USMMA Lauds New Legislation to Address Critical Rare Earth Vulnerabilities

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WASHINGTON--(BUSINESS WIRE)--The United States Magnetic Materials Association (“USMMA”), a trade association representing domestic high performance magnet producers and suppliers, today welcomes the introduction of S.4031, the “Rare Earths Supply-Chain Technology and Resources Transformation Act of 2010” or “RESTART Act” that would establish a viable domestic supply chain of those rare earth materials so essential to clean energy technologies and defense applications.

“Rare Earths Supply-Chain Technology and Resources Transformation Act of 2010”

Emphasizing the importance of rare earths to national, economic, and energy security, Senators Evan Bayh (IN) and Kit Bond (MO) introduced key legislation intended to develop a comprehensive, whole-of-government approach that focuses on the key aspects of recent bills upon which Congress has not yet acted. This new RESTART Act emphasizes the need for a U.S. downstream manufacturing capability and reestablishes a competitive domestic industry that can produce, process, refine, purify, and manufacture rare earth minerals, metals, and magnets to support green energy technologies and defense applications. Keenly aware of their responsibilities to U.S. taxpayers, the sponsors were careful to limit government loan guarantees to only those entities that need it.

USMMA President Ed Richardson stated, “We heartily endorse the new RESTART Act, which represents the most cost effective and practical approach to address existing vulnerabilities in the rare earth supply chain. It forces the executive branch to develop a collaborative way forward, including an emphasis on a downstream manufacturing capability that will reduce U.S. dependency on Chinese supplies of rare earth products. I urge lawmakers to pass this legislation quickly in support of clean energy and national security.”

More information can be found at http://www.usmagnetmaterials.com.