# Summary
The Global Strategy for Securing Critical Minerals Act of 2024 aims to strengthen U.S. ability to obtain critical minerals and rare earth elements needed for national security and economic competitiveness. The bill affects federal agencies, private companies, allied nations, and the domestic mining and manufacturing sectors.
The legislation creates multiple funding streams and policy tools. The Department of Energy would receive $750 million annually for fiscal years 2025-2026, then $200 million annually through 2029, to provide financial assistance for building or upgrading facilities that process critical minerals and metals within the United States. Federal agencies like the State Department, Export-Import Bank, and International Development Finance Corporation would gain expanded authority to finance critical minerals projects overseas and help U.S. companies compete for mineral supply contracts abroad. The bill also requires the Treasury Department to assess tariffs on foreign-made magnets, batteries, and solar cells within 90 days, with recommendations on duty rates by country.
The bill directs federal agencies to improve coordination among themselves and with private industry through information sharing, unified financing websites, and public-private partnerships. It establishes new diplomatic positions focused on securing mineral supply chains and expands collaboration with allied countries like Australia, Canada, and Japan on minerals research and technology. The bill prohibits federal funding from going to "foreign entities of concern" and includes workforce development initiatives to train workers in mining, processing, and recycling of critical materials.
Take Action
Your position
Add a comment
to comment on this bill.
Annotate the text
Highlight any passage on the Summary or Full Text tab to attach a note. Annotations appear on the Annotations tab.