Bill > S3525

This bill, the Restoring Essential Energy and Security Holdings Onshore for Rare Earths Act of 2022 (REEShore Act of 2022), aims to encourage the extraction and processing of rare earth metals in the United States. Key provisions include: 1. Establishing a strategic reserve of rare earth metals and products to mitigate supply chain disruptions, requiring the Secretary of the Interior to procure these materials within 3 years. 2. Mandating that contractors providing rare earth magnet-containing systems to the Department of Defense disclose the provenance of the magnets, and requiring the establishment of supply chain tracking systems if the provenance cannot be disclosed. 3. Restricting the use of rare earth metals processed or refined in China in military technologies after December 31, 2026, unless a waiver is granted. 4. Requiring audits by the Comptroller General on compliance with these requirements and referral of any noncompliance to the Department of Justice. 5. Directing the U.S. Trade Representative to investigate potential unfair trade practices by China related to rare earth metals and report on necessary trade enforcement actions. 6. Establishing a policy to encourage U.S. allies to eliminate their dependence on non-allied countries for rare earth metals.