Trust fund to support United States critical mineral mining and processing projects

(a) Establishment of trust fund There is established in the Treasury of the United States a trust fund, consisting of— (1) amounts transferred to the trust fund under subsection (b); and (2) any amounts that may be credited to the trust fund under subsection (c). (b) Transfer of amounts (1) In general For the first fiscal year in which a country has been admitted to the Critical Minerals Security Alliance under section 4 and each fiscal year thereafter during which any foreign country is a member of such Alliance, the Secretary of the Treasury shall transfer to the trust fund established under subsection (a), from the general fund of the Treasury, an amount equivalent to the amount received into the general fund during that fiscal year and attributable to duties collected on mined and processed critical minerals imported into the United States. (2) Frequency of transfers The Secretary shall transfer amounts required by paragraph (1) to the trust fund established under subsection (a) not less frequently than quarterly. (c) Investment of amounts (1) Investment of amounts The Secretary shall invest such portion of the trust fund established under subsection (a) as is not required to meet current withdrawals in interest-bearing obligations of the United States or in obligations guaranteed as to both principal and interest by the United States. (2) Interest and proceeds The interest on, and the proceeds from the sale or redemption of, any obligations held in the trust fund established under subsection (a) shall be credited to and form a part of the trust fund. (d) Availability of amounts in trust fund (1) In general Amounts in the trust fund established under subsection (a) shall be available, without further appropriation, as follows: (A) 60 percent of such amounts shall be available to the Loan Programs Office of the Department of Energy for activities to support projects relating to— (i) mining or processing critical minerals; or (ii) manufacturing of select derivative products. (B) 20 percent of such amounts shall be available to the Department of Defense for activities to support projects relating to— (i) mining or processing critical minerals; or (ii) manufacturing of select derivative products. (C) 20 percent of such amounts shall be available to the United States International Development Finance Corporation to support international critical mineral projects in countries that are members of the Alliance. (2) Rule of construction Nothing in this subsection shall be construed to preclude a person from seeking support for a project under both subparagraphs (A) and (B) of paragraph (1). (e) Exception from certain limitation under Build Act of 2018 (1) In general For purposes of providing support for projects under subsection (d)(1)(C)— (A) the United States International Development Finance Corporation may provide support for projects in countries with upper-middle-income economies or high-income economies (as those terms are defined by the World Bank); (B) the restriction under section 1412(c)(2) of the Better Utilization of Investments Leading to Development Act of 2018 (22 U.S.C. 9612(c)(2)) shall not apply; and (C) the Corporation shall restrict the provision of such support in a country described in subparagraph (A) unless the President certifies to the appropriate committees of Congress that— (i) such support furthers the national economic or foreign policy interests of the United States; (ii) such support is— (I) designed to produce significant developmental outcomes or provide developmental benefits to the poorest population of that country; or (II) necessary to preempt or counter efforts by a strategic competitor of the United States to secure significant political or economic leverage or acquire national security-sensitive technologies or infrastructure in a country that is an ally or partner of the United States; and (iii) (I) a United States entity is participating in the project for which the support is provided; or (II) not less than 50 percent of the critical minerals produced by the project will be offered for sale to the Department of Defense and United States entities before being offered for sale to other entities. (2) Definitions In this subsection: (A) Appropriate committees of Congress The term appropriate committees of Congress means— (i) the Committee on Foreign Relations and the Committee on Finance of the Senate; and (ii) the Committee on Foreign Affairs and the Committee on Ways and Means of the House of Representatives. (B) Less developed country The term less developed country has the meaning given that term in section 1402 of the Better Utilization of Investments Leading to Development Act of 2018 (22 U.S.C. 9601). (C) United states entity The term United States entity means an entity organized under the laws of the United States or any jurisdiction within the United States.