H.R. 7126

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 7126 Introduced in House (IH)]

<DOC>

119th CONGRESS
2d Session
H. R. 7126

To establish a Strategic Resilience Reserve of the United States, and 
for other purposes.

_______________________________________________________________________

IN THE HOUSE OF REPRESENTATIVES

January 15, 2026

Mr. Wittman (for himself and Mr. Moolenaar) introduced the following 
bill; which was referred to the Committee on Natural Resources, and in 
addition to the Committee on Foreign Affairs, 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

_______________________________________________________________________

A BILL

To establish a Strategic Resilience Reserve of the United States, and 
for other purposes.

Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE; TABLE OF CONTENTS.

(a) Short Title.--This Act may be cited as the ``Securing Essential 
and Critical U.S. Resources and Elements Minerals Act of 2026'' or the 
``SECURE Minerals Act of 2026''.
(b) Table of Contents.--The table of contents for this Act is as 
follows:

Sec. 1. Short title; table of contents.
Sec. 2. Findings.
Sec. 3. Definitions.
TITLE I--ESTABLISHMENT AND BOARD OF GOVERNORS

Sec. 101. Establishment.
Sec. 102. Board of governors.
TITLE II--DUTIES AND AUTHORITIES OF THE RESERVE

Sec. 201. General authorities.
Sec. 202. Identification of eligible critical minerals and materials.
Sec. 203. Data collection.
Sec. 204. Critical mineral and material market risk and vulnerability 
assessment.
Sec. 205. Production standards.
Sec. 206. Financing and acquisition of critical minerals or materials.
Sec. 207. Sale of critical minerals or materials.
TITLE III--ADMINISTRATIVE PROVISIONS

Sec. 301. Corporate powers.
Sec. 302. Records and accounts.
TITLE IV--OVERSIGHT AND ACCOUNTABILITY

Sec. 401. Risk and audit committees.
Sec. 402. Annual audit and comptroller review.
Sec. 403. Reporting and transparency.

SEC. 2. FINDINGS.

Congress finds that--
(1) critical minerals and materials are essential to the 
ongoing economic and national security of the United States, 
playing a vital role in the manufacturing, transportation, 
medical, technology, defense, and energy sectors;
(2) the global demand for critical minerals and materials 
has been rapidly increasing due to advancements in technology, 
whether defense, dual-use, or commercial, and the increasing 
adoption of renewable energy sources and next-generation 
automotive systems, all of which rely heavily on critical 
minerals and materials for the production of batteries, solar 
panels, wind turbines, high-speed computing, advanced magnetic 
systems, and other high-tech applications;
(3) the People's Republic of China--
(A) currently controls a significant portion of the 
global supply chain for critical minerals and materials 
through extensive mining, integrated midstream 
operations, significant domestic subsidies and 
incentives, and strategic investments in resource-rich 
countries, dominating the global market infrastructure 
for critical minerals and materials and enhancing the 
ability of the People's Republic of China to manipulate 
pricing to the detriment of competitors;
(B) centrally controls its dominant market share 
across multiple critical mineral vertical markets, 
preventing fair competition and hindering the ability 
of United States firms and firms in partner countries 
to innovate and scale production;
(C) predatorily leverages its position as sponsor 
or consumer, as applicable, over mining projects 
globally, resulting in a dearth of feedstocks to the 
great detriment of downstream industries, regions, and 
countries, including the United States;
(D) the integrated operations of which are 
subservient to the Chinese state, is calibrated to 
weaponize its influence over prices and volumes in the 
contest for access to critical minerals and materials, 
as well as the end-use components and applications 
produced from critical minerals and materials; and
(E) acts to undercut efforts in the United States 
and partner countries to develop alternative sources of 
supply;
(4) producers of critical minerals and materials in the 
United States often face artificially low prices set by supply 
chains controlled by the People's Republic of China, 
discouraging private investment in domestic extraction and 
processing;
(5) the lack of transparent, competitive, and market-driven 
pricing mechanisms for critical minerals and materials outside 
of the People's Republic of China compounds market problems, 
creating systemic risk and limiting the viability of an 
independent supply chain for critical minerals and materials in 
the United States;
(6) the United States is heavily reliant on imports for 
many of the most critical minerals and materials, including 
rare earth elements, making the United States vulnerable to 
supply disruptions, geopolitical tensions, and economic 
manipulation by countries that dominate the market, 
specifically the People's Republic of China;
(7) the vulnerabilities to the United States defense 
industrial base posed by reliance on imports of critical 
minerals and materials are significant, and given the long lead 
times for investments in both mining and processing of critical 
minerals, domestic critical minerals production projects are 
particularly susceptible to price shocks induced by the 
People's Republic of China, which can depress critical mineral 
prices for an extended period;
(8) increasing domestic primary feedstock production, 
processing, conversion, recycling, reuse, and repurposing to 
advanced materials and products, as well as increasing 
alternative market supply in partner countries, are imperative 
to reduce the impact of market manipulation by foreign state 
actors, such as the People's Republic of China;
(9) the United States must ensure that a stable and secure 
supply chain of essential resources is available to our 
domestic innovation and manufacturing ecosystems;
(10) sustainable and responsible corporate behavior in the 
direct operations of companies and across their global value 
chains is important to ensuring a resilient domestic critical 
minerals supply;
(11) investments in domestic extraction and processing 
infrastructure, as well as reuse, repurposing, and recycling, 
are necessary to build a resilient and diversified supply chain 
for critical minerals and materials, supporting the economic 
growth and national security interests of the United States; 
and
(12) government support to develop and ensure the integrity 
of Western and partner country markets for critical minerals 
and materials as a countermeasure against the anti-competitive 
tactics of the People's Republic of China and the supply chain 
co-collaborators of the People's Republic of China will fill 
the most acute strategic gap, which cannot be otherwise 
achieved by private industry participants acting alone.

SEC. 3. DEFINITIONS.

In this Act:
(1) Appropriate congressional committees.--The term 
``appropriate congressional committees'' means--
(A) the Committee on Agriculture, Nutrition, and 
Forestry of the Senate;
(B) the Committee on Agriculture of the House of 
Representatives;
(C) the Committee on Armed Services of the Senate;
(D) the Committee on Armed Services of the House of 
Representatives;
(E) the Committee on Banking, Housing, and Urban 
Affairs of the Senate;
(F) the Committee on Financial Services of the 
House of Representatives;
(G) the Committee on Commerce, Science, and 
Transportation of the Senate;
(H) the Committee on Energy and Commerce of the 
House of Representatives;
(I) the Committee on Energy and Natural Resources 
of the Senate;
(J) the Committee on Natural Resources of the House 
of Representatives;
(K) the Committee on Foreign Relations of the 
Senate; and
(L) the Committee on Foreign Affairs of the House 
of Representatives.
(2) Authorized intermediary.--The term ``authorized 
intermediary'' means an entity that--
(A) is a private entity;
(B) has expertise in more than 1 critical mineral 
or material;
(C) has expertise in commodities trading, market 
making, capital management, or finance;
(D) does not have any management influenced by a 
foreign entity of concern or a citizen of a covered 
country, including any entities affiliated with the 
private entity or the ownership of the private entity;
(E) is not owned, controlled, directed, financed, 
or otherwise influenced, directly or indirectly, in 
whole or in any part greater than 25 percent, by a 
foreign entity of concern, a citizen of a covered 
country, or the government of a covered country; and
(F) has been approved to be an authorized 
intermediary by the Board.
(3) Board.--The term ``Board'' means the board of governors 
of the Reserve established by section 102(a).
(4) Chairperson.--The term ``Chairperson'' means the 
Chairperson of the Board.
(5) Covered country.--The term ``covered country'' means a 
country that--
(A) is a covered nation (as defined in section 
4872(f) of title 10, United States Code); or
(B) the Secretary of Energy, in consultation with 
the Secretary of Defense, the Secretary of State, and 
the Director of National Intelligence, determines to be 
engaged in conduct that is detrimental to the national 
security or foreign policy of the United States.
(6) Critical mineral or material.--The term ``critical 
mineral or material'' means mineral or material included in the 
list of eligible critical minerals and materials established by 
the Reserve under section 202(a).
(7) Dependence rate.--The term ``dependence rate'' means 
the percentage of domestic end-use consumption of a critical 
mineral or material that is supplied by production by a foreign 
entity of concern or in a covered country, in aggregate.
(8) Foreign entity of concern.--The term ``foreign entity 
of concern'' means a foreign entity that--
(A) meets the requirements described in 
subparagraphs (A), (B), (D), or (E) of section 10638(3) 
of the Research and Development, Competition, and 
Innovation Act (42 U.S.C. 19237(3)); or
(B)(i) is owned, controlled, directed, financed, or 
otherwise influenced, directly or indirectly, in whole 
or in any part greater than 25 percent, by the 
government of a foreign country that is a covered 
country; or
(ii) is otherwise subject to the jurisdiction or 
direction of a government of a covered country.
(9) Partner country.--The term ``partner country'' means--
(A) a member country of the North Atlantic Treaty 
Organization;
(B) a country that has been designated as a major 
non-NATO ally under section 517 of the Foreign 
Assistance Act of 1961 (22 U.S.C. 2321k); or
(C) a foreign country, including any market or any 
producer in a foreign country--
(i) with which the United States has 
entered into a mutual defense treaty or other 
mutual defense agreement, but not including 
Venezuela;
(ii) that is recognized by the Secretary of 
State and the Secretary of Defense as a 
strategic partner due to an established 
bilateral agreement that emphasizes mutual 
interests in security, defense, and critical 
mineral supply chains, including countries 
designated under United States strategic 
frameworks and agreements;
(iii) with which the United States has 
entered into a comprehensive economic and trade 
agreement that includes provisions for the 
collaboration on critical mineral resources and 
to safeguard supply chains critical to national 
security and economic stability;
(iv) with which the United States 
Geological Survey has in effect a memorandum of 
understanding concerning scientific and 
technical cooperation in earth sciences, unless 
that country is a covered country; or
(v) with which the Department of State, the 
United States International Development Finance 
Corporation, the Export-Import Bank of the 
United States, or the United States Trade and 
Development Agency is working to advance an 
active critical mineral project.
(10) Production rate.--The term ``production rate'' means 
the percentage of domestic end-use consumption of a critical 
mineral or material that is supplied by domestic and partner 
country production in aggregate.
(11) Purposes of the reserve.--The term ``purposes of the 
Reserve'' means the purposes of the Reserve described in 
section 101(b).
(12) Recycle.--The term ``recycle'' means an action or 
process to convert a critical mineral or material contained 
within a finished or semi-finished product into a form suitable 
for repurposing or reuse of the critical mineral or material.
(13) Repurpose.--The term ``repurpose'' means any operation 
that results, in whole or in part, in a critical mineral or 
material being used for a different purpose or application than 
the purpose or application for which the critical mineral or 
material, or the product into which the critical mineral or 
material is manufactured into, was originally intended.
(14) Reserve.--The term ``Reserve'' means the Strategic 
Resilience Reserve Corporation of the United States established 
by section 101(a)(1).
(15) Reuse.--The term ``reuse'' means the complete or 
partial direct reuse of a critical mineral or material after 
use for the original purposes for which the critical mineral or 
material was intended.
(16) Vice-chairperson.--The term ``Vice-chairperson'' means 
the Vice-chairperson of the Board.

TITLE I--ESTABLISHMENT AND BOARD OF GOVERNORS

SEC. 101. ESTABLISHMENT.

(a) Entity Formation.--
(1) In general.--There is established a wholly owned 
government corporation, to be known as the ``Strategic 
Resilience Reserve Corporation of the United States''.
(2) Conforming amendment.--Section 9101(3) of title 31, 
United States Code, is amended by adding at the end the 
following:
``(Q) the Strategic Resilience Reserve Corporation 
of the United States.''.
(b) Purposes.--The purposes of the Reserve are--
(1) to support a free, fair, and competitive market for 
critical minerals and materials in which domestic and partner 
country producers and processors can compete and innovate;
(2) to support domestic and partner country production, 
extraction, processing, refining, reuse, repurposing, and 
recycling of, and capabilities and infrastructure with respect 
to, critical minerals and materials;
(3) to support and protect stable and economically 
sustainable prices of critical minerals and materials, 
including price levels consistent with competitive market 
economies and reliable supply;
(4) to support responsible production of critical minerals 
and materials with respect to standards for transparency, 
environmental, and labor practices, and to ensure a competitive 
market for producers meeting those standards;
(5) to assist in maintaining balanced and adequate supplies 
of critical minerals and materials to the United States, as 
determined by the Board;
(6) to the maximum extent practicable, to ensure that, at 
each stage of the supply chain--
(A) the production rate of each critical mineral or 
material is equal to or greater than a percentage 
determined to be reasonable by the Board, in 
coordination with appropriate Federal agencies, but not 
less than 25 percent; and
(B) the dependence rate for each critical mineral 
or material is equal to or less than a percentage 
determined to be reasonable by the Board, in 
coordination with appropriate Federal agencies, but not 
less than 75 percent;
(7) to prioritize--
(A) domestic projects and supply chains, including 
processing capacity, for critical minerals and 
materials;
(B) projects that--
(i) recycle, reuse, or repurpose critical 
minerals or materials; or
(ii) extract or produce critical minerals 
or materials from mine or industrial waste, 
including mining tailings, industrial waste, or 
non-conventional waste streams; and
(C) projects for critical minerals or materials the 
dependence rate of which is 100 percent; and
(8) to ensure the efficient use of government funds to 
support critical mineral and material projects and, to the 
maximum extent practicable, ensure fair returns to taxpayers 
and investments made by the Reserve.
(c) Authorization of Appropriations.--There is authorized to be 
appropriated to the Reserve to carry out the requirements of this Act 
$2,500,000,000, to remain available until expended.

SEC. 102. BOARD OF GOVERNORS.

(a) Membership.--
(1) Appointment.--
(A) In general.--The Reserve shall have a board of 
governors consisting of 7 voting members appointed by 
the President, by and with the advice and consent of 
the Senate.
(B) Chairperson and vice-chairperson.--The 
President shall designate, by and with the advice and 
consent of the Senate--
(i) 1 member of the Board to serve as 
Chairperson, for a term of 4 years; and
(ii) 1 member of the Board to serve as 
Vice-chairperson, for a term of 4 years, and 
who shall serve as Chairperson in the absence 
or vacancy of the Chairperson.
(C) Initial appointment.--Not later than 180 days 
after the date of enactment of this Act, the President 
shall appoint each of the 7 members of the Board.
(D) Representation.--The President shall carry out 
this paragraph with due regard for a fair 
representation of Tribal, labor, environmental, 
industrial, and commercial interests.
(2) Qualifications.--To be eligible to be appointed as a 
member of the Board under paragraph (1), an individual--
(A) shall have significant demonstrated expertise 
in--
(i) the business of commodities production, 
storage, or trade, or the financial sector as 
it relates to critical minerals or materials;
(ii) the financing, development, or 
operation of projects related to the 
manufacturing and commercialization of critical 
minerals or materials;
(iii) the demand for, and usage of, 
critical minerals or materials, including 
future demand or usage of critical minerals or 
materials for national security and economic 
purposes;
(iv) the recycling, repurposing, or reuse 
of critical minerals; or
(v) other experience related to the 
production and usage of critical minerals and 
materials, including expertise in sustainable 
and responsible production practices, in the 
fields of engineering, logistics, law, 
academia, research, or policy; and
(B) may not--
(i) have a direct, or closely indirect, 
financial interest in an entity directly 
involved in the commodities industry or 
financial sector as it relates to critical 
minerals or materials; or
(ii) have immediate family with a direct 
financial interest in an entity directly 
described in clause (i).
(3) Terms.--
(A) In general.--Except as otherwise provided in 
this section, each member of the Board shall be 
appointed for a term of 14 years.
(B) Initial staggered terms.--Of the members first 
appointed to the Board--
(i) 1 member each shall be appointed to a 
term expiring in calendar year 2028, 2030, 
2032, 2034, 2036, 2038, and 2040, respectively; 
and
(ii) each term shall expire on January 31 
of the applicable calendar year.
(C) Vacancies.--Not later than 180 days after the 
date on which a vacancy occurs on the Board before the 
expiration of the term for that member, the President, 
by and with the advice and consent of the Senate, shall 
appoint a new member of the Board to fill the vacancy 
and serve the remainder of that term.
(D) Completion of term.--
(i) In general.--On expiration of a term 
for a Board member, the applicable Board member 
may continue to serve for 1 year or until a 
successor is appointed pursuant to this 
subsection, whichever is less.
(ii) Chairperson and vice-chairperson.--An 
individual who is appointed to serve a term as 
the Chairperson or Vice-chairperson under 
paragraph (1)(B) shall, after such term ends--
(I) serve as the Chairperson or 
Vice-chairperson, respectively, until a 
successor is appointed pursuant to this 
subsection; and
(II) serve as a member of the Board 
for the remainder of the term of such 
individual in accordance with this 
paragraph.
(4) Compensation.--Each member of the Board shall be 
compensated at a rate equal to the annual rate of basic pay 
prescribed for level III of the Executive Schedule under 
section 5314 of title 5, United States Code.
(5) Conflicts of interest.--
(A) In general.--During the period beginning on the 
date on which the term of a member of the Board begins 
and ending on the date that is 2 years after the date 
on which the term of that member ends, the member may 
not hold any direct, or closely indirect, financial 
interest in, or hold any office, position, including in 
an advisory or consultant position, or other employment 
in or with, any entity receiving or pursuing financial 
support from the Reserve.
(B) Opportunity to cure violation.--
(i) In general.--If the Comptroller General 
of the United States finds that an individual 
described in subparagraph (A) is in violation 
of that subparagraph, that individual shall 
cure the applicable violation by not later than 
30 days after the date on which the violation 
is found.
(ii) Requirements to cure.--To cure a 
violation of subparagraph (A), as required by 
clause (i), the applicable individual shall, at 
a minimum--
(I) renounce any pecuniary gain 
associated with the violation; and
(II) terminate each relationship 
that is the subject of the violation.
(C) Penalty for uncured violation.--
(i) Removal.--If the Comptroller General of 
the United States finds that an individual 
described in subparagraph (A) is in violation 
of that subparagraph and does not cure the 
violation in accordance with subparagraph (B) 
by the date described in clause (i) of that 
subparagraph or, as applicable, by the date 
established by the Board under subparagraph 
(D), that individual shall be removed from the 
Board.
(ii) Applicability of criminal liability.--
(I) In general.--A member of the 
Board shall be considered to be an 
officer or employee of the Executive 
Branch for purposes of section 207(a) 
of title 18, United States Code, and 
shall be subject to paragraph (2) of 
that section.
(II) Referral.--If the Comptroller 
General of the United States makes a 
finding described in clause (i) with 
respect to an individual described in 
that clause, the Comptroller General of 
the United States may refer the matter 
to the Attorney General.
(D) Extension of cure period.--The Board--
(i) may extend the time period provided 
under subparagraph (B)(i) for an individual 
described in subparagraph (A) to cure a 
violation of that subparagraph by not more than 
90 days; and
(ii) shall document the rationale behind 
any extension granted under clause (i).
(6) Removal.--Except as provided in paragraph 5(C)(i), a 
member of the Board, Chairperson, and Vice-chairperson may not 
be removed from office except by--
(A) impeachment by Congress; or
(B) the action of the President for inefficiency, 
neglect of duty, malfeasance in office, or incapacity 
to perform the applicable duties described in this 
section.
(b) Meetings.--
(1) Open to the public; notice.--Except as provided in 
paragraph (3), all meetings of the Board shall be--
(A) open to the public; and
(B) preceded by reasonable public notice.
(2) Frequency.--The Board shall meet--
(A) not later than 60 days after the date on which 
all members of the Board are first appointed;
(B) not less frequently than quarterly after the 
date described in subparagraph (A); and
(C) at the call of--
(i) the Chairperson; or
(ii) 4 or more members of the Board.
(3) Closed meetings.--The Board, by majority vote of the 
members, may close a meeting to the public if, during the 
meeting, there is likely to be disclosed proprietary or 
sensitive information regarding a project under consideration 
for assistance under this Act.
(4) Minutes.--
(A) In general.--Except as provided in subparagraph 
(B), the minutes of each meeting of the Board shall be 
made publicly available as soon as practicable.
(B) Closed meeting minutes.--The minutes for a 
closed meeting shall be made available--
(i) to the appropriate congressional 
committees not later than 60 days after the 
date of the closed meeting; and
(ii) to the public not later than 3 years 
after the date of the closed meeting, with any 
necessary redactions to protect information 
that remains proprietary or sensitive at the 
time of publication.
(C) Exemptions from public transparency 
requirements.--The closed meetings and minutes under 
this subsection shall--
(i) be exempt from disclosure under--
(I) section 552 of title 5, United 
States Code (commonly known as the 
``Freedom of Information Act''), 
pursuant to subsection (b)(3) of that 
section; and
(II) any provision of State, 
Tribal, or local freedom of information 
law, open government law, open meetings 
law, open records law, sunshine law, or 
similar law requiring disclosure of 
information or records; and
(ii) not be subject to section 552b of 
title 5, United States Code (commonly referred 
to as the ``Government in the Sunshine Act'').
(5) Quorum.--5 members of the Board shall constitute a 
quorum.
(6) Voting.--
(A) In general.--Each member of the Board shall 
have an equal vote in all decisions of the Board.
(B) Decisions.--Unless otherwise specified, 
decisions of the Board shall be made by majority vote 
of the members constituting a quorum.
(c) Powers and Duties of the Board.--The Board shall--
(1) not later than 180 days after the date on which all 
members of the Board are appointed--
(A) develop and approve the bylaws of the Reserve, 
including bylaws for the regulation of the affairs and 
conduct of the business of the Reserve, consistent with 
the purpose, goals, objectives, and policies of this 
Act;
(B) establish dollar-value thresholds, not to 
exceed $2,500,000, above which transactions and loans 
made by the Reserve will require approval of the Board;
(C) establish committees required by this Act 
composed solely of members of the Board, as the Board 
determines to be appropriate;
(D) develop and approve a conflict-of-interest 
policy for the Board and employees of the Reserve, 
including--
(i) establishing compensation levels for 
employees of the Reserve, not to exceed 
$150,000 initially (but which may be adjusted 
for inflation), above which employees of the 
Reserve shall be limited with regard to future 
employment at and compensation from entities 
receiving financial support from the Reserve, 
for a period not to exceed the date that is 2 
years after the date on which employment with 
the Reserve ends; and
(ii) establishing penalties for violations, 
including monetary penalties, that, for 
violations of the limitations described in 
clause (i), may be based on the higher of--
(I) the current compensation of the 
employee; and
(II) the total compensation from 
entities receiving financial support 
from the Reserve;
(E) approve or disapprove internal policies that 
the Chairperson shall submit to the Board, including--
(i) policies and procedures regarding the 
approval of authorized intermediaries;
(ii) policies and procedures regarding the 
project application and approval process;
(iii) policies and procedures regarding the 
acquisition and sale of critical minerals and 
materials sufficient to ensure fair access to 
transactions with the Reserve and effective use 
of capital of the Reserve;
(iv) policies and procedures regarding 
financing, acquisition, and sale to raise 
global production standards for critical 
minerals and materials that minimize 
environmental damage, prevent forced labor use, 
and ensure a more competitive market for 
producers in countries with stronger standards; 
and
(v) operational guidelines; and
(F) approve or disapprove a 1-year business plan 
and budget for the Reserve;
(2) ensure that the Reserve is operated in a manner that is 
consistent with this Act by--
(A) monitoring and assessing the effectiveness of 
the Reserve in achieving the purposes of the Reserve;
(B) reviewing and approving internal policies, 
annual business plans, annual budgets, and long-term 
strategies submitted by the Chairperson;
(C) reviewing and approving annual reports 
submitted by the Chairperson;
(D) engaging 1 or more external auditors; and
(E) reviewing and approving all changes to the 
organization of the Reserve;
(3) appoint and fix, by a vote of not fewer than 5 of the 7 
members of the Board, and without regard to the provisions of 
chapter 51 and subchapter III of chapter 53 of title 5, United 
States Code, the compensation and adjustments to compensation 
of all personnel of the Reserve, subject to the condition that 
in appointing and fixing any compensation or adjustments to 
compensation under this paragraph, the Board shall--
(A) consult with, and seek to maintain 
comparability with, other comparable Federal personnel, 
as the Board may determine to be appropriate;
(B) consult with the Office of Personnel 
Management; and
(C) carry out those duties consistent with merit 
principles, where applicable, as well as the education, 
experience, level of responsibility, geographic 
differences, comparability to private sector positions, 
and retention and recruitment needs of the Reserve in 
determining compensation of personnel;
(4) approve by a vote of not fewer than 5 of the 7 members 
of the Board--
(A) any changes to the bylaws or internal policies 
of the Reserve; and
(B) any equity investments and accompanying 
documentation made under section 206(b)(4);
(5) have the authority and responsibility--
(A) to oversee entering into and carrying out 
contracts, leases, cooperative agreements, or other 
transactions as are necessary to carry out this Act;
(B) to approve of the acquisition, lease, pledge, 
exchange, and disposal of real and personal property by 
the Reserve and otherwise approve the exercise by the 
Reserve of all of the usual incidents of ownership of 
property, to the extent that the exercise of those 
powers is appropriate to and consistent with the 
purposes of the Reserve;
(C) to determine the character of, and the 
necessity for, the obligations and expenditures of the 
Reserve, and the manner in which the obligations and 
expenditures will be incurred, allowed, and paid, 
subject to this Act and Federal law specifically 
applicable to wholly owned government corporations;
(D) to execute or approve, in accordance with 
applicable bylaws and regulations, appropriate 
financial instruments;
(E) to approve other forms of credit enhancement 
that the Reserve may provide to projects, subject to 
the condition that the forms of credit enhancements 
shall be consistent with the purposes of this Act;
(F) to exercise all other lawful powers that are 
necessary or appropriate to carry out, and are 
consistent with, the purposes of the Reserve;
(G) to sue or be sued in the corporate capacity of 
the Reserve in any court of competent jurisdiction;
(H) to indemnify and hold harmless the members of 
the Board for any liabilities arising out of the 
actions of the members acting in that capacity, in 
accordance with, and subject to the limitations under, 
this Act;
(I) to enter into binding commitments, as specified 
in approved financial assistance packages; and
(J) to determine whether--
(i) to obtain a lien on the assets of an 
entity that receives assistance under this Act; 
and
(ii) to subordinate a lien under clause (i) 
to any other lien securing project obligations; 
and
(6) establish the risk and audit committees described in 
section 401.

TITLE II--DUTIES AND AUTHORITIES OF THE RESERVE

SEC. 201. GENERAL AUTHORITIES.

To the extent necessary to develop, operate, or maintain the 
Reserve, the Reserve may--
(1) issue rules, regulations, or orders;
(2) acquire by purchase land or interests in land for the 
location of storage and related facilities;
(3) construct, purchase, lease, or otherwise acquire 
storage and related facilities;
(4) use, lease, maintain, sell, or otherwise dispose of 
land or interests in land, or of storage and related facilities 
acquired under this Act, under such terms and conditions as the 
Board considers necessary or appropriate;
(5) acquire, subject to the requirements of this Act, by 
purchase, exchange, or otherwise, critical minerals or 
materials for storage;
(6) store critical minerals or materials in storage 
facilities owned and controlled by the United States or in 
storage facilities owned by authorized intermediaries if the 
Reserve has sufficient contractual certainty of access to the 
critical minerals and materials and those facilities are 
subject to audit by the United States;
(7) execute contracts with private entities for the storage 
of critical minerals and materials at storage facilities owned 
by private entities if the Reserve has sufficient contractual 
certainty of access to those critical minerals and materials 
and those facilities are subject to audit by the United States;
(8) partner with private sector, academia, and Federal 
agencies to further the purposes of the Reserve, including to 
advance the development and commercialization of responsible 
reuse and recycling processes for critical minerals and 
materials; and
(9) execute any contracts necessary to develop, operate, or 
maintain the Reserve.

SEC. 202. IDENTIFICATION OF ELIGIBLE CRITICAL MINERALS AND MATERIALS.

(a) Eligible Critical Minerals and Materials List.--Subject to 
subsections (b), (c), and (d), the Reserve, in consultation with the 
heads of Federal departments and agencies described in section 203(6), 
shall establish, and thereafter maintain, a list of critical minerals 
and materials eligible for financing or acquisition support described 
in section 206.
(b) Requirements.--
(1) Establishment.--A mineral or material may only be 
included on the list of eligible critical minerals and 
materials established under subsection (a) if--
(A) the mineral or material is--
(i) included on the list of critical 
minerals published by the United States 
Geological Survey pursuant to section 7002(c) 
of the Energy Act of 2020 (30 U.S.C. 1606(c));
(ii) included on the list of critical 
materials published by the Department of Energy 
pursuant to section 7002(a) of the Energy Act 
of 2020 (30 U.S.C. 1606(a)); or
(iii) a material of interest designated by 
the Director of the Defense Logistics Agency; 
and
(B) the Reserve determines that the mineral or 
material--
(i) is a non-fuel mineral or material;
(ii) has a vulnerable or highly 
concentrated supply chain; and
(iii) is necessary--
(I) for the national defense and 
national security requirements of the 
United States;
(II) for the energy infrastructure 
of the United States, including--
(aa) pipelines;
(bb) refining capacity;
(cc) electrical power 
generation, storage, 
transmission, and distribution;
(dd) renewable energy 
production; and
(ee) energy storage;
(III) to support domestic 
manufacturing, agriculture, housing, 
telecommunications, health care, or 
transportation and transportation 
infrastructure; or
(IV) for the economic security of 
the United States.
(2) Modifications.--
(A) Additions.--After the list of eligible critical 
minerals and materials is established under paragraph 
(1), the Reserve may add a mineral or material to the 
list of eligible critical minerals and materials 
maintained under subsection (a) if, after the date that 
the most recent list is published under subsection 
(e)(1)--
(i) the mineral or material--
(I) is included on the most 
recently published list of critical 
minerals published by the United States 
Geological Survey pursuant to section 
7002(c) of the Energy Act of 2020 (30 
U.S.C. 1606(c));
(II) is included on the most 
recently published list of critical 
materials published by the Department 
of Energy pursuant to section 7002(a) 
of the Energy Act of 2020 (30 U.S.C. 
1606(a)); or
(III) a material of interest 
designated by the Director of the 
Defense Logistics Agency; and
(ii) the Reserve determines that the 
mineral or material meets the requirements 
described in paragraph (1)(B).
(B) Removals.--After the list of eligible critical 
minerals and materials is established under paragraph 
(1), the Reserve shall remove a mineral or material 
from the list of eligible critical minerals and 
materials maintained under subsection (a) if--
(i) the mineral or material, as of the date 
on which the list is published under subsection 
(e)(1)--
(I) has not been included on a list 
of critical minerals published by the 
United States Geological Survey 
pursuant to section 7002(c) of the 
Energy Act of 2020 (30 U.S.C. 1606(c)) 
for a period of at least 3 years;
(II) has not been included on a 
list of critical materials published by 
the Department of Energy pursuant to 
section 7002(a) of the Energy Act of 
2020 (30 U.S.C. 1606(a)) for a period 
of at least 3 years; or
(III) has not been designated as a 
material of interest by the Director of 
the Defense Logistics Agency for a 
period of at least 3 years; or
(ii) the Reserve determines that the 
mineral or material no longer meets the 
requirements described in paragraph (1)(B).
(c) Considerations.--In establishing and maintaining the list of 
eligible critical minerals and materials under subsection (a), the 
Reserve shall consider--
(1) the results of any assessments conducted under sections 
204 and 205;
(2) the existing market infrastructure and financial 
environment for a given critical mineral or material, 
especially domestically or in partner countries;
(3) the substitutability of, and projected demand for, a 
given critical mineral or material; and
(4) other information the Reserve determines necessary to 
achieve the purposes of the Reserve.
(d) Exclusions.--A mineral or material may not be included on the 
list of eligible critical minerals and materials established and 
maintained under subsection (a) if the mineral or material is--
(1) oil, oil shale, natural gas, coal, or uranium;
(2) water, ice, or snow; or
(3) a common variety, as determined by the Board, of sand, 
gravel, stone, pumice, cinders, or clay.
(e) Update.--
(1) In general.--The Reserve shall publish and update not 
less frequently than annually the list of eligible critical 
minerals and materials established and maintained under 
subsection (a).
(2) Requirement.--In carrying out paragraph (1), the 
Reserve shall separately publish a list of minerals and 
materials--
(A) previously included on a list published under 
paragraph (1) but were removed within the previous 3 
years; and
(B) not included in the list published under 
paragraph (1) but with respect to which the Reserve has 
an active position, contract, or transaction.

SEC. 203. DATA COLLECTION.

There is established within the Reserve a division, to be known as 
the ``Division of Data Collection'', which, to the extent practicable, 
shall--
(1) be led by a Director selected by the Board;
(2) develop and maintain a proprietary dataset sufficient 
to ensure the thorough analysis of global critical minerals and 
materials markets;
(3) collect and maintain sufficient datasets, including 
data comprising global, domestic, and partner country markets 
and, to the extent possible, data derived from individual 
critical mineral and material projects, to inform and 
estimate--
(A) production, extraction, infrastructure, 
repurposing, and recycling costs for critical minerals 
and materials supply chains;
(B) collection and recycling rates for critical 
minerals and materials in domestic and partner country 
markets; and
(C) the forecast of supply and demand of critical 
minerals and materials within domestic and partner 
country markets;
(4) collect and maintain--
(A) actual transaction price data for critical 
minerals and materials in the global market, including 
geographic data; and
(B) any other datasets necessary to effectuate such 
purpose, including modeled transaction data and 
datasets produced by or derivative of datasets produced 
by the People's Republic of China;
(5) using the most current data collected under paragraphs 
(3) and (4), support the activities described in sections 204 
and 206;
(6) consult with relevant heads of Federal departments and 
agencies, including--
(A) the Secretary of Agriculture;
(B) the Secretary of Commerce;
(C) the Secretary of Defense;
(D) the Secretary of Energy;
(E) the Secretary of the Interior;
(F) the Secretary of State;
(G) the Secretary of the Treasury;
(H) the Chief Executive Officer of the United 
States International Development Finance Corporation;
(I) the Director of the Central Intelligence 
Agency;
(J) the Director of the United States Geological 
Survey;
(K) the President of the Export-Import Bank of the 
United States; and
(L) any other Federal department or agency head the 
Director determines necessary;
(7) establish mechanisms when establishing loan terms, 
contracts, and agreements as described in this Act to collect 
the necessary data required by this section; and
(8) to the extent practicable, carry out the 
responsibilities of this section using existing government data 
and information.

SEC. 204. CRITICAL MINERAL AND MATERIAL MARKET RISK AND VULNERABILITY 
ASSESSMENT.

(a) Establishment.--There is established within the Reserve a 
division, to be known as the ``Division of Risk and Vulnerability 
Evaluation'', which shall--
(1) be led by a Director selected by the Board;
(2) develop or, to the extent practicable, use existing 
sophisticated models to evaluate threats and risks in critical 
mineral and material markets across United States industrial 
sectors, including defense, energy, agriculture, 
transportation, health, and emerging technology;
(3) maintain a comprehensive database of critical mineral 
and material price movements, supply chain vulnerabilities, 
production and processing capacities, and consumption patterns;
(4) identify critical dependencies in critical mineral and 
material markets that could threaten national security or 
economic stability;
(5) assess the potential for geopolitical events, natural 
disasters, technological disruptions, or market failures to 
impact commodity markets;
(6) develop and implement methodologies for modeling the 
impact of various critical mineral or material shocks on the 
United States economy;
(7) assess vulnerabilities, including price spikes, supply 
disruptions, transportation failures, export controls, and 
financial market disturbances;
(8) model the cross-sectoral impacts of critical mineral or 
material price or supply shocks, including effects on 
inflation, employment, government finances, and consumer 
welfare;
(9) assess the specific impact of critical mineral or 
material disruptions on infrastructure, national security 
assets, and essential services; and
(10) to the extent practicable, carry out the 
responsibilities of this section using existing government data 
and information.
(b) Mandatory Risk Assessment.--
(1) In general.--The Reserve shall conduct and submit to 
the appropriate congressional committees, the President, and 
the heads of Federal departments and agencies listed in section 
203(6) a biennial comprehensive risk and vulnerability 
assessment for critical minerals and materials, which shall 
include--
(A) identification of specific threats to stable 
supply and prices;
(B) an analysis of current market conditions, 
including geographic and ownership concentration of 
suppliers, transportation bottlenecks, and financial 
vulnerabilities;
(C) an evaluation of substitution possibilities and 
technological alternatives; and
(D) recommendations for risk mitigation strategies.
(2) Form of assessment.--
(A) In general.--Each assessment required by 
paragraph (1)--
(i) shall be submitted in unclassified 
form; but
(ii) may include a classified annex.
(B) Requirement.--Any assessments required by 
paragraph (1) that include a classified annex shall 
include an unclassified summary.

SEC. 205. PRODUCTION STANDARDS.

There is established within the Reserve a division, to be known as 
the ``Division of Production Standards'', which shall--
(1) be led by a Director selected by the Board;
(2) develop methodologies for evaluating relative risk in 
global environmental and labor standards and practices for the 
production, extraction, processing, reuse, repurposing, and 
recycling of critical minerals and materials, including 
transparency, traceability, and forced labor risk, which may 
include incorporating existing research;
(3) conduct periodic risk-based assessments of 
environmental and labor standards and practices for the 
production, extraction, processing, reuse, repurposing, and 
recycling of critical minerals and materials in foreign 
countries producing critical minerals and materials, and, to 
the extent practicable, significant production projects; and
(4) publish an annual report summarizing the methodologies 
used and describing the results of the most recent assessments 
conducted under paragraph (3) for each foreign country and 
significant production project, and, to the extent practicable, 
mitigation measures used in transactions and loans made by the 
Reserve, without identifying proprietary or sensitive 
commercial information.

SEC. 206. FINANCING AND ACQUISITION OF CRITICAL MINERALS OR MATERIALS.

(a) Authority.--
(1) In general.--The Reserve may deploy financing and 
acquisition tools as described in subsection (b) to achieve the 
purposes of the Reserve, subject to the condition that the 
Reserve may not deploy such tools to benefit a foreign entity 
of concern.
(2) Considerations.--In carrying out this section, the 
Reserve shall consider--
(A) the results of the assessments described in 
section 205(3);
(B) the ability of the Reserve to efficiently 
achieve the purposes of the Reserve with limited 
resources;
(C) diversification across critical minerals and 
materials;
(D) non-Reserve investments and market developments 
regarding a specific critical mineral or material;
(E) with respect to deploying financing and 
acquisition tools with a specific producer or 
processor, the management, financial condition, and 
ability of the producer or processor to fulfill any 
contractual obligations; and
(F) other factors the Reserve determines valuable 
to achieving the purposes of the Reserve over an 
extended period of time.
(3) Federal government investments.--The Reserve shall, to 
the maximum extent practicable in carrying out this section, 
consult, coordinate, and leverage existing Federal Government 
investments, including by--
(A) the Export-Import Bank of the United States;
(B) the United States International Development 
Finance Corporation;
(C) the Department of Energy, pursuant to title 
XVII of the Energy Policy Act of 2005 (42 U.S.C. 16511 
et seq.);
(D) the Office of Strategic Capital of the 
Department of Defense; and
(E) applicable execution offices of the Department 
of Defense for contract actions carried out under title 
III of the Defense Production Act of 1950 (50 U.S.C. 
4531 et seq.).
(b) Means of Support.--The financing and acquisition tools referred 
to in subsection (a) include the following:
(1) Loans to authorized intermediaries.--
(A) Loan program authorized.--The Reserve may make 
loans to authorized intermediaries who may use those 
funds to enter into financing and purchasing agreements 
with producers and processors of critical minerals or 
materials.
(B) Loan conditions.--
(i) In general.--In making loans under 
subparagraph (A), the Reserve shall establish 
such terms and conditions as the Reserve 
determines appropriate to achieve the purposes 
of the Reserve.
(ii) Adjustment of loan terms.--The Reserve 
and an authorized intermediary may adjust loan 
terms under a loan issued under subparagraph 
(A) if the Reserve and that authorized 
intermediary agree to the adjustment.
(iii) Preferential terms for certain 
loans.--In making loans under subparagraph (A), 
the Reserve--
(I) may provide preferential loan 
terms--
(aa) which may include an 
interest rate equal to the 
Federal funds rate, to an 
authorized intermediary that 
will use the loan to enter into 
financing and purchasing 
agreements with producers or 
processors of critical minerals 
or materials; and
(bb) to authorized 
intermediaries that will use 
the loan to enter into 
financing and purchasing 
agreements with producers or 
processors of critical minerals 
or materials in partner 
countries, in such manner as 
the Reserve determines 
appropriate; and
(II) shall--
(aa) consult with the heads 
of Federal departments and 
agencies described in section 
203(5) with respect to the loan 
terms described in subclause 
(I)(aa); and
(bb) ensure that, under the 
terms of such loans, authorized 
intermediaries shall, to the 
maximum extent practicable, 
give priority to United States 
suppliers of critical minerals 
and materials and preference to 
the United States supply chain.
(C) Proposal solicitation.--To be eligible to 
receive a loan under subparagraph (A), an authorized 
intermediary shall submit to the Reserve an application 
at such time, in such manner, and containing such 
information as the Reserve may require, including the 
proposed financing or purchasing agreements described 
in that subparagraph.
(D) Uncured default.--
(i) In general.--If an authorized 
intermediary fails to make a required repayment 
on a loan under subparagraph (A) for a 90-day 
period, the Reserve may--
(I) recoup the amount of that loan 
by taking possession of the critical 
mineral and material inventories of the 
authorized intermediary and any other 
contractual rights of the authorized 
intermediary to receive critical 
minerals or materials from suppliers;
(II) revoke the participation with 
the Reserve of the authorized 
intermediary;
(III) subject to clause (ii), 
appoint itself as conservator or 
receiver of the authorized 
intermediary;
(IV) obtain a lien on the assets of 
the intermediary pursuant to section 
102(c)(5)(J); and
(V) adjust the loan terms pursuant 
to subparagraph (B)(ii).
(ii) Authorities under conservator or 
receivership.--If the Reserve appoints itself a 
conservator or receiver of an authorized 
intermediary under clause (i)(II), the Reserve 
shall have the same authorities with respect to 
the authorized intermediary that the Federal 
Deposit Insurance Corporation has with respect 
to an institution for which the Federal Deposit 
Insurance Corporation has appointed itself as 
conservator or receiver under the Federal 
Deposit Insurance Act (12 U.S.C. 1811 et seq.).
(iii) Treatment of bankruptcy.--An 
authorized intermediary for which the Reserve 
has appointed itself a conservator or a 
receiver under clause (i)(II) may not be placed 
into bankruptcy under title 11, United States 
Code, during that conservatorship or 
receivership, and any bankruptcy process under 
title 11, United States Code, that is in effect 
when the appointment occurs shall be 
terminated.
(2) Acquisitions.--
(A) Acquisition through solicitation and direct 
contracting with private counterparties.
(B) Acquisition through physically cleared 
financial instruments, such as futures contracts 
through intermediaries, including financial exchanges.
(C) Acquisition through options contracts directly 
or through intermediaries, including financial 
exchanges.
(3) Non-recourse lending.--Non-recourse lending to projects 
secured by a portion of the expected production of the project.
(4) Other transactions.--Other financing and acquisition 
transactions, including contract for differences, advance or 
milestone payments, advanced market commitments, and minority, 
non-controlling equity investment, as determined by the Board 
as necessary to fulfill the purposes of the Reserve, except 
that equity investment shall only be used with--
(A) a written justification describing how other 
financing and acquisition tools in this section are not 
sufficient; and
(B) a written explanation of the intended exit 
strategy for the equity investment.
(c) Partner Co-Investment.--
(1) In general.--A partner country may, if approved by the 
Reserve, make capital contributions of at least $100,000,000 to 
the Reserve for purposes of financing or acquisition under 
subsection (b).
(2) Minimum amount.--The Reserve shall annually adjust the 
amount in paragraph (1) by the percentage increase in the 
Personal Consumption Expenditures Price Index of the Bureau of 
Economic Analysis of the Department of Commerce, rounded to the 
nearest $1,000,000.
(3) Treatment of capital contributions.--The Reserve--
(A) shall maintain separate accounts for the 
capital contributions of each partner country that 
provides such contributions under paragraph (1);
(B) shall not commingle the capital contributions 
of any partner country with any other partner country 
or the funds of the Reserve;
(C) may return such capital contributions to the 
partner country at any time, without obligation or 
penalty, or under such other terms and conditions as 
agreed to by the Reserve and that partner country; and
(D) may not guarantee the repayment of such capital 
contributions to a partner country.
(4) Loans made with partner co-investment funds.--Financing 
and acquisitions made under subsection (b) with capital 
contributions under paragraph (1) shall be made in the same 
manner as financing and acquisitions made under subsection (b) 
with funds of the Reserve.
(5) Restriction.--The Reserve may not approve a partner 
country under paragraph (1) unless the partner country 
certifies that the capital contributions being made are coming 
from funds of the partner country and not from funds of a 
foreign entity of concern or a covered country.
(d) International Advisory Council of Partners.--
(1) In general.--The Reserve may establish an International 
Advisory Council of Partners comprising--
(A) the Vice-chairperson, who shall be the head of 
the council; and
(B) 1 representative from each partner country that 
makes a capital contribution under subsection (c)(1).
(2) Consultation.--The International Advisory Council of 
Partners shall, at the request of the Reserve, advise the 
Reserve on financing and acquisitions made with capital 
contributions under subsection (c)(1).
(3) Applicability of faca.--Chapter 10 of title 5, United 
States Code (commonly known as the ``Federal Advisory Committee 
Act''), shall not apply to the International Advisory Council 
of Partners.

SEC. 207. SALE OF CRITICAL MINERALS OR MATERIALS.

(a) Sale.--The Reserve may sell critical minerals or materials 
stored in the Reserve in accordance with the purposes of the Reserve 
and this section.
(b) Sale of Critical Minerals or Materials.--The Reserve may sell a 
critical mineral or material stored in the Reserve if the Board 
determines that--
(1) a supply shortage or potential supply shortage of that 
critical mineral or material threatens--
(A) the national or economic security of the United 
States; or
(B) price stability in the value chain of that 
critical mineral or material; or
(2) the sale is otherwise necessary to support the purposes 
of the Reserve.
(c) Sale of Non-Critical Minerals or Materials.--
(1) In general.--The Reserve may sell a mineral or material 
stored in the Reserve that, as of the date of sale, is no 
longer included on the list of critical minerals and materials 
established by the Reserve under section 202(a) if the Board 
determines that--
(A) the mineral or material is unlikely to be 
imminently re-added to the list of critical minerals 
and materials established by the Reserve under section 
202(a);
(B) the mineral or material is available in 
sufficient supply or is no longer necessary in large 
quantities for economic or national security purposes;
(C) a supply shortage or potential supply shortage 
of that mineral or material threatens--
(i) the national or economic security of 
the United States; or
(ii) price stability in the value chain of 
that mineral or material; or
(D) the sale is otherwise necessary to support the 
purposes of the Reserve.
(2) Use for research purposes.--If the Board determines 
that a mineral or material stored in the Reserve that is no 
longer included on the list of critical minerals and materials 
established by the Reserve under section 202(a) does not have a 
substantial market value, the Board may enter into a contract 
for the transfer and use for research purposes of that mineral 
or material with--
(A) Federal departments and agencies;
(B) State governments;
(C) National Laboratories (as defined in section 2 
of the Energy Policy Act of 2005 (42 U.S.C. 15801)); 
and
(D) institutions of higher education (as defined in 
section 101(a) of the Higher Education Act of 1965 (20 
U.S.C. 1001(a))).
(d) Means of Sale.--The Reserve may carry out a sale described in 
subsections (b) and (c) through--
(1) solicitation and direct contracting with private 
parties;
(2) physically cleared financial instruments, such as 
futures contracts through authorized intermediaries;
(3) options contracts directly or through authorized 
intermediaries; and
(4) other transactions, including public auctions, as 
determined necessary by the Board to support the purposes of 
the Reserve.
(e) Foreign Entities of Concern.--The Reserve may not carry out a 
sale described in subsections (b) and (c) to a foreign entity of 
concern.

TITLE III--ADMINISTRATIVE PROVISIONS

SEC. 301. CORPORATE POWERS.

(a) In General.--The Reserve--
(1) may adopt, alter, and use a seal, which may include an 
identifiable symbol of the United States;
(2) notwithstanding division C of subtitle I of title 41, 
United States Code, may make and perform with any person 
contracts, including no-cost contracts (as defined by the 
Reserve), grants, and other agreements, that are necessary for 
carrying out the functions of the Reserve;
(3) may lease, purchase, or otherwise acquire, improve, and 
use real property that is necessary to carry out the functions 
of the Reserve;
(4) may use the United States mails in the same manner and 
on the same conditions as the Executive departments (as defined 
in section 101 of title 5, United States Code);
(5) may contract with individuals for personal services, 
who shall not be considered Federal employees for any provision 
of law administered by the Director of the Office of Personnel 
Management;
(6) may hire or obtain passenger motor vehicles;
(7) may acquire, hold, or dispose of, on such terms and 
conditions as the Reserve may determine, any property (real, 
personal, or mixed), tangible or intangible, or any interest in 
such property;
(8) may lease office space for the use of the Reserve;
(9) may indemnify directors, officers, employees, and 
agents of the Reserve for liabilities and expenses incurred in 
connection with their activities on behalf of the Reserve;
(10) notwithstanding any other provision of law, may 
represent itself or contract for representation in any legal or 
arbitral proceeding;
(11) may exercise any priority of the Federal Government in 
collecting debts from bankrupt, insolvent, or decedents' 
estates;
(12) may collect, notwithstanding section 3711(g)(1) of 
title 31, United States Code, or compromise any obligations 
assigned to or held by the Reserve, including any legal or 
equitable rights accruing to the Reserve;
(13) may sell direct investments of the Reserve to private 
investors on such terms and conditions as the Reserve may 
determine; and
(14) shall have such other powers as may be necessary and 
incident to carrying out the functions of the Reserve.
(b) Treatment of Property.--Notwithstanding any other provision of 
law relating to the acquisition, handling, or disposal of property by 
the United States, the Reserve shall have the right in its discretion 
to complete, recondition, reconstruct, renovate, repair, maintain, 
operate, or sell any property acquired by the Reserve pursuant to this 
Act.

SEC. 302. RECORDS AND ACCOUNTS.

(a) Preparation and Maintenance.--The Board may require any person 
to prepare and maintain such records or accounts as the Board, by rule, 
determines necessary to carry out this Act.
(b) Audit of Operations of Storage Facilities.--The Board may audit 
the operations of any storage facility in which any critical mineral or 
material acquired is stored or required to be stored pursuant to this 
Act.
(c) Access to and Inspection of Records or Accounts and Storage 
Facilities.--The Board may require access to, and has the right to 
inspect and examine, at reasonable times--
(1) any records or accounts required to be prepared or 
maintained pursuant to subsection (a); and
(2) any storage facilities subject to audit by the United 
States pursuant to this Act.

TITLE IV--OVERSIGHT AND ACCOUNTABILITY

SEC. 401. RISK AND AUDIT COMMITTEES.

(a) Establishment.--Not later than 1 year after the date of 
enactment of this Act, the Reserve shall establish--
(1) a risk committee; and
(2) an audit committee.
(b) Duties and Responsibilities.--
(1) Risk committee.--Subject to the direction of the Board, 
the risk committee established under subsection (a)(1) shall be 
responsible for--
(A) formulating risk management policies of the 
operations of the Reserve;
(B) reviewing and providing guidance on the 
operation of the global risk management framework of 
the Reserve;
(C) developing policies for enterprise risk 
management, risk monitoring, and the management of 
strategic, reputational, regulatory, operational, 
developmental, responsible production, and financial 
risks;
(D) developing the risk profile of the Reserve, 
including a risk management and compliance framework 
and governance structure to support such a framework;
(E) monitoring Reserve participants to ensure 
existing participants do not become foreign entities of 
concern; and
(F) developing and using a mechanism to remove 
participants if more than 25 percent of that 
participant is owned, controlled, directed, financed, 
or otherwise influenced, directly or indirectly, in 
whole or in part by the government of a foreign entity 
of concern.
(2) Audit committee.--Subject to the direction of the 
Board, the audit committee established under subsection (a)(2) 
shall be responsible for--
(A) the integrity of--
(i) the financial reporting of the Reserve;
(ii) systems of internal controls relating 
to finance and accounting of the Reserve; and
(iii) the financial statements of the 
Reserve;
(B) the performance of the internal audit function 
of the Reserve; and
(C) the compliance of the Reserve with legal and 
regulatory requirements relating to the finances of the 
Reserve.

SEC. 402. ANNUAL AUDIT AND COMPTROLLER REVIEW.

(a) Annual Independent Audit.--
(1) In general.--Not later than 1 year after the date of 
enactment of this Act, and annually thereafter, an independent 
qualified public accountant selected by the Board shall audit 
the financial statements of the Reserve, the results of which 
shall be made publicly available.
(2) Requirements.--An independent qualified public 
accountant selected under paragraph (1) shall be--
(A) certified and licensed by a State board of 
accountancy;
(B) independent of the Reserve and each authorized 
intermediary within the meaning of section 210.2-01 of 
title 17, Code of Federal Regulations (or a successor 
regulation); and
(C) registered with the Public Company Accounting 
and Oversight Board.
(b) Review.--The Comptroller General of the United States shall 
conduct a biennial review of the Reserve, to include--
(1) reviewing the most recent annual report submitted 
pursuant to section 403(a);
(2) the operations and functions of the Reserve as managed 
by the Board; and
(3) the performance of the Board in fulfilling the purposes 
of the Reserve.

SEC. 403. REPORTING AND TRANSPARENCY.

(a) Annual Report.--
(1) In general.--The Board shall submit to the President, 
the Comptroller General of the United States, the Director of 
the Office of Management and Budget, and the appropriate 
congressional committees, an annual report describing the 
operations of the Reserve during the preceding calendar year.
(2) Contents.--Each report required under paragraph (1) 
shall include--
(A) information regarding the administration of the 
functions of the Board, including recommendations the 
Board determines appropriate;
(B) the assessment of the Board of the extent to 
which compliance with the requirements of this Act and 
the purposes of the Reserve have been achieved;
(C) a summary of transactions and loans made by the 
Reserve during the preceding calendar year, to include 
how well those transactions and loans have helped 
achieve the purposes of the Reserve; and
(D) information regarding vulnerabilities, risks, 
and audits.
(b) Testimony.--The Chairperson shall appear before the Committee 
on Energy and Natural Resources of the Senate and the Committee on 
Natural Resources of the House of Representatives not later than 30 
calendar days after the date that a report required under subsection 
(a) is submitted.
(c) Database.--
(1) In general.--The Reserve shall maintain a database with 
detailed information on all transactions undertaken pursuant to 
section 206.
(2) Requirements.--The database maintained under paragraph 
(1) shall--
(A) be user-friendly;
(B) subject to paragraph (3), be publicly 
available; and
(C) to the extent practicable, include a 
description of the support provided for each project, 
including the information contained in the report 
required under subsection (a).
(3) Limit on public availability.--
(A) In general.--An identified subset of the 
database maintained under paragraph (1) shall not be 
made publicly available if the Board determines doing 
so would be harmful to the national security of the 
United States.
(B) Accessibility.--If the Board makes a 
determination under subparagraph (A) that public 
availability of the identified subset of the database 
maintained under paragraph (1) would be harmful to the 
national security of the United States, the Reserve 
shall--
(i) make the identified subset of the 
database accessible to the appropriate 
congressional committees; and
(ii) not later than 3 years after a 
transaction undertaken pursuant to section 206 
occurs, make the information about that 
transaction publicly available.
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