Bill > HR7563

This bill, titled the "Rare Earth Magnet Market Revitalization Act," aims to strengthen the United States' supply chain for rare earth magnets, which are crucial components in many commercial and military products. It proposes to prohibit the importation of rare earth magnets and components from "covered nations," which are defined in existing law and generally refer to countries that pose a national security risk, such as China, due to concerns about price manipulation and market control that have hindered domestic production. However, the bill includes exceptions to this import ban, allowing for waivers if rare earth magnets or components cannot be practically sourced from non-covered nations, or if incorporating magnets from covered nations is necessary for an article's assembly, though the Secretary of Commerce can override these waivers if alternative sourcing is available. Furthermore, the Secretary of Commerce can grant waivers if it's deemed in the national interest, and a public record of all waivers will be maintained. The bill also authorizes the Secretary to regulate the export of electronic waste containing rare earth magnets if they can be recycled or repurposed domestically, and to provide financial assistance, such as offtake agreements or price guarantees, to encourage the manufacturing, production, processing, or recycling of rare earth magnets in countries that are not covered nations. Finally, it mandates a report to Congress within three years on the implementation and effectiveness of these provisions.

Military Affairs and Security

https://www.congress.gov/bill/119th-congress/house-bill/7563/all-info