This bill mandates that the Administrator of the National Aeronautics and Space Administration (NASA) and the Secretary of Commerce jointly submit a report within 180 days of enactment. This report, directed to specific congressional committees, must evaluate the merits of and options for establishing an institute focused on space resources to advance United States preeminence in space. The proposed institute's objectives include identifying, developing, and distributing space resources , reducing associated technological and business risks, and maximizing their responsible use. It would also explore using space resources to support current and future space architectures and missions, and to supplement Earth's supply. The report must further assess whether a virtual or physical institute would be most cost-effective and appropriate, and the effectiveness of partnering with higher education and the aerospace and extractive industries to achieve these goals.