Bill 119 s 714, also known as the Critical Minerals Policy Act of 2021, aims to amend the Energy Act of 2020 by expanding the definition of critical minerals to include critical materials. This bill is designed to address the growing concern over the United States' reliance on foreign sources for essential minerals and materials that are crucial for various industries, including national security, technology, and infrastructure.
The bill seeks to promote domestic production of critical materials by streamlining the permitting process for mining projects and providing incentives for companies to invest in domestic production. By including critical materials in the definition of critical minerals, the bill aims to ensure that the United States has a stable and secure supply of these essential resources.
In addition to promoting domestic production, the bill also aims to improve coordination between federal agencies, industry stakeholders, and research institutions to develop a comprehensive strategy for addressing the United States' critical mineral and material needs. This includes conducting research and development to identify new sources of critical materials, as well as promoting recycling and reuse of these resources to reduce waste and reliance on foreign sources.
Overall, Bill 119 s 714 is a bipartisan effort to strengthen the United States' critical mineral and material supply chain, enhance national security, and promote economic growth and innovation in key industries.