Text of Senate Amendment 6170

Quick facts

Record: Senate Floor
Section type: Amendments
Chamber: Senate
Date: June 24, 2026
Congress: 119th Congress
Why this source matters: This section came from the Senate floor portion of the record.

Linked context

People mentioned: Shaheen, Jeanne
Committees: Committee on Agriculture, Nutrition, and Forestry, Committee on Agriculture, Committee on Armed Services

Readable version of the official text

SA 6170. Mrs. SHAHEEN (for herself, Mr. Young, Ms. Cortez Masto, Mr. Rounds, Ms. Slotkin, Mr. Justice, and Mr. King) submitted an amendment intended to be proposed by her to the bill S. 4784, to authorize appropriations for fiscal year 2027 for military activities of the Department of Defense, for military construction, and for defense activities of the Department of Energy, to prescribe military personnel strengths for such fiscal year, and for other purposes; which was ordered to lie on the table; as follows:

At the end of division A, add the following:

TITLE XVII—SECURE MINERALS

SEC. 1701. SHORT TITLE.

This title may be cited as the “Securing Essential and

Critical U.S. Resources and Elements Minerals Act of 2026”

or the “SECURE Minerals Act of 2026”.

SEC. 1702. FINDINGS.

Congress finds that—

(1) critical minerals and materials are essential to the

ongoing economic and national security of the United States,

playing a vital role in the manufacturing, transportation,

medical, technology, defense, and energy sectors;

(2) the global demand for critical minerals and materials

has been rapidly increasing due to advancements in

technology, whether defense, dual-use, or commercial, and the

increasing adoption of renewable energy sources and next-

generation automotive systems, all of which rely heavily on

critical minerals and materials for the production of

batteries, solar panels, wind turbines, high-speed computing,

advanced magnetic systems, and other high-tech applications;

(3) the People's Republic of China—

(A) currently controls a significant portion of the global

supply chain for critical minerals and materials through

extensive mining, integrated midstream operations,

significant domestic subsidies and incentives, and strategic

investments in resource-rich countries, dominating the global

market infrastructure for critical minerals and materials and

enhancing the ability of the People's Republic of China to

manipulate pricing to the detriment of competitors;

(B) centrally controls its dominant market share across

multiple critical mineral vertical markets, preventing fair

competition and hindering the ability of United States firms

and firms in partner countries to innovate and scale

production;

consumer, as applicable, over mining projects globally,

resulting in a dearth of feedstocks to the great detriment of

downstream industries, regions, and countries, including the

United States;

(D) operates integrated supply chains that are subservient

to the Chinese state and are calibrated to weaponize

influence over prices and volumes in the contest for access

to critical minerals and materials, as well as the end-use

components and applications produced from critical minerals

and materials; and

(E) acts to undercut efforts in the United States and

partner countries to develop alternative sources of supply;

(4) producers of critical minerals and materials in the

United States often face artificially low prices set by

supply chains controlled by the People's Republic of China,

discouraging private investment in domestic extraction and

processing;

(5) 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;

(6) the United States is heavily reliant on imports for

many of the most critical minerals and materials, including

rare earth elements, making the United States vulnerable to

supply disruptions, geopolitical tensions, and economic

manipulation by countries that dominate the market,

specifically the People's Republic of China;

(7) the vulnerabilities to the United States defense

industrial base posed by reliance on imports of critical

minerals and materials are significant, and given the long

lead times for investments in both mining and processing of

critical minerals, domestic critical

minerals production projects are particularly susceptible to

price shocks induced by the People's Republic of China, which

can depress critical mineral prices for an extended period;

(8) increasing domestic primary feedstock production,

processing, conversion, recycling, reuse, and repurposing to

advanced materials and products, as well as increasing

alternative market supply in partner countries, are

imperative to reduce the impact of market manipulation by

foreign state actors, such as the People's Republic of China;

(9) the United States must ensure that a stable and secure

supply chain of essential resources is available to our

domestic innovation and manufacturing ecosystems;

(10) 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;

(11) investments in domestic extraction and processing

infrastructure, as well as reuse, repurposing, and recycling,

are necessary to build a resilient and diversified supply

chain for critical minerals and materials, supporting the

economic growth and national security interests of the United

States; and

(12) government support to develop and ensure the integrity

of Western and partner country markets for critical minerals

and materials as a countermeasure against the anti-

competitive tactics of the People's Republic of China and the

supply chain co-collaborators of the People's Republic of

China will fill the most acute strategic gap, which cannot be

otherwise achieved by private industry participants acting

alone.

SEC. 1703. DEFINITIONS.

In this title:

(1) Appropriate congressional committees.—The term

“appropriate congressional committees” means—

(A) the Committee on Agriculture, Nutrition, and Forestry

of the Senate;

(B) the Committee on Agriculture of the House of

Representatives;

(D) the Committee on Armed Services of the House of

Representatives;

(E) the Committee on Banking, Housing, and Urban Affairs of

the Senate;

(F) the Committee on Financial Services of the House of

Representatives;

(G) the Committee on Commerce, Science, and Transportation

of the Senate;

(H) the Committee on Energy and Commerce of the House of

Representatives;

(I) the Committee on Energy and Natural Resources of the

Senate;

(J) the Committee on Natural Resources of the House of

Representatives;

(K) the Committee on Foreign Relations of the Senate; and

(L) the Committee on Foreign Affairs of the House of

Representatives.

(2) Authorized intermediary.—The term “authorized

intermediary” means an entity that—

(A) is a private entity;

(B) has expertise in more than 1 critical mineral or

material;

capital management, or finance;

(D) 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;

(E) is not owned, controlled, directed, financed, or

otherwise influenced, directly or indirectly, in whole or in

any part greater than 25 percent, by a foreign entity of

concern, a citizen of a covered country, or the government of

a covered country; and

(F) has been approved to be an authorized intermediary by

the Board.

(3) Board.—The term “Board” means the board of governors

of the Reserve established by section 1705(a).

(4) Chairperson.—The term “Chairperson” means the

Chairperson of the Board.

(5) Covered country.—The term “covered country” means a

country that—

(A) is a covered nation (as defined in section 4872(f) of

title 10, United States Code); or

(B) 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.

(6) Critical mineral or material.—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 1708(a).

(7) Dependence rate.—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.

(8) Foreign entity of concern.—The term “foreign entity

of concern” means a foreign entity that—

(A) meets the requirements described in subparagraphs (A),

(B), (D), or (E) of section 10638(3) of the Research and

Development, Competition, and Innovation Act (42 U.S.C.

19237(3)); or

(B)(i) is owned, controlled, directed, financed, or

otherwise influenced, directly or indirectly, in whole or in

any part greater than 25 percent, by the government of a

foreign country that is a covered country; or

(ii) is otherwise subject to the jurisdiction or direction

of a government of a covered country;

(9) Indirect financial interest.—

(A) In general.—The term “indirect financial interest”,

with respect to a person, means a financial interest—

(i) that is not directly held by that person; and

(ii) from which that person benefits.

(B) Benefits.—For the purposes of subparagraph (A)(ii), in

addition to any other benefit, a person shall be considered

to benefit from a financial interest if the financial

interest is held by—

(i) a spouse, child, or dependent of that person; or

(ii) a close family member or other individual having a

close relationship with, and residing in the home of, that

person.

(10) Inspector general.—The term “Inspector General”

means the Inspector General of the Reserve.

(11) Partner country.—The term “partner country” means—

(A) a member country of the North Atlantic Treaty

Organization;

(B) a country that has been designated as a major non-NATO

ally under section 517 of the Foreign Assistance Act of 1961

(22 U.S.C. 2321k); or

in a foreign country—

(i) with which the United States has entered into a mutual

defense treaty or other mutual defense agreement, but not

including Venezuela;

(ii) that is recognized by the Secretary of State and the

Secretary of Defense as a strategic partner due to an

established bilateral agreement that emphasizes mutual

interests in security, defense, and critical mineral supply

chains, including countries designated under United States

strategic frameworks and agreements;

(iii) 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;

(iv) 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

(v) 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.

(12) Production rate.—The term “production rate” means

the percentage of domestic end-use consumption of a critical

mineral or material that is supplied by domestic and partner

country production in aggregate.

(13) Purposes of the reserve.—The term “purposes of the

Reserve” means the purposes of the Reserve described in

section 1704(b).

(14) Recycle.—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.

(15) Repurpose.—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.

(16) Reserve.—The term “Reserve” means the Strategic

Resilience Reserve Corporation of the United States

established by section 1704(a)(1).

(17) Reuse.—The term “reuse” means the complete or

partial direct use of a critical mineral or material after

use for the original purposes for which the critical mineral

or material was intended.

(18) Vice-chairperson.—The term “Vice-chairperson” means

the Vice-chairperson of the Board.

SEC. 1704. ESTABLISHMENT.

(a) Entity Formation.—

(1) In general.—There is established a wholly owned

government corporation, to be known as the “Strategic

Resilience Reserve Corporation of the United States”.

(2) Conforming amendment.—Section 9101(3) of title 31,

United States Code, is amended by adding at the end the

following:

“(Q) the Strategic Resilience Reserve Corporation of the

United States.”.

(b) Purposes.—The purposes of the Reserve are—

(1) 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;

(2) 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;

(3) 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;

(4) 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;

(5) to assist in maintaining balanced and adequate supplies

of critical minerals and materials to the United States, as

determined by the Board;

(6) to the maximum extent practicable, to ensure that, at

each stage of the supply chain—

(A) 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

(B) 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 more than 75 percent;

(7) to prioritize—

(A) domestic projects and supply chains, including

processing capacity, for critical minerals and materials;

(B) projects that—

(i) recycle, reuse, or repurpose critical minerals or

materials; or

(ii) extract or produce critical minerals or materials from

mine or industrial waste, including mining tailings,

industrial waste, or non-conventional waste streams; and

dependence rate of which is 100 percent; and

(8) 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.

SEC. 1705. BOARD OF GOVERNORS.

(a) Membership.—

(1) Appointment.—

(A) In general.—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.

(B) Chairperson and vice-chairperson.—The President shall

designate, by and with the advice and consent of the Senate—

(i) 1 member of the Board to serve as Chairperson, for a

term of 4 years; and

(ii) 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.

date of enactment of this Act, the President shall appoint

each of the 7 members of the Board.

(D) Representation.—The President shall carry out this

paragraph with due regard for a fair representation of

Tribal, labor, environmental, industrial, and commercial

interests.

(2) Qualifications.—To be eligible to be appointed as a

member of the Board under paragraph (1), an individual—

(A) shall have significant demonstrated expertise in—

(i) the business of commodities production, storage, or

trade, or the financial sector as it relates to critical

minerals or materials;

(ii) the financing, development, or operation of projects

related to the manufacturing and commercialization of

critical minerals or materials;

(iii) the demand for, and usage of, critical minerals or

materials, including future demand or usage of critical

minerals or materials for national security and economic

purposes;

(iv) the recycling, repurposing, or reuse of critical

minerals; or

(v) 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

(B) may not—

(i) have a direct or indirect financial interest in an

entity directly involved in the commodities industry or

financial sector as it relates to critical minerals or

materials; or

(ii) have immediate family with a direct financial interest

in an entity directly described in clause (i).

(3) Terms.—

(A) In general.—Except as otherwise provided in this

section, each member of the Board shall be appointed for a

term of 14 years.

(B) Initial staggered terms.—Of the members first

appointed to the Board—

(i) 1 member each shall be appointed to a term expiring in

calendar year 2028, 2030, 2032, 2034, 2036, 2038, and 2040,

respectively; and

(ii) each term shall expire on January 31 of the applicable

calendar year.

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.

(D) Completion of term.—

(i) In general.—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.

(ii) Chairperson and vice-chairperson.—An individual who

is appointed to serve a term as the Chairperson or Vice-

chairperson under paragraph (1)(B) shall, after such term

ends—

(I) serve as the Chairperson or Vice-chairperson,

respectively, until a successor is appointed pursuant to this

subsection; and

(II) serve as a member of the Board for the remainder of

the term of such individual in accordance with this

paragraph.

(4) Compensation.—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.

(5) Conflicts of interest.—

(A) In general.—During the period beginning on the date on

which the term of a member of the Board begins and ending on

the date that is 2 years after the date on which the term of

that member ends, the member may not hold any direct or

indirect financial interest in, or hold any office, position,

including in an advisory or consultant position, or other

employment in or with, any entity receiving or pursuing

financial support from the Reserve.

(B) Opportunity to cure violation.—

(i) In general.—If the Inspector General 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.

(ii) Requirements to cure.—To cure a violation of

subparagraph (A), as required by clause (i), the applicable

individual shall, at a minimum—

(I) renounce any pecuniary gain associated with the

violation; and

(II) terminate each relationship that is the subject of the

violation.

(i) Removal.—If the Inspector General finds that an

individual described in subparagraph (A) is in violation of

that subparagraph and does not cure the violation in

accordance with subparagraph (B) by the date described in

clause (i) of that subparagraph or, as applicable, by the

date established by the Inspector General under subparagraph

(D), that individual shall be removed from the Board.

(ii) Applicability of criminal liability.—

(I) In general.—A member of the Board shall be considered

to be an officer or employee of the Executive Branch for

purposes of section 207(a) of title 18, United States Code,

and shall be subject to paragraph (2) of that section.

(II) Referral.—If the Inspector General makes a finding

described in clause (i) with respect to an individual

described in that clause, the Inspector General may refer the

matter to the Attorney General.

(D) Extension of cure period.—The Inspector General—

(i) may extend the time period provided under subparagraph

(B)(i) for an individual described in subparagraph (A) to

cure a violation of that subparagraph by not more than 90

days; and

(ii) shall document the rationale behind any extension

granted under clause (i).

(6) Removal.—Except as provided in paragraph 5(C)(i), no

member of the Board, Chairperson, and Vice-chairperson may be

removed from office except by—

(A) impeachment by Congress;

(B) removal from office because of a Federal criminal

conviction for a felony, in which case the member,

Chairperson, or Vice-chairperson shall be considered to have

been removed from the Board; or

of duty, malfeasance in office, or incapacity to perform the

applicable duties described in this section.

(b) Meetings.—

(1) Open to the public; notice.—Except as provided in

paragraph (3), all meetings of the Board shall be—

(A) open to the public; and

(B) preceded by reasonable public notice.

(2) Frequency.—The Board shall meet—

(A) not later than 60 days after the date on which all

members of the Board are first appointed;

(B) not less frequently than quarterly after the date

described in subparagraph (A); and

(i) the Chairperson; or

(ii) 4 or more members of the Board.

(3) Closed meetings.—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—

(A) sensitive information regarding national security; or

(B) proprietary or sensitive information regarding a

project under consideration for assistance under this title.

(4) Minutes.—

(A) In general.—Except as provided in subparagraph (B),

the minutes of each meeting of the Board shall be made

publicly available as soon as practicable.

(B) Closed meeting minutes.—The minutes for a closed

meeting shall be made available—

(i) to the appropriate congressional committees not later

than 60 days after the date of the closed meeting; and

(ii) to the public not later than 3 years after the date of

the closed meeting, with any necessary redactions to protect

information that remains proprietary or sensitive at the time

of publication.

(5) Quorum.—5 members of the Board shall constitute a

quorum.

(6) Voting.—

(A) In general.—Each member of the Board shall have an

equal vote in all decisions of the Board.

(B) Decisions.—Unless otherwise specified, decisions of

the Board shall be made by majority vote of the members

constituting a quorum.

(1) not later than 180 days after the date on which all

members of the Board are appointed—

(A) 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 title;

(B) 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;

solely of members of the Board, as the Board determines to be

appropriate;

(D) develop and approve a conflict-of-interest policy for

the Board and employees of the Reserve, including—

(i) establishing compensation levels for employees of the

Reserve, not to exceed $150,000 initially (but which may be

adjusted for inflation), above which employees of the Reserve

shall be limited with regard to future employment at and

compensation from entities receiving financial support from

the Reserve, for a period not to exceed the date that is 2

years after the date on which employment with the Reserve

ends; and

(ii) establishing penalties for violations, including

monetary penalties, that, for violations of the limitations

described in clause (i), may be based on the higher of—

(I) the current compensation of the employee; and

(II) the total compensation from entities receiving

financial support from the Reserve;

(E) approve or disapprove internal policies that the

Chairperson shall submit to the Board, including—

(i) policies and procedures regarding the approval of

authorized intermediaries;

(ii) policies and procedures regarding the project

application and approval process;

(iii) policies and procedures regarding the acquisition and

sale of critical minerals and materials sufficient to ensure

fair access to transactions with the Reserve and effective

use of capital of the Reserve;

(iv) policies and procedures regarding financing,

acquisition, and sale to raise global production standards

for critical minerals and materials that minimize

environmental damage, prevent forced labor use, and ensure a

more competitive market for producers in countries with

stronger standards; and

(v) operational guidelines; and

(F) approve or disapprove a 1-year business plan and budget

for the Reserve;

(2) ensure that the Reserve is operated in a manner that is

consistent with this title by—

(A) monitoring and assessing the effectiveness of the

Reserve in achieving the purposes of the Reserve;

(B) reviewing and approving internal policies, annual

business plans, annual budgets, and long-term strategies

submitted by the Chairperson;

Chairperson;

(D) engaging 1 or more external auditors; and

(E) reviewing and approving all changes to the organization

of the Reserve;

(3) 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—

(A) consult with, and seek to maintain comparability with,

other comparable Federal personnel, as the Board may

determine to be appropriate;

(B) consult with the Office of Personnel Management; and

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;

(4) approve by a vote of not fewer than 5 of the 7 members

of the Board—

(A) any changes to the bylaws or internal policies of the

Reserve; and

(B) any equity investments and accompanying documentation

made under section 1712(b)(4);

(5) have the authority and responsibility—

(A) to oversee entering into and carrying out contracts,

leases, cooperative agreements, or other transactions as are

necessary to carry out this title;

(B) 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;

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 title and

Federal law specifically applicable to wholly owned

government corporations;

(D) to execute or approve, in accordance with applicable

bylaws and regulations, appropriate financial instruments and

investments, with the understanding that the investments

carry financial risk and may result in financial losses;

(E) 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 title;

(F) to exercise all other lawful powers that are necessary

or appropriate to carry out, and are consistent with, the

purposes of the Reserve;

(G) to sue or be sued in the corporate capacity of the

Reserve in any court of competent jurisdiction;

(H) 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 title;

(I) to enter into binding commitments, as specified in

approved financial assistance packages; and

(J) to determine whether—

(i) to obtain a lien on the assets of an entity that

receives assistance under this title; and

(ii) to subordinate a lien under clause (i) to any other

lien securing project obligations; and

(6) establish the risk and audit committees described in

section 1716.

SEC. 1706. AUTHORIZATION OF APPROPRIATIONS.

(a) Authorization.—There is authorized to be appropriated

to the Reserve to carry out the requirements of this title,

subject to subsection (b), $2,500,000,000, to remain

available until expended.

(b) Limitation Relating to the President and Vice

President.—None of the funds authorized to be appropriated

or otherwise made available by this title may be obligated or

expended to provide any grant, contract, loan, or other

financial assistance to an entity in which the President,

Vice President, or an immediate family member (as defined in

section 1128(j) of the Social Security Act (42 U.S.C. 1320a-

7(j))) of the President or Vice President holds, directly or

indirectly, any ownership interest or serves in any

managerial, officer, director, or board capacity.

SEC. 1707. GENERAL AUTHORITIES.

To the extent necessary to develop, operate, or maintain

the Reserve, the Reserve may—

(1) issue rules, regulations, or orders;

(2) acquire by purchase land or interests in land for the

location of storage and related facilities;

(3) construct, purchase, lease, or otherwise acquire

storage and related facilities;

(4) use, lease, maintain, sell, or otherwise dispose of

land or interests in land, or of storage and related

facilities acquired under this title, under such terms and

conditions as the Board considers necessary or appropriate;

(5) acquire, subject to the requirements of this title, by

purchase, exchange, or otherwise, critical minerals or

materials for storage;

(6) sell, or otherwise dispose of, subject to the

requirements of this title, critical minerals, materials, or

other assets;

(7) 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;

(8) execute contracts with private entities for the storage

of critical minerals and materials at storage facilities

owned by private entities if the Reserve has sufficient

contractual certainty of access to those critical minerals

and materials and those facilities are subject to audit by

the United States;

(9) 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

(10) execute any contracts necessary to develop, operate,

or maintain the Reserve.

SEC. 1708. IDENTIFICATION OF ELIGIBLE CRITICAL MINERALS AND

MATERIALS.

(a) Eligible Critical Minerals and Materials List.—Subject

to subsections (b), (c), and (d), the Reserve, in

consultation with the heads of Federal departments and

agencies described in section 1709(6), shall establish, and

thereafter maintain, a list of critical minerals and

materials eligible for financing or acquisition support

described in section 1712.

(b) Requirements.—

(1) Establishment.—A mineral or material may only be

included on the list of eligible critical minerals and

materials established under subsection (a) if—

(A) the mineral or material is—

(i) included on the list of critical minerals published by

the United States Geological Survey pursuant to section

7002(c) of the Energy Act of 2020 (30 U.S.C. 1606(c));

(ii) 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

(iii) a material of interest designated by the Director of

the Defense Logistics Agency; and

(B) the Reserve determines that the mineral or material—

(i) is a non-fuel mineral or material;

(ii) has a vulnerable or highly concentrated supply chain;

and

(iii) is necessary—

(I) for the national defense and national security

requirements of the United States;

(II) for the energy infrastructure of the United States,

including—

(aa) pipelines;

(bb) refining capacity;

(cc) electrical power generation, storage, transmission,

and distribution;

(dd) renewable energy production; and

(ee) energy storage

(III) to support domestic manufacturing, agriculture,

housing, telecommunications, health care, or transportation

and transportation infrastructure; or

(IV) for the economic security or balance of trade of the

United States.

(2) Modifications.—

(A) Additions.—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)—

(i) the mineral or material—

(I) is included on the most recently published list of

critical minerals published by the United States Geological

Survey pursuant to section 7002(c) of the Energy Act of 2020

(30 U.S.C. 1606(c));

(II) is included on the most recently published 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

(III) a material of interest designated by the Director of

the Defense Logistics Agency; and

(ii) the Reserve determines that the mineral or material

meets the requirements described in paragraph (1)(B).

(B) Removals.—After the list of eligible critical minerals

and materials is established under paragraph (1), the Reserve

shall remove a mineral or material from the list of eligible

critical minerals and materials maintained under subsection

(a) if—

(i) the mineral or material, as of the date on which the

list is published under subsection (e)(1)—

(I) has not been included on a list of critical minerals

published by the United States Geological Survey pursuant to

section 7002(c) of the Energy Act of 2020 (30 U.S.C. 1606(c))

for a period of at least 3 years;

(II) 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

(III) 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

(ii) the Reserve determines that the mineral or material no

longer meets the requirements described in paragraph (1)(B).

list of eligible critical minerals and materials under

subsection (a), the Reserve shall consider—

(1) the results of any assessments conducted under sections

1710 and 1711;

(2) the existing market infrastructure and financial

environment for a given critical mineral or material,

especially domestically or in partner countries;

(3) the substitutability of, and projected demand for, a

given critical mineral or material; and

(4) other information the Reserve determines necessary to

achieve the purposes of the Reserve.

(d) Exclusions.—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—

(1) oil, oil shale, natural gas, coal, or uranium;

(2) water, ice, or snow; or

(3) a common variety, as determined by the Board, of sand,

gravel, stone, pumice, cinders, or clay.

(e) Update.—

(1) In general.—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).

(2) Requirement.—In carrying out paragraph (1), the

Reserve shall separately publish a list of minerals and

materials—

(A) previously included on a list published under paragraph

(1) but were removed within the previous 3 years; and

(B) not included in the list published under paragraph (1)

but with respect to which the Reserve has an active position,

contract, or transaction.

SEC. 1709. DATA COLLECTION.

There is established within the Reserve a division, to be

known as the “Division of Data Collection”, which, to the

extent practicable, shall—

(1) be led by a Director selected by the Board;

(2) develop and maintain a proprietary dataset sufficient

to ensure the thorough analysis of global critical minerals

and materials markets;

(3) collect and maintain sufficient datasets, including

data comprising global, domestic, and partner country markets

and, to the extent possible, data derived from individual

critical mineral and material projects, to inform and

estimate—

(A) production, extraction, infrastructure, repurposing,

and recycling costs for critical minerals and materials

supply chains;

(B) collection and recycling rates for critical minerals

and materials in domestic and partner country markets; and

and materials within domestic and partner country markets;

(4) collect and maintain—

(A) actual transaction price data for critical minerals and

materials in the global market, including geographic data;

and

(B) 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;

(5) using the most current data collected under paragraphs

(3) and (4), support the activities described in sections

1710 and 1712;

(6) consult with relevant heads of Federal departments and

agencies, including—

(A) the Secretary of Agriculture;

(B) the Secretary of Commerce;

(D) the Secretary of Energy;

(E) the Secretary of the Interior;

(F) the Secretary of State;

(G) the Secretary of the Treasury;

(H) the Chief Executive Officer of the United States

International Development Finance Corporation;

(I) the Director of the Central Intelligence Agency;

(J) the Director of the United States Geological Survey;

(K) the President of the Export-Import Bank of the United

States; and

(L) any other Federal department or agency head the

Director determines necessary;

(7) establish mechanisms when establishing loan terms,

contracts, and agreements as described in this title to

collect the necessary data required by this section; and

(8) to the extent practicable, carry out the

responsibilities of this section using existing government

data and information.

SEC. 1710. CRITICAL MINERAL AND MATERIAL MARKET RISK AND

VULNERABILITY ASSESSMENT.

(a) Establishment.—There is established within the Reserve

a division, to be known as the “Division of Risk and

Vulnerability Evaluation”, which shall—

(1) be led by a Director selected by the Board;

(2) develop or, to the extent practicable, use existing

sophisticated models to evaluate threats and risks in

critical mineral and material markets across United States

industrial sectors, including defense, energy, agriculture,

transportation, health, and emerging technology;

(3) maintain a comprehensive database of critical mineral

and material price movements, supply chain vulnerabilities,

production and processing capacities, and consumption

patterns;

(4) identify critical dependencies in critical mineral and

material markets that could threaten national security or

economic stability;

(5) assess the potential for geopolitical events, natural

disasters, technological disruptions, or market failures to

impact commodity markets;

(6) develop and implement methodologies for modeling the

impact of various critical mineral or material shocks on the

United States economy;

(7) assess vulnerabilities, including price spikes, supply

disruptions, transportation failures, export controls, and

financial market disturbances;

(8) model the cross-sectoral impacts of critical mineral or

material price or supply shocks, including effects on

inflation, employment, government finances, and consumer

welfare;

(9) assess the specific impact of critical mineral or

material disruptions on infrastructure, national security

assets, and essential services; and

(10) to the extent practicable, carry out the

responsibilities of this section using existing government

data and information.

(b) Mandatory Risk Assessment.—

(1) In general.—The Reserve shall conduct and submit to

the appropriate congressional committees, the President, and

the heads of Federal departments and agencies listed in

section 1709(6) a biennial comprehensive risk and

vulnerability assessment for critical minerals and materials,

which shall include—

(A) identification of specific threats to stable supply and

prices;

(B) an analysis of current market conditions, including

geographic and ownership concentration of suppliers,

transportation bottlenecks, and financial vulnerabilities;

technological alternatives; and

(D) recommendations for risk mitigation strategies.

(2) Form of assessment.—

(A) In general.—Each assessment required by paragraph

(1)—

(i) shall be submitted in unclassified form; but

(ii) may include a classified annex.

(B) Requirement.—Any assessments required by paragraph (1)

that include a classified annex shall include an unclassified

summary.

SEC. 1711. PRODUCTION STANDARDS.

There is established within the Reserve a division, to be

known as the “Division of Production Standards”, which

shall—

(1) be led by a Director selected by the Board;

(2) 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;

(3) 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

(4) 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.

SEC. 1712. FINANCING AND ACQUISITION OF CRITICAL MINERALS OR

MATERIALS.

(a) Authority.—

(1) In general.—The Reserve may deploy financing and

acquisition tools as described in subsection (b) to achieve

the purposes of the Reserve, subject to the condition that

the Reserve may not deploy such tools to benefit a foreign

entity of concern.

(2) Considerations.—In carrying out this section, the

Reserve shall consider—

(A) the results of the assessments described in section

1711(3);

(B) the ability of the Reserve to efficiently achieve the

purposes of the Reserve with limited resources;

(D) non-Reserve investments and market developments

regarding a specific critical mineral or material;

(E) 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 the reasonable

likelihood of repayment, performance, or recovery, as

applicable; and

(F) other factors the Reserve determines valuable to

achieving the purposes of the Reserve over an extended period

of time.

(3) Federal government investments.—The Reserve shall, to

the maximum extent practicable in carrying out this section,

consult and coordinate with, and leverage existing

investments made by, other Federal departments and agencies,

including—

(A) the Export-Import Bank of the United States;

(B) the United States International Development Finance

Corporation;

Energy Policy Act of 2005 (42 U.S.C. 16511 et seq.);

(D) the Office of Strategic Capital of the Department of

Defense; and

(E) 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.).

(b) Means of Support.—The financing and acquisition tools

referred to in subsection (a) include the following:

(1) Loans to authorized intermediaries.—

(A) Loan program authorized.—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.

(B) Loan conditions.—

(i) In general.—In making loans under subparagraph (A),

the Reserve shall establish such terms and conditions as the

Reserve determines appropriate to achieve the purposes of the

Reserve.

(ii) Adjustment of loan terms.—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.

(iii) Preferential terms for certain loans.—In making

loans under subparagraph (A), the Reserve—

(I) may provide preferential loan terms—

(aa) which may include an interest rate based on the

Federal funds rate to an authorized intermediary that will

use the loan to enter into financing and purchasing

agreements with domestic producers or processors of critical

minerals or materials, subject to the condition that the

interest rate shall include an additional risk-based margin,

fees, premiums, collateral, mineral delivery rights, or other

compensation, as the Reserve determines appropriate, to

reflect risk, administrative costs, and fair returns to

taxpayers; and

(bb) 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 and on such terms as the Reserve

determines appropriate, subject to the requirements of item

(aa) and the condition that those terms shall not be more

favorable than the terms provided to a similarly situated

intermediary entering into financing and purchasing

agreements with domestic producers or processors of critical

minerals or materials; and

(II) shall—

(aa) consult with the heads of Federal departments and

agencies described in subsection (a)(3) with respect to the

loan terms described in subclause (I)(aa); and

(bb) 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.

(iv) Security.—A loan made under subparagraph (A) may be

secured by collateral, mineral inventory, contractual rights

to receive critical minerals or materials, offtake

agreements, accounts, proceeds, liens on assets, or other

security determined by the Reserve to be appropriate.

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.

(D) Uncured default.—

(i) In general.—If an authorized intermediary fails to

make a required repayment on a loan under subparagraph (A)

for a 90-day period, the Reserve may—

(I) 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;

(II) revoke the participation with the Reserve of the

authorized intermediary;

(III) subject to clause (ii), appoint itself as conservator

or receiver of the authorized intermediary;

(IV) enforce, perfect, or otherwise exercise rights with

respect to any lien, collateral, contractual right, mineral

inventory, proceeds, or other security securing the loan; and

(V) adjust the loan terms pursuant to subparagraph (B)(ii).

(ii) Authorities under conservator or receivership.—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.).

(iii) Treatment of bankruptcy.—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.

(2) Loans to producers and processors.—

(A) Loan program authorized.—The Reserve may make loans on

terms similar to terms described in paragraph (1) directly to

producers or processors of critical minerals or materials for

projects that support the purposes of the Reserve.

(B) Loan conditions.—In making loans under subparagraph

(A), the Reserve shall establish such terms and conditions as

the Reserve determines are appropriate, subject to subsection

(a)(2), subsection (e), and the purposes of the Reserve.

Reserve shall—

(i) give priority to domestic producers and processors; and

(ii) give preference to projects that strengthen the United

States supply chain.

(D) Foreign entities of concern.—The Reserve may not make

a loan under this paragraph to a foreign entity of concern.

(3) Acquisitions.—The Reserve may make acquisitions

including the following:

(A) Acquisition through solicitation and direct contracting

with private counterparties, including through an entity

receiving funding from the Export-Import Bank of the United

States for the purpose of stockpiling critical minerals or

materials.

(B) Acquisition through physically cleared financial

instruments, such as futures contracts through

intermediaries, including financial exchanges.

through intermediaries, including financial exchanges.

(4) Non-recourse lending.—The Reserve may conduct non-

recourse lending to projects secured by a portion of the

expected production of the project.

(5) Other transactions.—The Reserve may make other

financing and acquisition transactions, including contract

for differences, advance or milestone payments, and advanced

market commitments, as determined by the Board as necessary

to fulfill the purposes of the Reserve, except that the

Reserve may not own common stock.

(6) Warrants.—The Reserve may, in conjunction with other

financing and acquisition tools described in this section,

enter into contracts under which the Reserve receives

warrants or other similar contractual benefits resulting in

the Reserve participating in the gains or equity appreciation

of a business receiving support from the Reserve, which—

(A) may contain anti-dilution provisions or other

protections necessary to ensure participation in the success

of the business; and

(B) are held by the Reserve as passive investment and sold

or otherwise monetized in alignment with the purposes of the

Reserve, including ensuring a fair return to taxpayers.

(1) In general.—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).

(2) Minimum amount.—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.

(3) Treatment of capital contributions.—The Reserve—

(A) shall maintain separate accounts for the capital

contributions of each partner country that provides such

contributions under paragraph (1);

(B) shall not commingle the capital contributions of any

partner country with any other partner country or the funds

of the Reserve;

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

(D) may not guarantee the repayment of such capital

contributions to a partner country.

(4) Loans made with partner co-investment funds.—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.

(5) Restriction.—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.

(6) Coordination with existing arrangements.—

(A) In general.—In approving capital contributions from a

partner country under paragraph (1), the Reserve shall, to

the maximum extent practicable, consult with the Department

of State, the Department of Commerce, and the Federal

agencies and entities described in subsection (a)(3)

regarding any existing co-financing arrangement, memorandum

of understanding, or similar arrangement between such agency

or entity and the partner country relating to critical

minerals or materials.

(B) Rule of construction.—Nothing in subparagraph (A)

requires the Reserve to obtain approval from any Federal

agency or entity before the Reserve approves a capital

contribution under this subsection.

(d) International Advisory Council of Partners.—

(1) In general.—The Reserve may establish an International

Advisory Council of Partners comprising—

(A) the Vice-chairperson, who shall be the head of the

council; and

(B) 1 representative from each partner country that makes a

capital contribution under subsection (c)(1).

(2) Consultation.—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).

(3) Applicability of faca.—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.

(e) Coordination With Existing Federal Programs.—

(1) In general.—The Reserve shall, to the maximum extent

practicable, coordinate financing and acquisition support

under this section with existing Federal programs and

initiatives, including programs and initiatives administered,

supported, or approved by—

(A) the Export-Import Bank of the United States;

(B) the United States International Development Finance

Corporation;

(D) the Department of Defense; and

(E) any other Federal agency or entity, as the Board

determines appropriate.

(2) Terms.—If the Reserve provides support to cover a

financing gap in relation to support available under an

existing Federal program or initiative, the Reserve shall, to

the maximum extent practicable, consider whether that support

may be structured on terms and conditions that complement,

leverage, supplement, or reduce the risk of the existing

Federal support.

(3) Reserve authority.—Nothing in this subsection limits

the authority of the Reserve to provide support on such terms

and conditions as the Board determines appropriate to fulfill

the purposes of the Reserve.

SEC. 1713. SALE OF CRITICAL MINERALS OR MATERIALS.

(a) Sale.—The Reserve may sell critical minerals or

materials stored in the Reserve in accordance with the

purposes of the Reserve and this section.

(b) Sale of Critical Minerals or Materials.—The Reserve

may sell a critical mineral or material stored in the Reserve

if the Board determines that—

(1) a supply shortage or potential supply shortage of that

critical mineral or material threatens—

(A) the national or economic security of the United States;

(B) price stability in the value chain of that critical

mineral or material;

(2)(A) the sale is being made pursuant to an agreement

between the Reserve and the Export-Import Bank of the United

States; and

(B) the critical minerals are being sold to an entity

that—

(i) is receiving funding from the Export-Import Bank of the

United States; and

(ii) was created for the purpose of stockpiling critical

minerals or materials; or

(3) the sale is otherwise necessary to support the purposes

of the Reserve.

(1) In general.—The Reserve may sell a mineral or material

stored in the Reserve that, as of the date of sale, is no

longer included on the list of critical minerals and

materials established by the Reserve under section 1708(a) if

the Board determines that—

(A) the mineral or material is unlikely to be imminently

re-added to the list of critical minerals and materials

established by the Reserve under section 1708(a);

(B) the mineral or material is available in sufficient

supply or is no longer necessary in large quantities for

economic or national security purposes;

mineral or material threatens—

(i) the national or economic security of the United States;

(ii) price stability in the value chain of that mineral or

material;

(D)(i) the sale is being made pursuant to an agreement

between the Reserve and the Export-Import Bank of the United

States; and

(ii) the mineral or material is being sold to an entity

that—

(I) is receiving funding from the Export-Import Bank of the

United States; and

(II) was created for the purpose of stockpiling critical

minerals or materials; or

(E) the sale is otherwise necessary to support the purposes

of the Reserve.

(2) Use for research purposes.—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 1708(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—

(A) Federal departments and agencies;

(B) State governments;

Energy Policy Act of 2005 (42 U.S.C. 15801)); and

(D) institutions of higher education (as defined in section

101(a) of the Higher Education Act of 1965 (20 U.S.C.

1001(a))).

(d) Means of Sale.—The Reserve may carry out a sale

described in subsections (b) and (c) through—

(1) solicitation and direct contracting with private

parties;

(2) physically-cleared financial instruments, such as

futures contracts through authorized intermediaries;

(3) options contracts directly or through authorized

intermediaries; and

(4) other transactions, including public auctions, as

determined necessary by the Board to support the purposes of

the Reserve.

(e) Foreign Entities of Concern.—The Reserve may not carry

out a sale described in subsections (b) and (c) to a foreign

entity of concern.

SEC. 1714. CORPORATE POWERS.

(a) In General.—The Reserve—

(1) may adopt, alter, and use a seal, which may include an

identifiable symbol of the United States;

(2) 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;

(3) may lease, purchase, or otherwise acquire, improve, and

use real property that is necessary to carry out the

functions of the Reserve;

(4) 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);

(5) 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;

(6) may hire or obtain passenger motor vehicles;

(7) 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;

(8) may lease office space for the use of the Reserve;

(9) 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;

(10) notwithstanding any other provision of law, may

represent itself or contract for representation in any legal

or arbitral proceeding;

(11) may exercise any priority of the Federal Government in

collecting debts from bankrupt, insolvent, or decedents'

estates;

(12) 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;

(13) may sell direct investments of the Reserve to private

investors on such terms and conditions as the Reserve may

determine; and

(14) shall have such other powers as may be necessary and

incident to carrying out the functions of the Reserve.

(b) Treatment of Property.—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 title.

SEC. 1715. RECORDS AND ACCOUNTS.

(a) Preparation and Maintenance.—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

title.

(b) Audit of Operations of Storage Facilities.—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 title.

Storage Facilities.—The Board may require access to, and has

the right to inspect and examine, at reasonable times—

(1) any records or accounts required to be prepared or

maintained pursuant to subsection (a); and

(2) any storage facilities subject to audit by the United

States pursuant to this title.

SEC. 1716. RISK AND AUDIT COMMITTEES.

(a) Establishment.—Not later than 1 year after the date of

enactment of this Act, the Reserve shall establish—

(1) a risk committee; and

(2) an audit committee.

(b) Duties and Responsibilities.—

(1) Risk committee.—Subject to the direction of the Board,

the risk committee established under subsection (a)(1) shall

be responsible for—

(A) formulating risk management policies of the operations

of the Reserve;

(B) reviewing and providing guidance on the operation of

the global risk management framework of the Reserve;

risk monitoring, and the management of strategic,

reputational, regulatory, operational, developmental,

responsible production, and financial risks;

(D) developing the risk profile of the Reserve, including a

risk management and compliance framework and governance

structure to support such a framework;

(E) monitoring Reserve participants to ensure existing

participants do not become foreign entities of concern; and

(F) 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.

(2) Audit committee.—Subject to the direction of the

Board, the audit committee established under subsection

(a)(2) shall be responsible for—

(A) the integrity of—

(i) the financial reporting of the Reserve;

(ii) systems of internal controls relating to finance and

accounting of the Reserve; and

(iii) the financial statements of the Reserve;

(B) the performance of the internal audit function of the

Reserve; and

requirements relating to the finances of the Reserve.

SEC. 1717. ANNUAL AUDIT AND COMPTROLLER REVIEW.

(a) Annual Independent Audit.—

(1) In general.—Not later than 1 year after the date of

enactment of this Act, and annually thereafter, an

independent qualified public accountant selected by the

Inspector General shall audit the financial statements of the

Reserve, the results of which shall be made publicly

available.

(2) Requirements.—An independent qualified public

accountant selected under paragraph (1) shall be—

(A) certified and licensed by a State board of accountancy;

(B) 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

Oversight Board.

(b) Review.—The Comptroller General of the United States

shall conduct a biennial review of the Reserve, to include—

(1) reviewing the most recent annual report submitted

pursuant to section 1718(a);

(2) the operations and functions of the Reserve as managed

by the Board; and

(3) the performance of the Board in fulfilling the purposes

of the Reserve.

SEC. 1718. REPORTING AND TRANSPARENCY.

(a) Annual Report.—

(1) In general.—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.

(2) Contents.—

(A) In general.—Each report required under paragraph (1)

shall include—

(i) information regarding the administration of the

functions of the Board, including recommendations the Board

determines appropriate;

(ii) the assessment of the Board of the extent to which

compliance with the requirements of this title and the

purposes of the Reserve have been achieved;

(iii) 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

(iv) information regarding vulnerabilities, risks, and

audits.

(B) Foward-looking assessment.—Every third annual report

submitted pursuant to paragraph (1) shall include—

(i) an assessment of the projected financial needs of the

Reserve;

(ii) any additional appropriations requested in order to

achieve the purposes of the Reserve; and

(iii) any legislative and policy recommendations to

facilitate achieving the purposes of the Reserve.

(b) Testimony.—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.

(1) In general.—The Reserve shall maintain a database with

detailed information on all transactions undertaken pursuant

to section 1712.

(2) Requirements.—The database maintained under paragraph

(1) shall—

(A) be user-friendly;

(B) subject to paragraph (3), be publicly available; and

support provided for each project, including the information

contained in the report required under subsection (a).

(3) Limit on public availability.—

(A) In general.—An identified subset of the database

maintained under paragraph (1) shall not be made publicly

available if the Board determines doing so would be harmful

to the national security of the United States.

(B) Accessibility.—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—

(i) make the identified subset of the database accessible

to the appropriate congressional committees; and

(ii) not later than 3 years after a transaction undertaken

pursuant to section 1712 occurs, make the information about

that transaction publicly available.

SEC. 1719. INSPECTOR GENERAL OF THE RESERVE.

(a) Inspector General.—

(1) In general.—Section 401(1) of title 5, United States

Code, is amended by inserting “the Strategic Resilience

Reserve Corporation of the United States,” after “Export-

Import Bank of the United States,”.

(2) Special provisions.—Section 415(g)(3) of title 5,

United States Code, is amended by inserting “the Inspector

General of the Strategic Resilience Reserve Corporation of

the United States and” after “shall apply to”.

(b) Activities.—

(1) In general.—The principal responsibilities of the

Inspector General shall be to conduct investigations and

reviews of the Reserve and its activities with respect to

fraud, conflicts of interest, and violations of applicable

law.

(2) Noncompliance.—The Inspector General shall not treat

noncompliance with non binding guidance, best practices,

recommendations, or advisory standards issued by any other

Federal entity as a basis for a finding of waste,

inefficiency, ineffectiveness, or a lack of economy, unless

the noncompliance independently constitutes a violation of

applicable law or the policies and procedures established by

the Board and the committees of the Board pursuant to this

title.

(3) Presumption.—Investment, transaction, and other

commercial decisions made in accordance with the policies and

risk management framework of the Reserve and as an exercise

of good faith and reasonably informed business judgment shall

be presumed by the Inspector General to be consistent with

the purposes of the Reserve.

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