January 15, 2026
Mrs. Shaheen (for herself, Mr. Young, Mr. Rounds, and Ms. Cortez Masto) introduced the following bill; which was read twice and referred to the Committee on Energy and Natural Resources
To establish a Strategic Resilience Reserve of the United States, and for other purposes.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
Section 1. Short title; table of contents
(a) Short title
This Act may be cited as the Securing Essential and Critical U.S. Resources and Elements Minerals Act of 2026
or the SECURE Minerals Act of 2026
.
(b) Table of contents
The table of contents for this Act is as follows:
Sec. 2. Findings
Congress finds that—
(1)
critical minerals and materials are essential to the ongoing economic and national security of the United States, playing a vital role in the manufacturing, transportation, medical, technology, defense, and energy sectors;
(2)
the global demand for critical minerals and materials has been rapidly increasing due to advancements in technology, whether defense, dual-use, or commercial, and the increasing adoption of renewable energy sources and next-generation automotive systems, all of which rely heavily on critical minerals and materials for the production of batteries, solar panels, wind turbines, high-speed computing, advanced magnetic systems, and other high-tech applications;
(3)
the People's Republic of China—
(A)
currently controls a significant portion of the global supply chain for critical minerals and materials through extensive mining, integrated midstream operations, significant domestic subsidies and incentives, and strategic investments in resource-rich countries, dominating the global market infrastructure for critical minerals and materials and enhancing the ability of the People's Republic of China to manipulate pricing to the detriment of competitors;
(B)
centrally controls its dominant market share across multiple critical mineral vertical markets, preventing fair competition and hindering the ability of United States firms and firms in partner countries to innovate and scale production;
(C)
predatorily leverages its position as sponsor or consumer, as applicable, over mining projects globally, resulting in a dearth of feedstocks to the great detriment of downstream industries, regions, and countries, including the United States;
(D)
the integrated operations of which are subservient to the Chinese state, is calibrated to weaponize its influence over prices and volumes in the contest for access to critical minerals and materials, as well as the end-use components and applications produced from critical minerals and materials; and
(E)
acts to undercut efforts in the United States and partner countries to develop alternative sources of supply;
(4)
producers of critical minerals and materials in the United States often face artificially low prices set by supply chains controlled by the People's Republic of China, discouraging private investment in domestic extraction and processing;
(5)
the lack of transparent, competitive, and market-driven pricing mechanisms for critical minerals and materials outside of the People's Republic of China compounds market problems, creating systemic risk and limiting the viability of an independent supply chain for critical minerals and materials in the United States;
(6)
the United States is heavily reliant on imports for many of the most critical minerals and materials, including rare earth elements, making the United States vulnerable to supply disruptions, geopolitical tensions, and economic manipulation by countries that dominate the market, specifically the People's Republic of China;
(7)
the vulnerabilities to the United States defense industrial base posed by reliance on imports of critical minerals and materials are significant, and given the long lead times for investments in both mining and processing of critical minerals, domestic critical minerals production projects are particularly susceptible to price shocks induced by the People's Republic of China, which can depress critical mineral prices for an extended period;
(8)
increasing domestic primary feedstock production, processing, conversion, recycling, reuse, and repurposing to advanced materials and products, as well as increasing alternative market supply in partner countries, are imperative to reduce the impact of market manipulation by foreign state actors, such as the People's Republic of China;
(9)
the United States must ensure that a stable and secure supply chain of essential resources is available to our domestic innovation and manufacturing ecosystems;
(10)
sustainable and responsible corporate behavior in the direct operations of companies and across their global value chains is important to ensuring a resilient domestic critical minerals supply;
(11)
investments in domestic extraction and processing infrastructure, as well as reuse, repurposing, and recycling, are necessary to build a resilient and diversified supply chain for critical minerals and materials, supporting the economic growth and national security interests of the United States; and
(12)
government support to develop and ensure the integrity of Western and partner country markets for critical minerals and materials as a countermeasure against the anti-competitive tactics of the People's Republic of China and the supply chain co-collaborators of the People's Republic of China will fill the most acute strategic gap, which cannot be otherwise achieved by private industry participants acting alone.
Sec. 3. Definitions
In this Act:
(1) Appropriate congressional committees
The term appropriate congressional committees means—
(A)
the Committee on Agriculture, Nutrition, and Forestry of the Senate;
(B)
the Committee on Agriculture of the House of Representatives;
(C)
the Committee on Armed Services of the Senate;
(D)
the Committee on Armed Services of the House of Representatives;
(E)
the Committee on Banking, Housing, and Urban Affairs of the Senate;
(F)
the Committee on Financial Services of the House of Representatives;
(G)
the Committee on Commerce, Science, and Transportation of the Senate;
(H)
the Committee on Energy and Commerce of the House of Representatives;
(I)
the Committee on Energy and Natural Resources of the Senate;
(J)
the Committee on Natural Resources of the House of Representatives;
(K)
the Committee on Foreign Relations of the Senate; and
(L)
the Committee on Foreign Affairs of the House of Representatives.
(2) Authorized intermediary
The term authorized intermediary means an entity that—
(A)
is a private entity;
(B)
has expertise in more than 1 critical mineral or material;
(C)
has expertise in commodities trading, market making, capital management, or finance;
(D)
does not have any management influenced by a foreign entity of concern or a citizen of a covered country, including any entities affiliated with the private entity or the ownership of the private entity;
(E)
is not owned, controlled, directed, financed, or otherwise influenced, directly or indirectly, in whole or in any part greater than 25 percent, by a foreign entity of concern, a citizen of a covered country, or the government of a covered country; and
(F)
has been approved to be an authorized intermediary by the Board.
(3) Board
The term Board means the board of governors of the Reserve established by section 102(a).
(4) Chairperson
The term Chairperson means the Chairperson of the Board.
(5) Covered country
The term covered country means a country that—
(A)
is a covered nation (as defined in section 4872(f) of title 10, United States Code); or
(B)
the Secretary of Energy, in consultation with the Secretary of Defense, the Secretary of State, and the Director of National Intelligence, determines to be engaged in conduct that is detrimental to the national security or foreign policy of the United States.
(6) Critical mineral or material
The term critical mineral or material means mineral or material included in the list of eligible critical minerals and materials established by the Reserve under section 202(a).
(7) Dependence rate
The term dependence rate means the percentage of domestic end-use consumption of a critical mineral or material that is supplied by production by a foreign entity of concern or in a covered country, in aggregate.
(8) Foreign entity of concern
The term foreign entity of concern means a foreign entity that—
(A)
meets the requirements described in subparagraphs (A), (B), (D), or (E) of section 10638(3) of the Research and Development, Competition, and Innovation Act (42 U.S.C. 19237(3)); or
(B)
(i)
is owned, controlled, directed, financed, or otherwise influenced, directly or indirectly, in whole or in any part greater than 25 percent, by the government of a foreign country that is a covered country; or
(ii)
is otherwise subject to the jurisdiction or direction of a government of a covered country;
(9) Partner country
The term partner country means—
(A)
a member country of the North Atlantic Treaty Organization;
(B)
a country that has been designated as a major non-NATO ally under section 517 of the Foreign Assistance Act of 1961 (22 U.S.C. 2321k); or
(C)
a foreign country, including any market or any producer in a foreign country—
(i)
with which the United States has entered into a mutual defense treaty or other mutual defense agreement, but not including Venezuela;
(ii)
that is recognized by the Secretary of State and the Secretary of Defense as a strategic partner due to an established bilateral agreement that emphasizes mutual interests in security, defense, and critical mineral supply chains, including countries designated under United States strategic frameworks and agreements;
(iii)
with which the United States has entered into a comprehensive economic and trade agreement that includes provisions for the collaboration on critical mineral resources and to safeguard supply chains critical to national security and economic stability;
(iv)
with which the United States Geological Survey has in effect a memorandum of understanding concerning scientific and technical cooperation in earth sciences, unless that country is a covered country; or
(v)
with which the Department of State, the United States International Development Finance Corporation, the Export-Import Bank of the United States, or the United States Trade and Development Agency is working to advance an active critical mineral project.
(10) Production rate
The term production rate means the percentage of domestic end-use consumption of a critical mineral or material that is supplied by domestic and partner country production in aggregate.
(11) Purposes of the Reserve
The term purposes of the Reserve means the purposes of the Reserve described in section 101(b).
(12) Recycle
The term recycle means an action or process to convert a critical mineral or material contained within a finished or semi-finished product into a form suitable for repurposing or reuse of the critical mineral or material.
(13) Repurpose
The term repurpose means any operation that results, in whole or in part, in a critical mineral or material being used for a different purpose or application than the purpose or application for which the critical mineral or material, or the product into which the critical mineral or material is manufactured into, was originally intended.
(14) Reserve
The term Reserve means the Strategic Resilience Reserve Corporation of the United States established by section 101(a)(1).
(15) Reuse
The term reuse means the complete or partial direct use of a critical mineral or material after use for the original purposes for which the critical mineral or material was intended.
(16) Vice-chairperson
The term Vice-chairperson means the Vice-chairperson of the Board.
Title I Establishment and Board of Governors
Sec. 101. Establishment
(a) Entity formation
(1) In general
There is established a wholly owned government corporation, to be known as the Strategic Resilience Reserve Corporation of the United States
.
(2) Conforming amendment
Section 9101(3) of title 31, United States Code, is amended by adding at the end the following:
(Q)
the Strategic Resilience Reserve Corporation of the United States.
(b) Purposes
The purposes of the Reserve are—
(1)
to support a free, fair, and competitive market for critical minerals and materials in which domestic and partner country producers and processors can compete and innovate;
(2)
to support domestic and partner country production, extraction, processing, refining, reuse, repurposing, and recycling of, and capabilities and infrastructure with respect to, critical minerals and materials;
(3)
to support and protect stable and economically sustainable prices of critical minerals and materials, including price levels consistent with competitive market economies and reliable supply;
(4)
to support responsible production of critical minerals and materials with respect to standards for transparency, environmental, and labor practices, and to ensure a competitive market for producers meeting those standards;
(5)
to assist in maintaining balanced and adequate supplies of critical minerals and materials to the United States, as determined by the Board;
(6)
to the maximum extent practicable, to ensure that, at each stage of the supply chain—
(A)
the production rate of each critical mineral or material is equal to or greater than a percentage determined to be reasonable by the Board, in coordination with appropriate Federal agencies, but not less than 25 percent; and
(B)
the dependence rate for each critical mineral or material is equal to or less than a percentage determined to be reasonable by the Board, in coordination with appropriate Federal agencies, but not less than 75 percent;
(7)
to prioritize—
(A)
domestic projects and supply chains, including processing capacity, for critical minerals and materials;
(B)
projects that—
(i)
recycle, reuse, or repurpose critical minerals or materials; or
(ii)
extract or produce critical minerals or materials from mine or industrial waste, including mining tailings, industrial waste, or non-conventional waste streams; and
(C)
projects for critical minerals or materials the dependence rate of which is 100 percent; and
(8)
to ensure the efficient use of government funds to support critical mineral and material projects and, to the maximum extent practicable, ensure fair returns to taxpayers and investments made by the Reserve.
(c) Authorization of appropriations
There is authorized to be appropriated to the Reserve to carry out the requirements of this Act $2,500,000,000, to remain available until expended.
Sec. 102. Board of governors
(a) Membership
(1) Appointment
(A) In general
The Reserve shall have a board of governors consisting of 7 voting members appointed by the President, by and with the advice and consent of the Senate.
(B) Chairperson and Vice-chairperson
The President shall designate, by and with the advice and consent of the Senate—
(i)
1 member of the Board to serve as Chairperson, for a term of 4 years; and
(ii)
1 member of the Board to serve as Vice-chairperson, for a term of 4 years, and who shall serve as Chairperson in the absence or vacancy of the Chairperson.
(C) Initial appointment
Not later than 180 days after the date of enactment of this Act, the President shall appoint each of the 7 members of the Board.
(D) Representation
The President shall carry out this paragraph with due regard for a fair representation of Tribal, labor, environmental, industrial, and commercial interests.
(2) Qualifications
To be eligible to be appointed as a member of the Board under paragraph (1), an individual—
(A)
shall have significant demonstrated expertise in—
(i)
the business of commodities production, storage, or trade, or the financial sector as it relates to critical minerals or materials;
(ii)
the financing, development, or operation of projects related to the manufacturing and commercialization of critical minerals or materials;
(iii)
the demand for, and usage of, critical minerals or materials, including future demand or usage of critical minerals or materials for national security and economic purposes;
(iv)
the recycling, repurposing, or reuse of critical minerals; or
(v)
other experience related to the production and usage of critical minerals and materials, including expertise in sustainable and responsible production practices, in the fields of engineering, logistics, law, academia, research, or policy; and
(B)
may not—
(i)
have a direct, or closely indirect, financial interest in an entity directly involved in the commodities industry or financial sector as it relates to critical minerals or materials; or
(ii)
have immediate family with a direct financial interest in an entity directly described in clause (i).
(3) Terms
(A) In general
Except as otherwise provided in this section, each member of the Board shall be appointed for a term of 14 years.
(B) Initial staggered terms
Of the members first appointed to the Board—
(i)
1 member each shall be appointed to a term expiring in calendar year 2028, 2030, 2032, 2034, 2036, 2038, and 2040, respectively; and
(ii)
each term shall expire on January 31 of the applicable calendar year.
(C) Vacancies
Not later than 180 days after the date on which a vacancy occurs on the Board before the expiration of the term for that member, the President, by and with the advice and consent of the Senate, shall appoint a new member of the Board to fill the vacancy and serve the remainder of that term.
(D) Completion of term
(i) In general
On expiration of a term for a Board member, the applicable Board member may continue to serve for 1 year or until a successor is appointed pursuant to this subsection, whichever is less.
(ii) Chairperson and Vice-chairperson
An individual who is appointed to serve a term as the Chairperson or Vice-chairperson under paragraph (1)(B) shall, after such term ends—
(I)
serve as the Chairperson or Vice-chairperson, respectively, until a successor is appointed pursuant to this subsection; and
(II)
serve as a member of the Board for the remainder of the term of such individual in accordance with this paragraph.
(4) Compensation
Each member of the Board shall be compensated at a rate equal to the annual rate of basic pay prescribed for level III of the Executive Schedule under section 5314 of title 5, United States Code.
(5) Conflicts of interest
(A) In general
During the period beginning on the date on which the term of a member of the Board begins and ending on the date that is 2 years after the date on which the term of that member ends, the member may not hold any direct, or closely indirect, financial interest in, or hold any office, position, including in an advisory or consultant position, or other employment in or with, any entity receiving or pursuing financial support from the Reserve.
(B) Opportunity to cure violation
(i) In general
If the Comptroller General of the United States finds that an individual described in subparagraph (A) is in violation of that subparagraph, that individual shall cure the applicable violation by not later than 30 days after the date on which the violation is found.
(ii) Requirements to cure
To cure a violation of subparagraph (A), as required by clause (i), the applicable individual shall, at a minimum—
(I)
renounce any pecuniary gain associated with the violation; and
(II)
terminate each relationship that is the subject of the violation.
(C) Penalty for uncured violation
(i) Removal
If the Comptroller General of the United States finds that an individual described in subparagraph (A) is in violation of that subparagraph and does not cure the violation in accordance with subparagraph (B) by the date described in clause (i) of that subparagraph or, as applicable, by the date established by the Board under subparagraph (D), that individual shall be removed from the Board.
(ii) Applicability of criminal liability
(I) In general
A member of the Board shall be considered to be an officer or employee of the Executive Branch for purposes of section 207(a) of title 18, United States Code, and shall be subject to paragraph (2) of that section.
(II) Referral
If the Comptroller General of the United States makes a finding described in clause (i) with respect to an individual described in that clause, the Comptroller General of the United States may refer the matter to the Attorney General.
(D) Extension of cure period
The Board—
(i)
may extend the time period provided under subparagraph (B)(i) for an individual described in subparagraph (A) to cure a violation of that subparagraph by not more than 90 days; and
(ii)
shall document the rationale behind any extension granted under clause (i).
(6) Removal
Except as provided in paragraph 5(C)(i), a member of the Board, Chairperson, and Vice-chairperson may not be removed from office except by—
(A)
impeachment by Congress; or
(B)
the action of the President for inefficiency, neglect of duty, malfeasance in office, or incapacity to perform the applicable duties described in this section.
(b) Meetings
(1) Open to the public; notice
Except as provided in paragraph (3), all meetings of the Board shall be—
(A)
open to the public; and
(B)
preceded by reasonable public notice.
(2) Frequency
The Board shall meet—
(A)
not later than 60 days after the date on which all members of the Board are first appointed;
(B)
not less frequently than quarterly after the date described in subparagraph (A); and
(C)
at the call of—
(i)
the Chairperson; or
(ii)
4 or more members of the Board.
(3) Closed meetings
The Board, by majority vote of the members, may close a meeting to the public if, during the meeting, there is likely to be disclosed proprietary or sensitive information regarding a project under consideration for assistance under this Act.
(4) Minutes
(A) In general
Except as provided in subparagraph (B), the minutes of each meeting of the Board shall be made publicly available as soon as practicable.
(B) Closed meeting minutes
The minutes for a closed meeting shall be made available—
(i)
to the appropriate congressional committees not later than 60 days after the date of the closed meeting; and
(ii)
to the public not later than 3 years after the date of the closed meeting, with any necessary redactions to protect information that remains proprietary or sensitive at the time of publication.
(C) Exemptions from public transparency requirements
The closed meetings and minutes under this subsection shall—
(i)
be exempt from disclosure under—
(I)
section 552 of title 5, United States Code (commonly known as the Freedom of Information Act
), pursuant to subsection (b)(3) of that section; and
(II)
any provision of State, Tribal, or local freedom of information law, open government law, open meetings law, open records law, sunshine law, or similar law requiring disclosure of information or records; and
(ii)
not be subject to section 552b of title 5, United States Code (commonly referred to as the Government in the Sunshine Act
).
(5) Quorum
5 members of the Board shall constitute a quorum.
(6) Voting
(A) In general
Each member of the Board shall have an equal vote in all decisions of the Board.
(B) Decisions
Unless otherwise specified, decisions of the Board shall be made by majority vote of the members constituting a quorum.
(c) Powers and duties of the Board
The Board shall—
(1)
not later than 180 days after the date on which all members of the Board are appointed—
(A)
develop and approve the bylaws of the Reserve, including bylaws for the regulation of the affairs and conduct of the business of the Reserve, consistent with the purpose, goals, objectives, and policies of this Act;
(B)
establish dollar-value thresholds, not to exceed $2,500,000, above which transactions and loans made by the Reserve will require approval of the Board;
(C)
establish committees required by this Act composed solely of members of the Board, as the Board determines to be appropriate;
(D)
develop and approve a conflict-of-interest policy for the Board and employees of the Reserve, including—
(i)
establishing compensation levels for employees of the Reserve, not to exceed $150,000 initially (but which may be adjusted for inflation), above which employees of the Reserve shall be limited with regard to future employment at and compensation from entities receiving financial support from the Reserve, for a period not to exceed the date that is 2 years after the date on which employment with the Reserve ends; and
(ii)
establishing penalties for violations, including monetary penalties, that, for violations of the limitations described in clause (i), may be based on the higher of—
(I)
the current compensation of the employee; and
(II)
the total compensation from entities receiving financial support from the Reserve;
(E)
approve or disapprove internal policies that the Chairperson shall submit to the Board, including—
(i)
policies and procedures regarding the approval of authorized intermediaries;
(ii)
policies and procedures regarding the project application and approval process;
(iii)
policies and procedures regarding the acquisition and sale of critical minerals and materials sufficient to ensure fair access to transactions with the Reserve and effective use of capital of the Reserve;
(iv)
policies and procedures regarding financing, acquisition, and sale to raise global production standards for critical minerals and materials that minimize environmental damage, prevent forced labor use, and ensure a more competitive market for producers in countries with stronger standards; and
(v)
operational guidelines; and
(F)
approve or disapprove a 1-year business plan and budget for the Reserve;
(2)
ensure that the Reserve is operated in a manner that is consistent with this Act by—
(A)
monitoring and assessing the effectiveness of the Reserve in achieving the purposes of the Reserve;
(B)
reviewing and approving internal policies, annual business plans, annual budgets, and long-term strategies submitted by the Chairperson;
(C)
reviewing and approving annual reports submitted by the Chairperson;
(D)
engaging 1 or more external auditors; and
(E)
reviewing and approving all changes to the organization of the Reserve;
(3)
appoint and fix, by a vote of not fewer than 5 of the 7 members of the Board, and without regard to the provisions of chapter 51 and subchapter III of chapter 53 of title 5, United States Code, the compensation and adjustments to compensation of all personnel of the Reserve, subject to the condition that in appointing and fixing any compensation or adjustments to compensation under this paragraph, the Board shall—
(A)
consult with, and seek to maintain comparability with, other comparable Federal personnel, as the Board may determine to be appropriate;
(B)
consult with the Office of Personnel Management; and
(C)
carry out those duties consistent with merit principles, where applicable, as well as the education, experience, level of responsibility, geographic differences, comparability to private sector positions, and retention and recruitment needs of the Reserve in determining compensation of personnel;
(4)
approve by a vote of not fewer than 5 of the 7 members of the Board—
(A)
any changes to the bylaws or internal policies of the Reserve; and
(B)
any equity investments and accompanying documentation made under section 206(b)(4);
(5)
have the authority and responsibility—
(A)
to oversee entering into and carrying out contracts, leases, cooperative agreements, or other transactions as are necessary to carry out this Act;
(B)
to approve of the acquisition, lease, pledge, exchange, and disposal of real and personal property by the Reserve and otherwise approve the exercise by the Reserve of all of the usual incidents of ownership of property, to the extent that the exercise of those powers is appropriate to and consistent with the purposes of the Reserve;
(C)
to determine the character of, and the necessity for, the obligations and expenditures of the Reserve, and the manner in which the obligations and expenditures will be incurred, allowed, and paid, subject to this Act and Federal law specifically applicable to wholly owned government corporations;
(D)
to execute or approve, in accordance with applicable bylaws and regulations, appropriate financial instruments;
(E)
to approve other forms of credit enhancement that the Reserve may provide to projects, subject to the condition that the forms of credit enhancements shall be consistent with the purposes of this Act;
(F)
to exercise all other lawful powers that are necessary or appropriate to carry out, and are consistent with, the purposes of the Reserve;
(G)
to sue or be sued in the corporate capacity of the Reserve in any court of competent jurisdiction;
(H)
to indemnify and hold harmless the members of the Board for any liabilities arising out of the actions of the members acting in that capacity, in accordance with, and subject to the limitations under, this Act;
(I)
to enter into binding commitments, as specified in approved financial assistance packages; and
(J)
to determine whether—
(i)
to obtain a lien on the assets of an entity that receives assistance under this Act; and
(ii)
to subordinate a lien under clause (i) to any other lien securing project obligations; and
(6)
establish the risk and audit committees described in section 401.
Title II Duties and authorities of the Reserve
Sec. 201. General authorities
To the extent necessary to develop, operate, or maintain the Reserve, the Reserve may—
(1)
issue rules, regulations, or orders;
(2)
acquire by purchase land or interests in land for the location of storage and related facilities;
(3)
construct, purchase, lease, or otherwise acquire storage and related facilities;
(4)
use, lease, maintain, sell, or otherwise dispose of land or interests in land, or of storage and related facilities acquired under this Act, under such terms and conditions as the Board considers necessary or appropriate;
(5)
acquire, subject to the requirements of this Act, by purchase, exchange, or otherwise, critical minerals or materials for storage;
(6)
store critical minerals or materials in storage facilities owned and controlled by the United States or in storage facilities owned by authorized intermediaries if the Reserve has sufficient contractual certainty of access to the critical minerals and materials and those facilities are subject to audit by the United States;
(7)
execute contracts with private entities for the storage of critical minerals and materials at storage facilities owned by private entities if the Reserve has sufficient contractual certainty of access to those critical minerals and materials and those facilities are subject to audit by the United States;
(8)
partner with private sector, academia, and Federal agencies to further the purposes of the Reserve, including to advance the development and commercialization of responsible reuse and recycling processes for critical minerals and materials; and
(9)
execute any contracts necessary to develop, operate, or maintain the Reserve.
Sec. 202. 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.
Sec. 203. Data collection
There is established within the Reserve a division, to be known as the Division of Data Collection
, which, to the extent practicable, shall—
(1)
be led by a Director selected by the Board;
(2)
develop and maintain a proprietary dataset sufficient to ensure the thorough analysis of global critical minerals and materials markets;
(3)
collect and maintain sufficient datasets, including data comprising global, domestic, and partner country markets and, to the extent possible, data derived from individual critical mineral and material projects, to inform and estimate—
(A)
production, extraction, infrastructure, repurposing, and recycling costs for critical minerals and materials supply chains;
(B)
collection and recycling rates for critical minerals and materials in domestic and partner country markets; and
(C)
the forecast of supply and demand of critical minerals and materials within domestic and partner country markets;
(4)
collect and maintain—
(A)
actual transaction price data for critical minerals and materials in the global market, including geographic data; and
(B)
any other datasets necessary to effectuate such purpose, including modeled transaction data and datasets produced by or derivative of datasets produced by the People's Republic of China;
(5)
using the most current data collected under paragraphs (3) and (4), support the activities described in sections 204 and 206;
(6)
consult with relevant heads of Federal departments and agencies, including—
(A)
the Secretary of Agriculture;
(B)
the Secretary of Commerce;
(C)
the Secretary of Defense;
(D)
the Secretary of Energy;
(E)
the Secretary of the Interior;
(F)
the Secretary of State;
(G)
the Secretary of the Treasury;
(H)
the Chief Executive Officer of the United States International Development Finance Corporation;
(I)
the Director of the Central Intelligence Agency;
(J)
the Director of the United States Geological Survey;
(K)
the President of the Export-Import Bank of the United States; and
(L)
any other Federal department or agency head the Director determines necessary;
(7)
establish mechanisms when establishing loan terms, contracts, and agreements as described in this Act to collect the necessary data required by this section; and
(8)
to the extent practicable, carry out the responsibilities of this section using existing government data and information.
Sec. 204. Critical mineral and material market risk and vulnerability assessment
(a) Establishment
There is established within the Reserve a division, to be known as the Division of Risk and Vulnerability Evaluation
, which shall—
(1)
be led by a Director selected by the Board;
(2)
develop or, to the extent practicable, use existing sophisticated models to evaluate threats and risks in critical mineral and material markets across United States industrial sectors, including defense, energy, agriculture, transportation, health, and emerging technology;
(3)
maintain a comprehensive database of critical mineral and material price movements, supply chain vulnerabilities, production and processing capacities, and consumption patterns;
(4)
identify critical dependencies in critical mineral and material markets that could threaten national security or economic stability;
(5)
assess the potential for geopolitical events, natural disasters, technological disruptions, or market failures to impact commodity markets;
(6)
develop and implement methodologies for modeling the impact of various critical mineral or material shocks on the United States economy;
(7)
assess vulnerabilities, including price spikes, supply disruptions, transportation failures, export controls, and financial market disturbances;
(8)
model the cross-sectoral impacts of critical mineral or material price or supply shocks, including effects on inflation, employment, government finances, and consumer welfare;
(9)
assess the specific impact of critical mineral or material disruptions on infrastructure, national security assets, and essential services; and
(10)
to the extent practicable, carry out the responsibilities of this section using existing government data and information.
(b) Mandatory risk assessment
(1) In general
The Reserve shall conduct and submit to the appropriate congressional committees, the President, and the heads of Federal departments and agencies listed in section 203(6) a biennial comprehensive risk and vulnerability assessment for critical minerals and materials, which shall include—
(A)
identification of specific threats to stable supply and prices;
(B)
an analysis of current market conditions, including geographic and ownership concentration of suppliers, transportation bottlenecks, and financial vulnerabilities;
(C)
an evaluation of substitution possibilities and technological alternatives; and
(D)
recommendations for risk mitigation strategies.
(2) Form of assessment
(A) In general
Each assessment required by paragraph (1)—
(i)
shall be submitted in unclassified form; but
(ii)
may include a classified annex.
(B) Requirement
Any assessments required by paragraph (1) that include a classified annex shall include an unclassified summary.
Sec. 205. Production standards
There is established within the Reserve a division, to be known as the Division of Production Standards
, which shall—
(1)
be led by a Director selected by the Board;
(2)
develop methodologies for evaluating relative risk in global environmental and labor standards and practices for the production, extraction, processing, reuse, repurposing, and recycling of critical minerals and materials, including transparency, traceability, and forced labor risk, which may include incorporating existing research;
(3)
conduct periodic risk-based assessments of environmental and labor standards and practices for the production, extraction, processing, reuse, repurposing, and recycling of critical minerals and materials in foreign countries producing critical minerals and materials, and, to the extent practicable, significant production projects; and
(4)
publish an annual report summarizing the methodologies used and describing the results of the most recent assessments conducted under paragraph (3) for each foreign country and significant production project, and, to the extent practicable, mitigation measures used in transactions and loans made by the Reserve, without identifying proprietary or sensitive commercial information.
Sec. 206. Financing and acquisition of critical minerals or materials
(a) Authority
(1) In general
The Reserve may deploy financing and acquisition tools as described in subsection (b) to achieve the purposes of the Reserve, subject to the condition that the Reserve may not deploy such tools to benefit a foreign entity of concern.
(2) Considerations
In carrying out this section, the Reserve shall consider—
(A)
the results of the assessments described in section 205(3);
(B)
the ability of the Reserve to efficiently achieve the purposes of the Reserve with limited resources;
(C)
diversification across critical minerals and materials;
(D)
non-Reserve investments and market developments regarding a specific critical mineral or material;
(E)
with respect to deploying financing and acquisition tools with a specific producer or processor, the management, financial condition, and ability of the producer or processor to fulfill any contractual obligations; and
(F)
other factors the Reserve determines valuable to achieving the purposes of the Reserve over an extended period of time.
(3) Federal Government Investments
The Reserve shall, to the maximum extent practicable in carrying out this section, consult, coordinate, and leverage existing Federal Government investments, including by—
(A)
the Export-Import Bank of the United States;
(B)
the United States International Development Finance Corporation;
(C)
the Department of Energy, pursuant to title XVII of the Energy Policy Act of 2005 (42 U.S.C. 16511 et seq.);
(D)
the Office of Strategic Capital of the Department of Defense; and
(E)
applicable execution offices of the Department of Defense for contract actions carried out under title III of the Defense Production Act of 1950 (50 U.S.C. 4531 et seq.).
(b) Means of support
The financing and acquisition tools referred to in subsection (a) include the following:
(1) Loans to authorized intermediaries
(A) Loan program authorized
The Reserve may make loans to authorized intermediaries who may use those funds to enter into financing and purchasing agreements with producers and processors of critical minerals or materials.
(B) Loan conditions
(i) In general
In making loans under subparagraph (A), the Reserve shall establish such terms and conditions as the Reserve determines appropriate to achieve the purposes of the Reserve.
(ii) Adjustment of loan terms
The Reserve and an authorized intermediary may adjust loan terms under a loan issued under subparagraph (A) if the Reserve and that authorized intermediary agree to the adjustment.
(iii) Preferential terms for certain loans
In making loans under subparagraph (A), the Reserve—
(I)
may provide preferential loan terms—
(aa)
which may include an interest rate equal to the Federal funds rate, to an authorized intermediary that will use the loan to enter into financing and purchasing agreements with producers or processors of critical minerals or materials; and
(bb)
to authorized intermediaries that will use the loan to enter into financing and purchasing agreements with producers or processors of critical minerals or materials in partner countries, in such manner as the Reserve determines appropriate; and
(II)
shall—
(aa)
consult with the heads of Federal departments and agencies described in section 203(5) with respect to the loan terms described in subclause (I)(aa); and
(bb)
ensure that, under the terms of such loans, authorized intermediaries shall, to the maximum extent practicable, give priority to United States suppliers of critical minerals and materials and preference to the United States supply chain.
(C) Proposal solicitation
To be eligible to receive a loan under subparagraph (A), an authorized intermediary shall submit to the Reserve an application at such time, in such manner, and containing such information as the Reserve may require, including the proposed financing or purchasing agreements described in that subparagraph.
(D) Uncured default
(i) In general
If an authorized intermediary fails to make a required repayment on a loan under subparagraph (A) for a 90-day period, the Reserve may—
(I)
recoup the amount of that loan by taking possession of the critical mineral and material inventories of the authorized intermediary and any other contractual rights of the authorized intermediary to receive critical minerals or materials from suppliers;
(II)
revoke the participation with the Reserve of the authorized intermediary;
(III)
subject to clause (ii), appoint itself as conservator or receiver of the authorized intermediary;
(IV)
obtain a lien on the assets of the intermediary pursuant to section 102(c)(5)(J); and
(V)
adjust the loan terms pursuant to subparagraph (B)(ii).
(ii) Authorities under conservator or receivership
If the Reserve appoints itself a conservator or receiver of an authorized intermediary under clause (i)(II), the Reserve shall have the same authorities with respect to the authorized intermediary that the Federal Deposit Insurance Corporation has with respect to an institution for which the Federal Deposit Insurance Corporation has appointed itself as conservator or receiver under the Federal Deposit Insurance Act (12 U.S.C. 1811 et seq.).
(iii) Treatment of bankruptcy
An authorized intermediary for which the Reserve has appointed itself a conservator or a receiver under clause (i)(II) may not be placed into bankruptcy under title 11, United States Code, during that conservatorship or receivership, and any bankruptcy process under title 11, United States Code, that is in effect when the appointment occurs shall be terminated.
(2) Acquisitions
(A)
Acquisition through solicitation and direct contracting with private counterparties.
(B)
Acquisition through physically cleared financial instruments, such as futures contracts through intermediaries, including financial exchanges.
(C)
Acquisition through options contracts directly or through intermediaries, including financial exchanges.
(3) Non-recourse lending
Non-recourse lending to projects secured by a portion of the expected production of the project.
(4) Other transactions
Other financing and acquisition transactions, including contract for differences, advance or milestone payments, advanced market commitments, and minority, non-controlling equity investment, as determined by the Board as necessary to fulfill the purposes of the Reserve, except that equity investment shall only be used with—
(A)
a written justification describing how other financing and acquisition tools in this section are not sufficient; and
(B)
a written explanation of the intended exit strategy for the equity investment.
(c) Partner co-Investment
(1) In general
A partner country may, if approved by the Reserve, make capital contributions of at least $100,000,000 to the Reserve for purposes of financing or acquisition under subsection (b).
(2) Minimum amount
The Reserve shall annually adjust the amount in paragraph (1) by the percentage increase in the Personal Consumption Expenditures Price Index of the Bureau of Economic Analysis of the Department of Commerce, rounded to the nearest $1,000,000.
(3) Treatment of capital contributions
The Reserve—
(A)
shall maintain separate accounts for the capital contributions of each partner country that provides such contributions under paragraph (1);
(B)
shall not commingle the capital contributions of any partner country with any other partner country or the funds of the Reserve;
(C)
may return such capital contributions to the partner country at any time, without obligation or penalty, or under such other terms and conditions as agreed to by the Reserve and that partner country; and
(D)
may not guarantee the repayment of such capital contributions to a partner country.
(4) Loans made with partner co-investment funds
Financing and acquisitions made under subsection (b) with capital contributions under paragraph (1) shall be made in the same manner as financing and acquisitions made under subsection (b) with funds of the Reserve.
(5) Restriction
The Reserve may not approve a partner country under paragraph (1) unless the partner country certifies that the capital contributions being made are coming from funds of the partner country and not from funds of a foreign entity of concern or a covered country.
(d) International advisory council of partners
(1) In general
The Reserve may establish an International Advisory Council of Partners comprising—
(A)
the Vice-chairperson, who shall be the head of the council; and
(B)
1 representative from each partner country that makes a capital contribution under subsection (c)(1).
(2) Consultation
The International Advisory Council of Partners shall, at the request of the Reserve, advise the Reserve on financing and acquisitions made with capital contributions under subsection (c)(1).
(3) Applicability of FACA
Chapter 10 of title 5, United States Code (commonly known as the Federal Advisory Committee Act
), shall not apply to the International Advisory Council of Partners.
Sec. 207. Sale of critical minerals or materials
(a) Sale
The Reserve may sell critical minerals or materials stored in the Reserve in accordance with the purposes of the Reserve and this section.
(b) Sale of critical minerals or materials
The Reserve may sell a critical mineral or material stored in the Reserve if the Board determines that—
(1)
a supply shortage or potential supply shortage of that critical mineral or material threatens—
(A)
the national or economic security of the United States; or
(B)
price stability in the value chain of that critical mineral or material; or
(2)
the sale is otherwise necessary to support the purposes of the Reserve.
(c) Sale of non-Critical minerals or materials
(1) In general
The Reserve may sell a mineral or material stored in the Reserve that, as of the date of sale, is no longer included on the list of critical minerals and materials established by the Reserve under section 202(a) if the Board determines that—
(A)
the mineral or material is unlikely to be imminently re-added to the list of critical minerals and materials established by the Reserve under section 202(a);
(B)
the mineral or material is available in sufficient supply or is no longer necessary in large quantities for economic or national security purposes;
(C)
a supply shortage or potential supply shortage of that mineral or material threatens—
(i)
the national or economic security of the United States; or
(ii)
price stability in the value chain of that mineral or material; or
(D)
the sale is otherwise necessary to support the purposes of the Reserve.
(2) Use for research purposes
If the Board determines that a mineral or material stored in the Reserve that is no longer included on the list of critical minerals and materials established by the Reserve under section 202(a) does not have a substantial market value, the Board may enter into a contract for the transfer and use for research purposes of that mineral or material with—
(A)
Federal departments and agencies;
(B)
State governments;
(C)
National Laboratories (as defined in section 2 of the Energy Policy Act of 2005 (42 U.S.C. 15801)); and
(D)
institutions of higher education (as defined in section 101(a) of the Higher Education Act of 1965 (20 U.S.C. 1001(a))).
(d) Means of sale
The Reserve may carry out a sale described in subsections (b) and (c) through—
(1)
solicitation and direct contracting with private parties;
(2)
physically cleared financial instruments, such as futures contracts through authorized intermediaries;
(3)
options contracts directly or through authorized intermediaries; and
(4)
other transactions, including public auctions, as determined necessary by the Board to support the purposes of the Reserve.
(e) Foreign entities of concern
The Reserve may not carry out a sale described in subsections (b) and (c) to a foreign entity of concern.
Title III Administrative provisions
Sec. 301. Corporate powers
(a) In general
The Reserve—
(1)
may adopt, alter, and use a seal, which may include an identifiable symbol of the United States;
(2)
notwithstanding division C of subtitle I of title 41, United States Code, may make and perform with any person contracts, including no-cost contracts (as defined by the Reserve), grants, and other agreements, that are necessary for carrying out the functions of the Reserve;
(3)
may lease, purchase, or otherwise acquire, improve, and use real property that is necessary to carry out the functions of the Reserve;
(4)
may use the United States mails in the same manner and on the same conditions as the Executive departments (as defined in section 101 of title 5, United States Code);
(5)
may contract with individuals for personal services, who shall not be considered Federal employees for any provision of law administered by the Director of the Office of Personnel Management;
(6)
may hire or obtain passenger motor vehicles;
(7)
may acquire, hold, or dispose of, on such terms and conditions as the Reserve may determine, any property (real, personal, or mixed), tangible or intangible, or any interest in such property;
(8)
may lease office space for the use of the Reserve;
(9)
may indemnify directors, officers, employees, and agents of the Reserve for liabilities and expenses incurred in connection with their activities on behalf of the Reserve;
(10)
notwithstanding any other provision of law, may represent itself or contract for representation in any legal or arbitral proceeding;
(11)
may exercise any priority of the Federal Government in collecting debts from bankrupt, insolvent, or decedents’ estates;
(12)
may collect, notwithstanding section 3711(g)(1) of title 31, United States Code, or compromise any obligations assigned to or held by the Reserve, including any legal or equitable rights accruing to the Reserve;
(13)
may sell direct investments of the Reserve to private investors on such terms and conditions as the Reserve may determine; and
(14)
shall have such other powers as may be necessary and incident to carrying out the functions of the Reserve.
(b) Treatment of property
Notwithstanding any other provision of law relating to the acquisition, handling, or disposal of property by the United States, the Reserve shall have the right in its discretion to complete, recondition, reconstruct, renovate, repair, maintain, operate, or sell any property acquired by the Reserve pursuant to this Act.
Sec. 302. Records and accounts
(a) Preparation and maintenance
The Board may require any person to prepare and maintain such records or accounts as the Board, by rule, determines necessary to carry out this Act.
(b) Audit of operations of storage facilities
The Board may audit the operations of any storage facility in which any critical mineral or material acquired is stored or required to be stored pursuant to this Act.
(c) Access to and inspection of records or accounts and storage facilities
The Board may require access to, and has the right to inspect and examine, at reasonable times—
(1)
any records or accounts required to be prepared or maintained pursuant to subsection (a); and
(2)
any storage facilities subject to audit by the United States pursuant to this Act.
Title IV Oversight and accountability
Sec. 401. Risk and audit committees
(a) Establishment
Not later than 1 year after the date of enactment of this Act, the Reserve shall establish—
(1)
a risk committee; and
(2)
an audit committee.
(b) Duties and responsibilities
(1) Risk committee
Subject to the direction of the Board, the risk committee established under subsection (a)(1) shall be responsible for—
(A)
formulating risk management policies of the operations of the Reserve;
(B)
reviewing and providing guidance on the operation of the global risk management framework of the Reserve;
(C)
developing policies for enterprise risk management, risk monitoring, and the management of strategic, reputational, regulatory, operational, developmental, responsible production, and financial risks;
(D)
developing the risk profile of the Reserve, including a risk management and compliance framework and governance structure to support such a framework;
(E)
monitoring Reserve participants to ensure existing participants do not become foreign entities of concern; and
(F)
developing and using a mechanism to remove participants if more than 25 percent of that participant is owned, controlled, directed, financed, or otherwise influenced, directly or indirectly, in whole or in part by the government of a foreign entity of concern.
(2) Audit committee
Subject to the direction of the Board, the audit committee established under subsection (a)(2) shall be responsible for—
(A)
the integrity of—
(i)
the financial reporting of the Reserve;
(ii)
systems of internal controls relating to finance and accounting of the Reserve; and
(iii)
the financial statements of the Reserve;
(B)
the performance of the internal audit function of the Reserve; and
(C)
the compliance of the Reserve with legal and regulatory requirements relating to the finances of the Reserve.
Sec. 402. Annual audit and comptroller review
(a) Annual independent audit
(1) In general
Not later than 1 year after the date of enactment of this Act, and annually thereafter, an independent qualified public accountant selected by the Board shall audit the financial statements of the Reserve, the results of which shall be made publicly available.
(2) Requirements
An independent qualified public accountant selected under paragraph (1) shall be—
(A)
certified and licensed by a State board of accountancy;
(B)
independent of the Reserve and each authorized intermediary within the meaning of section 210.2–01 of title 17, Code of Federal Regulations (or a successor regulation); and
(C)
registered with the Public Company Accounting and Oversight Board.
(b) Review
The Comptroller General of the United States shall conduct a biennial review of the Reserve, to include—
(1)
reviewing the most recent annual report submitted pursuant to section 403(a);
(2)
the operations and functions of the Reserve as managed by the Board; and
(3)
the performance of the Board in fulfilling the purposes of the Reserve.
Sec. 403. Reporting and transparency
(a) Annual report
(1) In general
The Board shall submit to the President, the Comptroller General of the United States, the Director of the Office of Management and Budget, and the appropriate congressional committees, an annual report describing the operations of the Reserve during the preceding calendar year.
(2) Contents
Each report required under paragraph (1) shall include—
(A)
information regarding the administration of the functions of the Board, including recommendations the Board determines appropriate;
(B)
the assessment of the Board of the extent to which compliance with the requirements of this Act and the purposes of the Reserve have been achieved;
(C)
a summary of transactions and loans made by the Reserve during the preceding calendar year, to include how well those transactions and loans have helped achieve the purposes of the Reserve; and
(D)
information regarding vulnerabilities, risks, and audits.
(b) Testimony
The Chairperson shall appear before the Committee on Energy and Natural Resources of the Senate and the Committee on Natural Resources of the House of Representatives not later than 30 calendar days after the date that a report required under subsection (a) is submitted.
(c) Database
(1) In general
The Reserve shall maintain a database with detailed information on all transactions undertaken pursuant to section 206.
(2) Requirements
The database maintained under paragraph (1) shall—
(A)
be user-friendly;
(B)
subject to paragraph (3), be publicly available; and
(C)
to the extent practicable, include a description of the support provided for each project, including the information contained in the report required under subsection (a).
(3) Limit on public availability
(A) In general
An identified subset of the database maintained under paragraph (1) shall not be made publicly available if the Board determines doing so would be harmful to the national security of the United States.
(B) Accessibility
If the Board makes a determination under subparagraph (A) that public availability of the identified subset of the database maintained under paragraph (1) would be harmful to the national security of the United States, the Reserve shall—
(i)
make the identified subset of the database accessible to the appropriate congressional committees; and
(ii)
not later than 3 years after a transaction undertaken pursuant to section 206 occurs, make the information about that transaction publicly available.