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The Senate is considering legislation aimed at bolstering the supply of critical minerals for the U.S. and its allies (Augusta Free Press).

What’s going on: The Critical Mineral Supply Chain Realignment Act of 2024, introduced late last week by Senate Select Committee on Intelligence Chairman Mark Warner (D-VA) and Vice Chairman Marco Rubio (R-FL), “would develop a strategy and global approach to ensure that the U.S., its allies and global partners can count on a diverse and secure end-to-end supply of critical minerals.”

Why it’s important: Rare earth metals and critical minerals, including lithium, cobalt and nickel, are crucial to the technologies that will power clean and renewable-energy technologies—but China dominates the mining, processing and manufacturing processes of most of them. 

• China processes 40% of the world’s mined copper, 70% of cobalt, 65% of lithium, 100% of graphite and 90% of rare earth metals, according to a 2023 International Energy Agency report.

What it would do: The measure “would enhance diplomatic and financial tools to support public and private sectors in securing and processing these minerals” in several ways, including:

• Consolidating diplomatic efforts to secure critical minerals;
• Putting in place diplomatic support for private-sector investments overseas;
• Improving the financial tools available through the U.S. International Development Finance Corporation and the Export-Import Bank of the United States;
• Creating a fund to aid investments in critical minerals; and
• Requiring an assessment on imposing tariffs on imported materials, particularly those from China.