Sec. 7. Support for domestic rare earth element and covered critical mineral producers and processors
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There are authorized to be appropriated to the Defense Production Act Fund under section 304 of the Defense Production Act of 1950 ( 50 U.S.C. 4534 ) for each of fiscal years 2023 through 2027, $750,000,000 for activities of the Department of Defense pursuant to section 108 and title III of the Defense Production Act of 1950 (50 U.S.C. 4518 and 4531 et seq.). Of the amount authorized to be appropriated by paragraph
(1)for a fiscal year, not less than $250,000,000 shall be available to meet the requirements of the Department of Defense for rare earth elements and covered critical minerals. Section 303(a)(6) of the Defense Production Act is amended— in subparagraph (B)— by striking If the taking and inserting the following: If the taking ; by inserting (except as provided in clause (ii)) after $50,000,000 ; and by adding at the end the following: If the taking of any action under this subsection to correct a domestic industrial base shortfall in rare earth elements, covered critical minerals, or rare earth or covered critical mineral products (as those terms are defined in section 2 of the REEShore Act of 2022 ) would cause the aggregate outstanding amount of all such actions for such shortfall to exceed $100,000,000, the action or actions may be taken only after the 30-day period following the date on which the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives have been notified in writing of the proposed action. ; and in subparagraph (C)— by striking If the taking and inserting the following: If the taking ; by inserting (except as provided in clause (ii)) after $50,000,000 ; and by adding at the end the following: If the taking of any action or actions under this section to correct an industrial resource shortfall in rare earth elements, covered critical minerals, or rare earth or covered critical mineral products (as those terms are defined in section 2 of the REEShore Act of 2022 ) would cause the aggregate outstanding amount of all such actions for such industrial resource shortfall to exceed $100,000,000, no such action or actions may be taken, unless such action or actions are authorized to exceed such amount by an Act of Congress. .
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Sec. 7
Support for domestic rare earth element and covered critical mineral producers and processors
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