Washington, D.C. — Today, U.S. Representatives Jill Tokuda (D-HI-02) and Neal Dunn (R-FL-02), members of the House Select Committee on the Chinese Communist Party, introduced the Rare Earth Magnet Market Revitalization Act to strengthen America’s supply chains, protect national security, and rebuild domestic manufacturing capacity for rare earth magnets — critical components used in everything from missiles to cars to cell phones.
Rare earth magnets are essential to the modern world, but the global supply is heavily dominated by China, which has manipulated the market to undercut U.S. and allied producers. This dependence has created serious vulnerabilities for American manufacturers and the U.S. military.
The Rare Earth Magnet Market Revitalization Act would:
- Ensure U.S. companies use American or allied sources for rare earth magnets when possible.
- Keep valuable electronic waste in the U.S. so it can be recycled into new magnets.
- Help U.S. manufacturers by providing government-backed purchase agreements or price support as new supply chains are built.
- Require the Secretary of Commerce review and send findings to Congress to see if this approach should be expanded to other critical materials.
“The Chinese Communist Party’s manipulation and domination of the market for rare earth magnets not only threatens American commercial industry — including automobiles, electronics, and medical devices — it is a critical threat to our national security, because we cannot manufacture fighter jets and other crucial defense platforms without them,” said Rep. Tokuda. “Our bipartisan bill would speed up efforts to reduce U.S. reliance on China by sourcing rare earth magnets that are mined, processed, and manufactured in the United States and from our allies and partners. The Chinese Communist Party is already holding us hostage over their control of rare earths, so the time to act is now.”
"For too long, the CCP has strangled American industry by flooding our markets with their products at a low quality and unreachable price," said Congressman Dunn. "The Rare Earth Magnet Market Revitalization Act addresses this issue and protects our industries from this adversarial market manipulation. Not only is this bill crucial for American innovation, it also strengthens our security against CCP threats. National security is not a partisan issue, and I'm proud to partner with Congresswoman Tokuda to advocate for this critical sector."
Full text of the bill can be found here.
###