Indy Standard

U.S. Senators Todd Young and John Cornyn have introduced the Critical Minerals Security Act, a legislative measure aimed at securing U.S. access to critical mineral supply chains and countering China's dominance in this sector. The bill directs the U.S. Department of the Interior to evaluate global supply and ownership of critical minerals, establish a process for U.S. companies to divest from foreign operations, and develop methods for sharing intellectual property related to clean mining technologies with allies.

"The Chinese Communist Party is aggressively attempting to monopolize critical mineral resources, and the United States urgently needs to diversify our supply chain and strengthen ties with allies," stated Senator Young. He emphasized that the legislation aims to track global mineral reserves more effectively and devise a national strategy for advancing mining technologies.

Senator Cornyn highlighted the importance of understanding control over critical minerals worldwide: "Despite the important role critical minerals play in everything from consumer electronics to military defense, we need more information to secure a reliable, long-term supply of these minerals."

The bill also has support from Senators Mark Warner, Angus King, James Lankford, and John Hickenlooper.

The act mandates that the Secretary of the Interior submit reports on global resources of critical minerals and rare earth elements within one year after enactment and biennially thereafter. It also requires establishing a process for U.S. entities wishing to divest from foreign mining operations while avoiding control by concerning foreign entities.

A progress report on these initiatives will be submitted to Congress as part of this legislative effort.