Identification of eligible critical minerals and materials

(a) Eligible critical minerals and materials list Subject to subsections (b), (c), and (d), the Reserve, in consultation with the heads of Federal departments and agencies described in section 203(6), shall establish, and thereafter maintain, a list of critical minerals and materials eligible for financing or acquisition support described in section 206. (b) Requirements (1) Establishment A mineral or material may only be included on the list of eligible critical minerals and materials established under subsection (a) if— (A) the mineral or material is— (i) included on the list of critical minerals published by the United States Geological Survey pursuant to section 7002(c) of the Energy Act of 2020 (30 U.S.C. 1606(c)); (ii) included on the list of critical materials published by the Department of Energy pursuant to section 7002(a) of the Energy Act of 2020 (30 U.S.C. 1606(a)); or (iii) a material of interest designated by the Director of the Defense Logistics Agency; and (B) the Reserve determines that the mineral or material— (i) is a non-fuel mineral or material; (ii) has a vulnerable or highly concentrated supply chain; and (iii) is necessary— (I) for the national defense and national security requirements of the United States; (II) for the energy infrastructure of the United States, including— (aa) pipelines; (bb) refining capacity; (cc) electrical power generation, storage, transmission, and distribution; (dd) renewable energy production; and (ee) energy storage; (III) to support domestic manufacturing, agriculture, housing, telecommunications, health care, or transportation and transportation infrastructure; or (IV) for the economic security of the United States. (2) Modifications (A) Additions After the list of eligible critical minerals and materials is established under paragraph (1), the Reserve may add a mineral or material to the list of eligible critical minerals and materials maintained under subsection (a) if, after the date that the most recent list is published under subsection (e)(1)— (i) the mineral or material— (I) is included on the most recently published list of critical minerals published by the United States Geological Survey pursuant to section 7002(c) of the Energy Act of 2020 (30 U.S.C. 1606(c)); (II) is included on the most recently published list of critical materials published by the Department of Energy pursuant to section 7002(a) of the Energy Act of 2020 (30 U.S.C. 1606(a)); or (III) a material of interest designated by the Director of the Defense Logistics Agency; and (ii) the Reserve determines that the mineral or material meets the requirements described in paragraph (1)(B). (B) Removals After the list of eligible critical minerals and materials is established under paragraph (1), the Reserve shall remove a mineral or material from the list of eligible critical minerals and materials maintained under subsection (a) if— (i) the mineral or material, as of the date on which the list is published under subsection (e)(1)— (I) has not been included on a list of critical minerals published by the United States Geological Survey pursuant to section 7002(c) of the Energy Act of 2020 (30 U.S.C. 1606(c)) for a period of at least 3 years; (II) has not been included on a list of critical materials published by the Department of Energy pursuant to section 7002(a) of the Energy Act of 2020 (30 U.S.C. 1606(a)) for a period of at least 3 years; or (III) has not been designated as a material of interest by the Director of the Defense Logistics Agency for a period of at least 3 years; or (ii) the Reserve determines that the mineral or material no longer meets the requirements described in paragraph (1)(B). (c) Considerations In establishing and maintaining the list of eligible critical minerals and materials under subsection (a), the Reserve shall consider— (1) the results of any assessments conducted under sections 204 and 205; (2) the existing market infrastructure and financial environment for a given critical mineral or material, especially domestically or in partner countries; (3) the substitutability of, and projected demand for, a given critical mineral or material; and (4) other information the Reserve determines necessary to achieve the purposes of the Reserve. (d) Exclusions A mineral or material may not be included on the list of eligible critical minerals and materials established and maintained under subsection (a) if the mineral or material is— (1) oil, oil shale, natural gas, coal, or uranium; (2) water, ice, or snow; or (3) a common variety, as determined by the Board, of sand, gravel, stone, pumice, cinders, or clay. (e) Update (1) In general The Reserve shall publish and update not less frequently than annually the list of eligible critical minerals and materials established and maintained under subsection (a). (2) Requirement In carrying out paragraph (1), the Reserve shall separately publish a list of minerals and materials— (A) previously included on a list published under paragraph (1) but were removed within the previous 3 years; and (B) not included in the list published under paragraph (1) but with respect to which the Reserve has an active position, contract, or transaction.