Sec. 402. Coordinating government financial tools for public-private collaboration on critical material investments
369 words·~2 min read·
/bill/118/s/4712/is/section-402A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Not later than 90 days after the date of the enactment of this Act, the Secretary of State shall, in coordination with the Chief Executive Officer of the United States International Development Finance Corporation, the President of the Export-Import Bank of the United States, and the Secretary of Energy, establish a mechanism to share information with the private sector on government financing tools available for investment in projects outside the United States relating to critical materials. The mechanism developed under subsection
(a)shall include— a single point person or office to lead the effort to share information as described in that subsection; a publicly accessible website that details the tools each relevant Federal agency has available to support private sector investment in projects described in that subsection, including for each such tool at each such agency— the criteria required to receive support pursuant to the relevant agency tool; a point of contact to coordinate and advice on applying for that support; how applications can be submitted; the amount of funding available; and a list of projects carried out with that support; policies to ensure that, in cases in which due diligence and project vetting requirements are similar across Federal agencies, an application filed by an entity, if permitted by the entity, is shared across relevant agencies to avoid unnecessary duplication; coordination of regular meetings of the relevant Federal agencies— to coordinate projects and processes; and to identify gaps in tools needed to support private sector investment in projects described in subsection (a), including in coordination with the Minerals Investment Network for Vital Energy Security and Transition (MINVEST); and a way for private sector entities to regularly engage with the relevant Federal agencies to identify potential gaps in United States support and tools for private industry attempting to invest in, operate, or secure critical material projects outside the United States. Not later than 180 days after the date of the enactment of this Act, the Secretary of State shall submit to the appropriate committees of Congress a report on the plan required by subsection (a), including each elements required under subsection (b). The report required by paragraph
(1)shall be submitted in unclassified form, but may include a classified annex.