Rare Earth Magnet Market Revitalization Act
This bill aims to reduce reliance on foreign adversaries for critical magnets used in electronics and defense. It encourages domestic production and recycling to ensure a stable supply of essential technology components for citizens.
Key points
Ban on importing rare earth magnets and products containing them from specific countries like China.
Financial incentives for companies to produce or recycle magnets in the U.S. or partner nations.
Restrictions on exporting electronic waste that contains valuable magnets suitable for domestic recycling.
Waivers available if magnets cannot be sourced from elsewhere or for national interest reasons.
Public tracking of all companies granted permission to bypass the import ban.
Status:
Introduced
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