Hoosier State Today

U.S. Senators Todd Young and John Cornyn have introduced the Critical Minerals Security Act, aimed at securing the United States' access to critical mineral supply chains and countering Chinese dominance in the industry. The proposed legislation instructs the U.S. Department of the Interior to assess global supply and ownership of these minerals, create a process to help U.S. companies divest from foreign mineral operations, and develop methods for sharing clean mining technology 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," said Senator Young. "Our legislation would respond to China’s actions by better tracking global mineral reserves and devising a national strategy for advancing mining technologies and international cooperation."

Senator Cornyn emphasized the significance of understanding how these minerals are controlled globally: "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," he stated. "This legislation would ensure the U.S. and our allies understand how critical minerals are controlled around the world so we can counter foreign countries of concern."

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

The Critical Minerals Security Act requires the Secretary of the Interior to report on global critical mineral resources within one year of enactment and biennially thereafter. It also mandates a process for assisting U.S. entities in divesting stock in foreign mining operations not under control of concerning foreign entities.

Further progress reports on these efforts will be submitted to Congress as stipulated by this legislation.