S. 3521 - Rare Earths Supply Technology and Resources Transformation Act of 2010 or RESTART Act

S.3521 - Rare Earths Supply Technology and Resources Transformation Act of 2010 or RESTART Act; Senator Lisa Murkowski R-AK

Official Summary
6/22/2010--Introduced.Rare Earths Supply Technology and Resources Transformation Act of 2010 or RESTART Act - Establishes within the Department of the Interior the Rare Earth Policy Task Force to monitor and assist federal agencies in expediting the review and approval of permits to accelerate the completion of projects that will increase investment in, exploration for, and development of domestic rare earths.



Directs the Secretaries of the Interior and of Energy to assess and report to Congress on:
(1) the domestic rare earth supply chain;
(2) rare earth elements critical to clean energy technologies and the national security; and
(3) whether critical rare earth materials should be stockpiled. Instructs the Secretary of Energy to:
(1) report to industry describing available mechanisms for obtaining government loan guarantees to reestablish a domestic rare earth supply chain; and
(2) issue guidance for the rare earth industry on obtaining federal loan guarantees. Directs the Secretary of Defense to report to Congress on past, current, and future projects to support the domestic rare earth supply chain. Expresses the sense of Congress that:
(1) the United States faces a shortage of key rare earth materials that form the backbone of both the defense and energy supply chains;
(2) the urgent need to reestablish a domestic rare earth supply chain warrants a statutory prioritization of projects to support such reestablishment;
(3) there is a pressing need to support innovation, training, and workforce development in the domestic rare earth supply chain; and
(4) the Departments of Energy, of the Interior, of Commerce, and of Defense should each provide funds to academic institutions, federal laboratories, and private entities for innovation, training, and workforce development in the domestic rare earth supply chain.

Comment: This bill should be opposed because it furthers governmental control of resources that should be traded openly in the market. It's nothing more than a piece of "rent seeking" legislation.