Directs each of the Secretaries of Commerce, of Defense (DOD), of Energy (DOE), of the Interior, and the Secretary of State to appoint an Executive Agent, at the Assistant Secretary level, to serve as representative on an interagency working group to reestablish a competitive domestic rare earth supply chain.
Amends the Energy Policy Act of 2005 to authorize the DOE Secretary to implement a temporary loan guarantee program for the commercial application of new or improved technologies to recover and process rare earth materials.
Directs the President to establish a neodymium iron boron magnet alloy and dysprosium iron alloy inventory, to be managed by the Administrator of the Defense Logistics Agency Strategic Materials.
Directs the President, acting through the DOD Secretary, to encourage the development of a domestic neodymium iron boron magnet manufacturing capability by seeking to enter into long-term supply contracts for the delivery of necessary grades of domestic neodymium iron boron magnets to meet DOD demand.
Establishes in the U.S. Geological Survey a research and demonstration program for the long-term, secure, and sustainable supply of rare earth materials in quantities sufficient to satisfy the U.S. national security, economic well-being, and industrial production needs.
Makes conforming amendments to the National Materials and Minerals Policy, Research and Development Act of 1980.