A bill to enhance the economic and national security of the United States by securing a reliable supply of critical minerals and rare earth elements through trade agreements and strategic partnerships.
About This Bill
Committee
Latest Action · December 5, 2024
Read twice and referred to the Committee on Finance.
# Summary
The STRATEGIC Minerals Act authorizes the President to negotiate and enter into free trade agreements focused exclusively on securing reliable supplies of critical minerals and rare earth elements needed for advanced technology and national security. The bill requires the U.S. Trade Representative to brief Congress within 120 days on the feasibility of pursuing these specialized trade agreements, considering bilateral, plurilateral, or multilateral approaches, and includes 30-day notification requirements before negotiations begin. The agreements must include enforceable provisions preventing foreign entities of concern from benefiting, promote sustainable practices and worker rights, and cannot be negotiated with nonmarket economies without later Congressional approval for their accession. Additionally, the bill amends the Defense Production Act to allow businesses from countries party to these mineral-focused trade agreements to be treated as domestic sources for defense-related minerals activities, but only if the minerals are not processed or transferred to entities in China or controlled by foreign entities of concern, and it authorizes the Defense Secretary to enforce compliance with penalties for violations. The President's authority to negotiate these agreements expires on July 1, 2035, though enforcement authority continues indefinitely.
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