S.1463 - Finding Opportunities for Resource Exploration Act; Finding ORE Act (119th Congress)
Summary
S.1463, the Finding Opportunities for Resource Exploration Act (Finding ORE Act), aims to enhance the security and resilience of international supply chains for critical minerals and rare earth elements. It authorizes the Secretary of the Interior to enter into memoranda of understanding (MOUs) with partner foreign countries for scientific and technical cooperation in mapping these resources. The bill prioritizes assisting partner countries in mapping reserves, ensuring U.S. or allied companies have the first right of refusal for development, and facilitating private-sector investment.
Expected Effects
The likely effect of this bill is increased cooperation between the U.S. and partner countries in the exploration and development of critical minerals and rare earth elements. This could lead to a more diversified and secure supply chain for these essential resources. It may also stimulate economic activity in both the U.S. and partner countries.
Potential Benefits
- Increased security of supply for critical minerals and rare earth elements, reducing reliance on potentially adversarial nations.
- Potential for job creation in the U.S. through mineral processing and related industries.
- Enhanced international cooperation and strengthened relationships with allied and partner nations.
- Promotion of private-sector investment in resource exploration and development.
- Improved understanding of global mineral resources through scientific collaboration.
Potential Disadvantages
- Potential for environmental damage in partner countries due to increased mining activity.
- Risk of exploitation of partner countries if agreements are not carefully negotiated and monitored.
- Possible displacement of local communities in partner countries due to mining operations.
- Increased dependence on foreign sources for critical minerals, even if those sources are allies.
- The bill does not explicitly address environmental or labor standards in partner countries.
Most Disadvantaged Areas:
Constitutional Alignment
The bill appears to align with the Constitution, particularly Article I, Section 8, which grants Congress the power to regulate commerce with foreign nations. The Act also aligns with the general welfare clause of the preamble, as securing access to critical minerals can be seen as promoting the well-being of the nation. The Act does not appear to infringe on any specific constitutional rights or limitations.
Impact Assessment: Things You Care About ⓘ
This action has been evaluated across 19 key areas that matter to you. Scores range from 1 (highly disadvantageous) to 5 (highly beneficial).