Michigan U.S. Senator Elissa Slotkin signaled her support Monday for bipartisan legislation that would create a Strategic Critical Minerals Reserve.
Critical minerals are natural elements the federal government has designated as crucial to national defense and economic security. They're small but vital components of many modern technologies, from smartphones to missiles — and China has a near-monopoly on much of that supply chain.
Bills introduced in both houses of Congress aim to explicitly counter that. The legislation would set up a government corporation modeled on the Federal Reserve, called the Strategic Resilience Reserve, that would be given broad powers to ensure a "stable supply and markets for critical minerals."
"The SRR would focus on supporting the critical minerals market, including through stable prices, domestic and allied production (including recycling), stockpiles, competitive markets and supply chain work, with minerals where we are reliant on China and recycling prioritized," according to a summary of the legislation. The body would be given "flexible tools" to help it "both limit crises and reduce the harm from any crises that do occur, including providing some insurance against economic coercion, especially from [China]."
Slotkin, a Democrat, released a statement Monday expressing support. "Everything from our cars to the chips in our defense systems require critical minerals," she said. "This legislation ensures we have a plan to stockpile critical minerals, counter China and protect our economy. This is an important to step to ensure China or other hostile nations never have a veto over our national security or our economy."
Slotkin, who sits on the Senate Armed Services Committee, has previously voiced concern about the critical minerals supply chain and China's dominance over it.
In December, she co-sponsored the Permit Reform in Mining for Energy and Defense Act, which aims to "cut through the red tape and allow for an expedited environmental review to streamline federal permitting for critical defense and energy supply chain projects." And in a speech about national security last September, Slotkin emphasized the need for the United States to stockpile critical minerals.
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