Referred to the Committee on Foreign Affairs, and in addition to the Committees on Ways and Means, and Energy and Commerce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
This bill prohibits the importation of rare earth magnets and products containing them from countries designated as national security concerns, primarily targeting China's dominance in this market. The ban takes effect one year after the law passes and applies to both raw rare earth magnet components and finished products that incorporate these magnets. The Secretary of Commerce can grant case-by-case waivers if importers certify that magnets cannot be practically sourced elsewhere or if the waiver serves the national interest, with all waivers published publicly for transparency. The legislation also authorizes the Secretary to restrict exports of electronic waste containing rare earth magnets and to provide federal financial assistance through offtake agreements or price guarantees to support domestic and allied production facilities. Within three years of enactment, the Secretary must report to Congress on the law's implementation success and whether similar restrictions should apply to other critical minerals.
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