical minerals and materials in the United States;
sustainable and responsible corporate behavior in the direct operations of companies and across their global value chains is important to ensuring a resilient domestic critical minerals supply;
In this Act:
The term appropriate congressional committees means—
the Committee on Agriculture, Nutrition, and Forestry of the Senate;
the Committee on Agriculture of the House of Representatives;
the Committee on Armed Services of the Senate;
the Committee on Armed Services of the House of Representatives;
the Committee on Banking, Housing, and Urban Affairs of the Senate;
the Committee on Financial Services of the House of Representatives;
the Committee on Commerce, Science, and Transportation of the Senate;
the Committee on Energy and Commerce of the House of Representatives;
the Committee on Energy and Natural Resources of the Senate;
the Committee on Foreign Relations of the Senate; and
the Committee on Foreign Affairs of the House of Representatives.
The term authorized intermediary means an entity that—
is a private entity;
has expertise in more than 1 critical mineral or material;
has expertise in commodities trading, market making, capital management, or finance;
does not have any management influenced by a foreign entity of concern or a citizen of a covered country, including any entities affiliated with the private entity or the ownership of the private entity;
has been approved to be an authorized intermediary by the Board.
The term Board means the board of governors of the Reserve established by section 102(a).
The term Chairperson means the Chairperson of the Board.
The term covered country means a country that—
the Secretary of Energy, in consultation with the Secretary of Defense, the Secretary of State, and the Director of National Intelligence, determines to be engaged in conduct that is detrimental to the national security or foreign policy of the United States.
The term critical mineral or material means mineral or material included in the list of eligible critical minerals and materials established by the Reserve under section 202(a).
The term dependence rate means the percentage of domestic end-use consumption of a critical mineral or material that is supplied by production by a foreign entity of concern or in a covered country, in aggregate.
The term foreign entity of concern means a foreign entity that—
is otherwise subject to the jurisdiction or direction of a government of a covered country.
The term partner country means—
with which the United States has entered into a mutual defense treaty or other mutual defense agreement, but not including Venezuela;
with which the United States has entered into a comprehensive economic and trade agreement that includes provisions for the collaboration on critical mineral resources and to safeguard supply chains critical to national security and economic stability;
with which the United States Geological Survey has in effect a memorandum of understanding concerning scientific and technical cooperation in earth sciences, unless that country is a covered country; or
with which the Department of State, the United States International Development Finance Corporation, the Export-Import Bank of the United States, or the United States Trade and Development Agency is working to advance an active critical mineral project.
The term purposes of the Reserve means the purposes of the Reserve described in section 101(b).
The term recycle means an action or process to convert a critical mineral or material contained within a finished or semi-finished product into a form suitable for repurposing or reuse of the critical mineral or material.
The term repurpose means any operation that results, in whole or in part, in a critical mineral or material being used for a different purpose or application than the purpose or application for which the critical mineral or material, or the product into which the critical mineral or material is manufactured into, was originally intended.
The term Reserve means the Strategic Resilience Reserve Corporation of the United States established by section 101(a)(1).
The term reuse means the complete or partial direct reuse of a critical mineral or material after use for the original purposes for which the critical mineral or material was intended.
The term Vice-chairperson means the Vice-chairperson of the Board.
Strategic Resilience Reserve Corporation of the United States.
Section 9101(3) of title 31, United States Code, is amended by adding at the end the following:
the Strategic Resilience Reserve Corporation of the United States.
The purposes of the Reserve are—
to support a free, fair, and competitive market for critical minerals and materials in which domestic and partner country producers and processors can compete and innovate;
to support domestic and partner country production, extraction, processing, refining, reuse, repurposing, and recycling of, and capabilities and infrastructure with respect to, critical minerals and materials;
to support and protect stable and economically sustainable prices of critical minerals and materials, including price levels consistent with competitive market economies and reliable supply;
to support responsible production of critical minerals and materials with respect to standards for transparency, environmental, and labor practices, and to ensure a competitive market for producers meeting those standards;
to assist in maintaining balanced and adequate supplies of critical minerals and materials to the United States, as determined by the Board;
to the maximum extent practicable, to ensure that, at each stage of the supply chain—
the production rate of each critical mineral or material is equal to or greater than a percentage determined to be reasonable by the Board, in coordination with appropriate Federal agencies, but not less than 25 percent; and
the dependence rate for each critical mineral or material is equal to or less than a percentage determined to be reasonable by the Board, in coordination with appropriate Federal agencies, but not less than 75 percent;
to prioritize—
projects that—
extract or produce critical minerals or materials from mine or industrial waste, including mining tailings, industrial waste, or non-conventional waste streams; and
projects for critical minerals or materials the dependence rate of which is 100 percent; and
to ensure the efficient use of government funds to support critical mineral and material projects and, to the maximum extent practicable, ensure fair returns to taxpayers and investments made by the Reserve.
There is authorized to be appropriated to the Reserve to carry out the requirements of this Act $2,500,000,000, to remain available until expended.
The Reserve shall have a board of governors consisting of 7 voting members appointed by the President, by and with the advice and consent of the Senate.
The President shall designate, by and with the advice and consent of the Senate—
1 member of the Board to serve as Vice-chairperson, for a term of 4 years, and who shall serve as Chairperson in the absence or vacancy of the Chairperson.
The President shall carry out this paragraph with due regard for a fair representation of Tribal, labor, environmental, industrial, and commercial interests.
To be eligible to be appointed as a member of the Board under paragraph (1), an individual—
shall have significant demonstrated expertise in—
the business of commodities production, storage, or trade, or the financial sector as it relates to critical minerals or materials;
the financing, development, or operation of projects related to the manufacturing and commercialization of critical minerals or materials;
other experience related to the production and usage of critical minerals and materials, including expertise in sustainable and responsible production practices, in the fields of engineering, logistics, law, academia, research, or policy; and
may not—
have a direct, or closely indirect, financial interest in an entity directly involved in the commodities industry or financial sector as it relates to critical minerals or materials; or
have immediate family with a direct financial interest in an entity directly described in clause (i).
Except as otherwise provided in this section, each member of the Board shall be appointed for a term of 14 years.
Of the members first appointed to the Board—
1 member each shall be appointed to a term expiring in calendar year 2028, 2030, 2032, 2034, 2036, 2038, and 2040, respectively; and
each term shall expire on January 31 of the applicable calendar year.
Not later than 180 days after the date on which a vacancy occurs on the Board before the expiration of the term for that member, the President, by and with the advice and consent of the Senate, shall appoint a new member of the Board to fill the vacancy and serve the remainder of that term.
On expiration of a term for a Board member, the applicable Board member may continue to serve for 1 year or until a successor is appointed pursuant to this subsection, whichever is less.
Each member of the Board shall be compensated at a rate equal to the annual rate of basic pay prescribed for level III of the Executive Schedule under section 5314 of title 5, United States Code.
If the Comptroller General of the United States finds that an individual described in subparagraph (A) is in violation of that subparagraph, that individual shall cure the applicable violation by not later than 30 days after the date on which the violation is found.
To cure a violation of subparagraph (A), as required by clause (i), the applicable individual shall, at a minimum—
terminate each relationship that is the subject of the violation.
If the Comptroller General of the United States makes a finding described in clause (i) with respect to an individual described in that clause, the Comptroller General of the United States may refer the matter to the Attorney General.
The Board—
shall document the rationale behind any extension granted under clause (i).
Except as provided in paragraph 5(C)(i), a member of the Board, Chairperson, and Vice-chairperson may not be removed from office except by—
the action of the President for inefficiency, neglect of duty, malfeasance in office, or incapacity to perform the applicable duties described in this section.
Except as provided in paragraph (3), all meetings of the Board shall be—
open to the public; and
preceded by reasonable public notice.
The Board shall meet—
not later than 60 days after the date on which all members of the Board are first appointed;
not less frequently than quarterly after the date described in subparagraph (A); and
at the call of—
the Chairperson; or
4 or more members of the Board.
The Board, by majority vote of the members, may close a meeting to the public if, during the meeting, there is likely to be disclosed proprietary or sensitive information regarding a project under consideration for assistance under this Act.
Except as provided in subparagraph (B), the minutes of each meeting of the Board shall be made publicly available as soon as practicable.
The minutes for a closed meeting shall be made available—
Freedom of Information Act), pursuant to subsection (b)(3) of that section; and
any provision of State, Tribal, or local freedom of information law, open government law, open meetings law, open records law, sunshine law, or similar law requiring disclosure of information or records; and
not be subject to section 552b of title 5, United States Code (commonly referred to as the Government in the Sunshine Act
).
5 members of the Board shall constitute a quorum.
Unless otherwise specified, decisions of the Board shall be made by majority vote of the members constituting a quorum.
The Board shall—
not later than 180 days after the date on which all members of the Board are appointed—
develop and approve the bylaws of the Reserve, including bylaws for the regulation of the affairs and conduct of the business of the Reserve, consistent with the purpose, goals, objectives, and policies of this Act;
establish dollar-value thresholds, not to exceed $2,500,000, above which transactions and loans made by the Reserve will require approval of the Board;
establish committees required by this Act composed solely of members of the Board, as the Board determines to be appropriate;
develop and approve a conflict-of-interest policy for the Board and employees of the Reserve, including—
establishing penalties for violations, including monetary penalties, that, for violations of the limitations described in clause (i), may be based on the higher of—
approve or disapprove internal policies that the Chairperson shall submit to the Board, including—
policies and procedures regarding the approval of authorized intermediaries;
operational guidelines; and
approve or disapprove a 1-year business plan and budget for the Reserve;
ensure that the Reserve is operated in a manner that is consistent with this Act by—
monitoring and assessing the effectiveness of the Reserve in achieving the purposes of the Reserve;
reviewing and approving internal policies, annual business plans, annual budgets, and long-term strategies submitted by the Chairperson;
reviewing and approving annual reports submitted by the Chairperson;
engaging 1 or more external auditors; and
reviewing and approving all changes to the organization of the Reserve;
appoint and fix, by a vote of not fewer than 5 of the 7 members of the Board, and without regard to the provisions of chapter 51 and subchapter III of chapter 53 of title 5, United States Code, the compensation and adjustments to compensation of all personnel of the Reserve, subject to the condition that in appointing and fixing any compensation or adjustments to compensation under this paragraph, the Board shall—
consult with, and seek to maintain comparability with, other comparable Federal personnel, as the Board may determine to be appropriate;
consult with the Office of Personnel Management; and
carry out those duties consistent with merit principles, where applicable, as well as the education, experience, level of responsibility, geographic differences, comparability to private sector positions, and retention and recruitment needs of the Reserve in determining compensation of personnel;
approve by a vote of not fewer than 5 of the 7 members of the Board—
any equity investments and accompanying documentation made under section 206(b)(4);
have the authority and responsibility—
to oversee entering into and carrying out contracts, leases, cooperative agreements, or other transactions as are necessary to carry out this Act;
to approve of the acquisition, lease, pledge, exchange, and disposal of real and personal property by the Reserve and otherwise approve the exercise by the Reserve of all of the usual incidents of ownership of property, to the extent that the exercise of those powers is appropriate to and consistent with the purposes of the Reserve;
to determine the character of, and the necessity for, the obligations and expenditures of the Reserve, and the manner in which the obligations and expenditures will be incurred, allowed, and paid, subject to this Act and Federal law specifically applicable to wholly owned government corporations;
to execute or approve, in accordance with applicable bylaws and regulations, appropriate financial instruments;
to approve other forms of credit enhancement that the Reserve may provide to projects, subject to the condition that the forms of credit enhancements shall be consistent with the purposes of this Act;
to exercise all other lawful powers that are necessary or appropriate to carry out, and are consistent with, the purposes of the Reserve;
to sue or be sued in the corporate capacity of the Reserve in any court of competent jurisdiction;
to indemnify and hold harmless the members of the Board for any liabilities arising out of the actions of the members acting in that capacity, in accordance with, and subject to the limitations under, this Act;
to enter into binding commitments, as specified in approved financial assistance packages; and
to determine whether—
to obtain a lien on the assets of an entity that receives assistance under this Act; and
to subordinate a lien under clause (i) to any other lien securing project obligations; and
establish the risk and audit committees described in section 401.
To the extent necessary to develop, operate, or maintain the Reserve, the Reserve may—
issue rules, regulations, or orders;
acquire by purchase land or interests in land for the location of storage and related facilities;
construct, purchase, lease, or otherwise acquire storage and related facilities;
use, lease, maintain, sell, or otherwise dispose of land or interests in land, or of storage and related facilities acquired under this Act, under such terms and conditions as the Board considers necessary or appropriate;
acquire, subject to the requirements of this Act, by purchase, exchange, or otherwise, critical minerals or materials for storage;
store critical minerals or materials in storage facilities owned and controlled by the United States or in storage facilities owned by authorized intermediaries if the Reserve has sufficient contractual certainty of access to the critical minerals and materials and those facilities are subject to audit by the United States;
partner with private sector, academia, and Federal agencies to further the purposes of the Reserve, including to advance the development and commercialization of responsible reuse and recycling processes for critical minerals and materials; and
execute any contracts necessary to develop, operate, or maintain the Reserve.
Subject to subsections (b), (c), and (d), the Reserve, in consultation with the heads of Federal departments and agencies described in section 203(6), shall establish, and thereafter maintain, a list of critical minerals and materials eligible for financing or acquisition support described in section 206.
included on the list of critical materials published by the Department of Energy pursuant to section 7002(a) of the Energy Act of 2020 (30 U.S.C. 1606(a)); or
a material of interest designated by the Director of the Defense Logistics Agency; and
is a non-fuel mineral or material;
has a vulnerable or highly concentrated supply chain; and
is necessary—
for the national defense and national security requirements of the United States;
for the energy infrastructure of the United States, including—
pipelines;
refining capacity;
electrical power generation, storage, transmission, and distribution;
renewable energy production; and
energy storage;
to support domestic manufacturing, agriculture, housing, telecommunications, health care, or transportation and transportation infrastructure; or
for the economic security of the United States.
After the list of eligible critical minerals and materials is established under paragraph (1), the Reserve may add a mineral or material to the list of eligible critical minerals and materials maintained under subsection (a) if, after the date that the most recent list is published under subsection (e)(1)—
the Reserve determines that the mineral or material meets the requirements described in paragraph (1)(B).
the mineral or material, as of the date on which the list is published under subsection (e)(1)—
has not been included on a list of critical materials published by the Department of Energy pursuant to section 7002(a) of the Energy Act of 2020 (30 U.S.C. 1606(a)) for a period of at least 3 years; or
has not been designated as a material of interest by the Director of the Defense Logistics Agency for a period of at least 3 years; or
the Reserve determines that the mineral or material no longer meets the requirements described in paragraph (1)(B).
In establishing and maintaining the list of eligible critical minerals and materials under subsection (a), the Reserve shall consider—
the existing market infrastructure and financial environment for a given critical mineral or material, especially domestically or in partner countries;
the substitutability of, and projected demand for, a given critical mineral or material; and
other information the Reserve determines necessary to achieve the purposes of the Reserve.
A mineral or material may not be included on the list of eligible critical minerals and materials established and maintained under subsection (a) if the mineral or material is—
oil, oil shale, natural gas, coal, or uranium;
water, ice, or snow; or
a common variety, as determined by the Board, of sand, gravel, stone, pumice, cinders, or clay.
The Reserve shall publish and update not less frequently than annually the list of eligible critical minerals and materials established and maintained under subsection (a).
previously included on a list published under paragraph (1) but were removed within the previous 3 years; and
not included in the list published under paragraph (1) but with respect to which the Reserve has an active position, contract, or transaction.
There is established within the Reserve a division, to be known as the Division of Data Collection
, which, to the extent practicable, shall—
be led by a Director selected by the Board;
develop and maintain a proprietary dataset sufficient to ensure the thorough analysis of global critical minerals and materials markets;
production, extraction, infrastructure, repurposing, and recycling costs for critical minerals and materials supply chains;
the forecast of supply and demand of critical minerals and materials within domestic and partner country markets;
collect and maintain—
actual transaction price data for critical minerals and materials in the global market, including geographic data; and
any other datasets necessary to effectuate such purpose, including modeled transaction data and datasets produced by or derivative of datasets produced by the People’s Republic of China;
using the most current data collected under paragraphs (3) and (4), support the activities described in sections 204 and 206;
consult with relevant heads of Federal departments and agencies, including—
the Secretary of Agriculture;
the Secretary of Defense;
the Secretary of Energy;
the Secretary of the Interior;
the Secretary of State;
the Secretary of the Treasury;
the Chief Executive Officer of the United States International Development Finance Corporation;
the Director of the Central Intelligence Agency;
the Director of the United States Geological Survey;
the President of the Export-Import Bank of the United States; and
any other Federal department or agency head the Director determines necessary;
establish mechanisms when establishing loan terms, contracts, and agreements as described in this Act to collect the necessary data required by this section; and
to the extent practicable, carry out the responsibilities of this section using existing government data and information.
There is established within the Reserve a division, to be known as the Division of Risk and Vulnerability Evaluation
, which shall—
be led by a Director selected by the Board;
maintain a comprehensive database of critical mineral and material price movements, supply chain vulnerabilities, production and processing capacities, and consumption patterns;
identify critical dependencies in critical mineral and material markets that could threaten national security or economic stability;
assess the potential for geopolitical events, natural disasters, technological disruptions, or market failures to impact commodity markets;
develop and implement methodologies for modeling the impact of various critical mineral or material shocks on the United States economy;
assess vulnerabilities, including price spikes, supply disruptions, transportation failures, export controls, and financial market disturbances;
model the cross-sectoral impacts of critical mineral or material price or supply shocks, including effects on inflation, employment, government finances, and consumer welfare;
assess the specific impact of critical mineral or material disruptions on infrastructure, national security assets, and essential services; and
to the extent practicable, carry out the responsibilities of this section using existing government data and information.
identification of specific threats to stable supply and prices;
an analysis of current market conditions, including geographic and ownership concentration of suppliers, transportation bottlenecks, and financial vulnerabilities;
an evaluation of substitution possibilities and technological alternatives; and
recommendations for risk mitigation strategies.
Each assessment required by paragraph (1)—
shall be submitted in unclassified form; but
may include a classified annex.
Any assessments required by paragraph (1) that include a classified annex shall include an unclassified summary.
There is established within the Reserve a division, to be known as the Division of Production Standards
, which shall—
be led by a Director selected by the Board;
develop methodologies for evaluating relative risk in global environmental and labor standards and practices for the production, extraction, processing, reuse, repurposing, and recycling of critical minerals and materials, including transparency, traceability, and forced labor risk, which may include incorporating existing research;
conduct periodic risk-based assessments of environmental and labor standards and practices for the production, extraction, processing, reuse, repurposing, and recycling of critical minerals and materials in foreign countries producing critical minerals and materials, and, to the extent practicable, significant production projects; and
publish an annual report summarizing the methodologies used and describing the results of the most recent assessments conducted under paragraph (3) for each foreign country and significant production project, and, to the extent practicable, mitigation measures used in transactions and loans made by the Reserve, without identifying proprietary or sensitive commercial information.
In carrying out this section, the Reserve shall consider—
diversification across critical minerals and materials;
non-Reserve investments and market developments regarding a specific critical mineral or material;
with respect to deploying financing and acquisition tools with a specific producer or processor, the management, financial condition, and ability of the producer or processor to fulfill any contractual obligations; and
other factors the Reserve determines valuable to achieving the purposes of the Reserve over an extended period of time.
The Reserve shall, to the maximum extent practicable in carrying out this section, consult, coordinate, and leverage existing Federal Government investments, including by—
the United States International Development Finance Corporation;
the Department of Energy, pursuant to title XVII of the Energy Policy Act of 2005 (42 U.S.C. 16511 et seq.);
applicable execution offices of the Department of Defense for contract actions carried out under title III of the Defense Production Act of 1950 (50 U.S.C. 4531 et seq.).
The financing and acquisition tools referred to in subsection (a) include the following:
The Reserve may make loans to authorized intermediaries who may use those funds to enter into financing and purchasing agreements with producers and processors of critical minerals or materials.
The Reserve and an authorized intermediary may adjust loan terms under a loan issued under subparagraph (A) if the Reserve and that authorized intermediary agree to the adjustment.
In making loans under subparagraph (A), the Reserve—
may provide preferential loan terms—
to authorized intermediaries that will use the loan to enter into financing and purchasing agreements with producers or processors of critical minerals or materials in partner countries, in such manner as the Reserve determines appropriate; and
shall—
ensure that, under the terms of such loans, authorized intermediaries shall, to the maximum extent practicable, give priority to United States suppliers of critical minerals and materials and preference to the United States supply chain.
To be eligible to receive a loan under subparagraph (A), an authorized intermediary shall submit to the Reserve an application at such time, in such manner, and containing such information as the Reserve may require, including the proposed financing or purchasing agreements described in that subparagraph.
If an authorized intermediary fails to make a required repayment on a loan under subparagraph (A) for a 90-day period, the Reserve may—
recoup the amount of that loan by taking possession of the critical mineral and material inventories of the authorized intermediary and any other contractual rights of the authorized intermediary to receive critical minerals or materials from suppliers;
revoke the participation with the Reserve of the authorized intermediary;
subject to clause (ii), appoint itself as conservator or receiver of the authorized intermediary;
obtain a lien on the assets of the intermediary pursuant to section 102(c)(5)(J); and
adjust the loan terms pursuant to subparagraph (B)(ii).
If the Reserve appoints itself a conservator or receiver of an authorized intermediary under clause (i)(II), the Reserve shall have the same authorities with respect to the authorized intermediary that the Federal Deposit Insurance Corporation has with respect to an institution for which the Federal Deposit Insurance Corporation has appointed itself as conservator or receiver under the Federal Deposit Insurance Act (12 U.S.C. 1811 et seq.).
An authorized intermediary for which the Reserve has appointed itself a conservator or a receiver under clause (i)(II) may not be placed into bankruptcy under title 11, United States Code, during that conservatorship or receivership, and any bankruptcy process under title 11, United States Code, that is in effect when the appointment occurs shall be terminated.
Acquisition through solicitation and direct contracting with private counterparties.
Acquisition through physically cleared financial instruments, such as futures contracts through intermediaries, including financial exchanges.
Acquisition through options contracts directly or through intermediaries, including financial exchanges.
Non-recourse lending to projects secured by a portion of the expected production of the project.
Other financing and acquisition transactions, including contract for differences, advance or milestone payments, advanced market commitments, and minority, non-controlling equity investment, as determined by the Board as necessary to fulfill the purposes of the Reserve, except that equity investment shall only be used with—
a written explanation of the intended exit strategy for the equity investment.
A partner country may, if approved by the Reserve, make capital contributions of at least $100,000,000 to the Reserve for purposes of financing or acquisition under subsection (b).
The Reserve shall annually adjust the amount in paragraph (1) by the percentage increase in the Personal Consumption Expenditures Price Index of the Bureau of Economic Analysis of the Department of Commerce, rounded to the nearest $1,000,000.
The Reserve—
shall maintain separate accounts for the capital contributions of each partner country that provides such contributions under paragraph (1);
shall not commingle the capital contributions of any partner country with any other partner country or the funds of the Reserve;
may return such capital contributions to the partner country at any time, without obligation or penalty, or under such other terms and conditions as agreed to by the Reserve and that partner country; and
may not guarantee the repayment of such capital contributions to a partner country.
Financing and acquisitions made under subsection (b) with capital contributions under paragraph (1) shall be made in the same manner as financing and acquisitions made under subsection (b) with funds of the Reserve.
The Reserve may not approve a partner country under paragraph (1) unless the partner country certifies that the capital contributions being made are coming from funds of the partner country and not from funds of a foreign entity of concern or a covered country.
The Reserve may establish an International Advisory Council of Partners comprising—
the Vice-chairperson, who shall be the head of the council; and
1 representative from each partner country that makes a capital contribution under subsection (c)(1).
The International Advisory Council of Partners shall, at the request of the Reserve, advise the Reserve on financing and acquisitions made with capital contributions under subsection (c)(1).
Chapter 10 of title 5, United States Code (commonly known as the Federal Advisory Committee Act
), shall not apply to the International Advisory Council of Partners.
The Reserve may sell critical minerals or materials stored in the Reserve in accordance with the purposes of the Reserve and this section.
price stability in the value chain of that critical mineral or material; or
the sale is otherwise necessary to support the purposes of the Reserve.
the mineral or material is available in sufficient supply or is no longer necessary in large quantities for economic or national security purposes;
price stability in the value chain of that mineral or material; or
the sale is otherwise necessary to support the purposes of the Reserve.
If the Board determines that a mineral or material stored in the Reserve that is no longer included on the list of critical minerals and materials established by the Reserve under section 202(a) does not have a substantial market value, the Board may enter into a contract for the transfer and use for research purposes of that mineral or material with—
National Laboratories (as defined in section 2 of the Energy Policy Act of 2005 (42 U.S.C. 15801)); and
institutions of higher education (as defined in section 101(a) of the Higher Education Act of 1965 (20 U.S.C. 1001(a))).
The Reserve may carry out a sale described in subsections (b) and (c) through—
physically cleared financial instruments, such as futures contracts through authorized intermediaries;
options contracts directly or through authorized intermediaries; and
other transactions, including public auctions, as determined necessary by the Board to support the purposes of the Reserve.
The Reserve may not carry out a sale described in subsections (b) and (c) to a foreign entity of concern.
The Reserve—
may adopt, alter, and use a seal, which may include an identifiable symbol of the United States;
notwithstanding division C of subtitle I of title 41, United States Code, may make and perform with any person contracts, including no-cost contracts (as defined by the Reserve), grants, and other agreements, that are necessary for carrying out the functions of the Reserve;
may lease, purchase, or otherwise acquire, improve, and use real property that is necessary to carry out the functions of the Reserve;
may use the United States mails in the same manner and on the same conditions as the Executive departments (as defined in section 101 of title 5, United States Code);
may contract with individuals for personal services, who shall not be considered Federal employees for any provision of law administered by the Director of the Office of Personnel Management;
may hire or obtain passenger motor vehicles;
may acquire, hold, or dispose of, on such terms and conditions as the Reserve may determine, any property (real, personal, or mixed), tangible or intangible, or any interest in such property;
may lease office space for the use of the Reserve;
may indemnify directors, officers, employees, and agents of the Reserve for liabilities and expenses incurred in connection with their activities on behalf of the Reserve;
notwithstanding any other provision of law, may represent itself or contract for representation in any legal or arbitral proceeding;
may exercise any priority of the Federal Government in collecting debts from bankrupt, insolvent, or decedents’ estates;
may collect, notwithstanding section 3711(g)(1) of title 31, United States Code, or compromise any obligations assigned to or held by the Reserve, including any legal or equitable rights accruing to the Reserve;
may sell direct investments of the Reserve to private investors on such terms and conditions as the Reserve may determine; and
shall have such other powers as may be necessary and incident to carrying out the functions of the Reserve.
Notwithstanding any other provision of law relating to the acquisition, handling, or disposal of property by the United States, the Reserve shall have the right in its discretion to complete, recondition, reconstruct, renovate, repair, maintain, operate, or sell any property acquired by the Reserve pursuant to this Act.
The Board may require any person to prepare and maintain such records or accounts as the Board, by rule, determines necessary to carry out this Act.
The Board may audit the operations of any storage facility in which any critical mineral or material acquired is stored or required to be stored pursuant to this Act.
The Board may require access to, and has the right to inspect and examine, at reasonable times—
any records or accounts required to be prepared or maintained pursuant to subsection (a); and
any storage facilities subject to audit by the United States pursuant to this Act.
Not later than 1 year after the date of enactment of this Act, the Reserve shall establish—
a risk committee; and
an audit committee.
Subject to the direction of the Board, the risk committee established under subsection (a)(1) shall be responsible for—
formulating risk management policies of the operations of the Reserve;
reviewing and providing guidance on the operation of the global risk management framework of the Reserve;
developing policies for enterprise risk management, risk monitoring, and the management of strategic, reputational, regulatory, operational, developmental, responsible production, and financial risks;
developing the risk profile of the Reserve, including a risk management and compliance framework and governance structure to support such a framework;
monitoring Reserve participants to ensure existing participants do not become foreign entities of concern; and
developing and using a mechanism to remove participants if more than 25 percent of that participant is owned, controlled, directed, financed, or otherwise influenced, directly or indirectly, in whole or in part by the government of a foreign entity of concern.
Subject to the direction of the Board, the audit committee established under subsection (a)(2) shall be responsible for—
the integrity of—
the financial reporting of the Reserve;
systems of internal controls relating to finance and accounting of the Reserve; and
the financial statements of the Reserve;
the performance of the internal audit function of the Reserve; and
the compliance of the Reserve with legal and regulatory requirements relating to the finances of the Reserve.
An independent qualified public accountant selected under paragraph (1) shall be—
certified and licensed by a State board of accountancy;
independent of the Reserve and each authorized intermediary within the meaning of section 210.2–01 of title 17, Code of Federal Regulations (or a successor regulation); and
registered with the Public Company Accounting and Oversight Board.
The Comptroller General of the United States shall conduct a biennial review of the Reserve, to include—
reviewing the most recent annual report submitted pursuant to section 403(a);
the operations and functions of the Reserve as managed by the Board; and
the performance of the Board in fulfilling the purposes of the Reserve.
The Board shall submit to the President, the Comptroller General of the United States, the Director of the Office of Management and Budget, and the appropriate congressional committees, an annual report describing the operations of the Reserve during the preceding calendar year.
Each report required under paragraph (1) shall include—
information regarding the administration of the functions of the Board, including recommendations the Board determines appropriate;
the assessment of the Board of the extent to which compliance with the requirements of this Act and the purposes of the Reserve have been achieved;
a summary of transactions and loans made by the Reserve during the preceding calendar year, to include how well those transactions and loans have helped achieve the purposes of the Reserve; and
information regarding vulnerabilities, risks, and audits.
The Chairperson shall appear before the Committee on Energy and Natural Resources of the Senate and the Committee on Natural Resources of the House of Representatives not later than 30 calendar days after the date that a report required under subsection (a) is submitted.
The Reserve shall maintain a database with detailed information on all transactions undertaken pursuant to section 206.
The database maintained under paragraph (1) shall—
be user-friendly;
subject to paragraph (3), be publicly available; and
to the extent practicable, include a description of the support provided for each project, including the information contained in the report required under subsection (a).
If the Board makes a determination under subparagraph (A) that public availability of the identified subset of the database maintained under paragraph (1) would be harmful to the national security of the United States, the Reserve shall—
not later than 3 years after a transaction undertaken pursuant to section 206 occurs, make the information about that transaction publicly available.