[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[S. 1537 Introduced in Senate (IS)]
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117th CONGRESS
1st Session
S. 1537
To modernize certain Federal agencies for an era of strategic energy
and mineral competition, and for other purposes.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
May 10, 2021
Ms. Murkowski introduced the following bill; which was read twice and
referred to the Committee on Banking, Housing, and Urban Affairs
_______________________________________________________________________
A BILL
To modernize certain Federal agencies for an era of strategic energy
and mineral competition, 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.
This Act may be cited as the ``Strategic Energy and Minerals
Initiative Act of 2021''.
SEC. 2. POLICY OF THE UNITED STATES.
(a) In General.--It is the policy of the United States to enable
the private sector in the United States to compete in global energy and
critical minerals markets that may be dominated by cartels, state-
sponsored enterprises, and trade finance agencies that utilize the
provision of credit, capital, and other financial support for strategic
energy purposes.
(b) Critical Mineral Defined.--In this section, the term ``critical
mineral'' has the meaning given the term in section 7002(a) of the
Energy Act of 2020 (division Z of Public Law 116-260; 134 Stat. 2562;
30 U.S.C. 1606(a)).
SEC. 3. STRATEGIC ENERGY AND MINERALS PORTFOLIO OF UNITED STATES
INTERNATIONAL DEVELOPMENT FINANCE CORPORATION.
Title V of the Better Utilization of Investments Leading to
Development Act of 2018 (22 U.S.C. 9671 et seq.) is amended by adding
at the end the following:
``SEC. 1455. STRATEGIC ENERGY AND MINERALS PORTFOLIO.
``The Corporation--
``(1) may provide support under title II for projects
related to any type of energy, including fossil fuels,
renewables (including hydropower), and nuclear energy, or the
production, processing, manufacturing, or recycling of critical
minerals (as defined in section 7002(a) of the Energy Act of
2020 (division Z of Public Law 116-260; 134 Stat. 2562; 30
U.S.C. 1606(a))); and
``(2) may not prohibit, restrict, or otherwise impede the
provision of support on the basis of the type of energy
involved in a project.''.
SEC. 4. OPPOSITION TO POLICIES AT MULTILATERAL DEVELOPMENT BANKS
RESTRICTING ASSISTANCE BASED ON TYPE OF ENERGY INVOLVED.
(a) In General.--The Secretary of the Treasury shall direct the
United States Executive Director of each multilateral development bank
to use the voice and vote of the United States at the bank to oppose
all policies, rules, and regulations at the bank that restrict the
provision of development assistance to developing countries on the
basis of the type of energy involved, including through restrictions on
upstream fossil fuel activities and the use of coal-fired electricity
generation.
(b) Multilateral Development Bank Defined.--In this section, the
term ``multilateral development bank'' has the meaning given that term
in section 1701(c) of the International Financial Institutions Act (22
U.S.C. 262r(c)).
SEC. 5. PROMOTION OF ENERGY AND MINERALS EXPORTS BY EXPORT-IMPORT BANK
OF THE UNITED STATES.
(a) Strategic Energy and Minerals Portfolio.--The Export-Import
Bank Act of 1945 (12 U.S.C. 635 et seq.) is amended by adding at the
end the following:
``SEC. 16. STRATEGIC ENERGY AND MINERALS PORTFOLIO.
``(a) In General.--The Bank shall establish a strategic energy and
minerals portfolio focused on providing financing (including loans,
guarantees, and insurance) for civil nuclear energy infrastructure
projects (subject to subsection (c)), natural gas infrastructure
projects, and critical minerals projects (including production,
processing, manufacturing, or recycling), that may facilitate--
``(1) increases in exports of United States energy
commodities, such as regasification terminals;
``(2) the export of United States equipment, materials, and
technology; or
``(3) the strategic diversification of supply chains
critical to the United States economy.
``(b) Maximum Exposure Cap for Strategic Energy Portfolio.--
``(1) In general.--The aggregate amount of loans,
guarantees, and insurance under subsection (a) the Bank has
outstanding at any one time may not exceed $50,000,000,000.
``(2) Treatment of defaults.--A default on financing
provided under subsection (a) shall not--
``(A) be included in the default rate calculated by
the Bank under section 8(g)(1); or
``(B) count for purposes of the freeze on lending
provided for under section 6(a)(3).
``(c) Limitation.--The Bank may provide financing for civil nuclear
energy infrastructure projects only in countries with which the United
States has in effect a nuclear cooperation agreement under section 123
of the Atomic Energy Act of 1954 (42 U.S.C. 2153).
``(d) Rule of Construction.--Nothing in this section may be
construed to lessen the obligation of the Bank to conduct rigorous due
diligence and mitigate risks with respect to transactions or projects
for which the Bank provides financing under this section.
``(e) Critical Mineral Defined.--In this section, the term
`critical mineral' has the meaning given the term in section 7002(a) of
the Energy Act of 2020 (division Z of Public Law 116-260; 134 Stat.
2562; 30 U.S.C. 1606(a)).''.
(b) Promotion of Energy Exports.--Section 2(b)(1)(C) of the Export-
Import Bank Act of 1945 (12 U.S.C. 635(b)(1)(C)) is amended by striking
``nonnuclear renewable'' and inserting ``all''.
(c) Modification of Limitation on Financing for Nuclear Energy
Exports.--Section 2(b)(5)(C) of the Export-Import Bank Act of 1945 (12
U.S.C. 635(b)(5)(C)) is amended by striking ``any liquid metal fast
breeder nuclear reactor or any nuclear fuel reprocessing facility'' and
inserting ``any nuclear material, equipment, or technology not provided
for under a nuclear cooperation agreement in effect under section 123
of the Atomic Energy Act of 1954 (42 U.S.C. 2153)''.
(d) Extension of Export-Import Bank.--
(1) Aggregate loan, guarantee, and insurance authority.--
Section 6(a) of the Export-Import Bank Act of 1945 (12 U.S.C.
635e(a)) is amended--
(A) in paragraph (2), by striking ``fiscal years
2020 through 2027, means $135,000,000,000'' and
inserting ``2021 through 2031, means
$200,000,000,000''; and
(B) in paragraph (3), by striking ``If'' and
inserting ``Except as provided in section 16(b)(2),
if''.
(2) Termination.--Section 7 of the Export-Import Bank Act
of 1945 (12 U.S.C. 635f) is amended by striking ``2026'' and
inserting ``2031''.
SEC. 6. LOAN GUARANTEES FOR PROJECTS THAT INCREASE THE DOMESTIC SUPPLY
OF CRITICAL MINERALS.
Section 1703(b) of the Energy Policy Act of 2005 (42 U.S.C.
16513(b)) is amended by adding at the end the following:
``(13) Projects that increase the domestic supply of
critical minerals (as designated by the Secretary of the
Interior under section 7002(c) of the Energy Act of 2020
(division Z of Public Law 116-260; 134 Stat. 2563; 30 U.S.C.
1606(c)), including through the production, manufacturing,
processing, recycling, or fabrication of mineral
alternatives.''.
SEC. 7. IMPLEMENTATION OF FEDERAL STRATEGY TO ENSURE SECURE AND
RELIABLE SUPPLIES OF CRITICAL MINERALS.
Not later than 2 years after the date of the enactment of this Act,
the Federal Government shall fully implement the recommendations made
in the report of the Department of Commerce entitled ``A Federal
Strategy to Ensure the Secure and Reliable Supplies of Critical
Minerals'' and dated June 2019.
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