Rare Earth Magnet Market Revitalization Act

The "Rare Earth Magnet Market Revitalization Act" seeks to address vulnerabilities in the United States' supply chain for rare earth magnets, which Congress finds are exacerbated by price and market manipulation from the People's Republic of China. The bill's primary objective is to empower the Secretary of Commerce to ensure U.S. manufacturers source rare earth magnets from domestic or partner countries. A central provision of the bill prohibits the importation of rare earth components or rare earth magnets , or articles incorporating them, from "covered nations" after one year from enactment. However, the Secretary of Commerce may grant waivers on a case-by-case basis if these materials are not practicably available from non-covered nations or if a waiver is deemed to be in the national interest . All waivers, including the amount and type of magnets imported, must be publicly published. Additionally, the bill authorizes the Secretary of Commerce to regulate and prohibit the exportation of high-value electronic waste containing rare earth magnets if it can be recycled domestically. It also allows for Federal financial assistance, such as offtake agreements or price guarantees , to entities investing in rare earth magnet manufacturing, production, processing, or recycling in countries that are not covered nations. Finally, the bill mandates a report within three years to assess the effectiveness of these limitations and recommend potential expansion to other critical minerals.