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Commodity supply: Biden wants to use 'defence production act' for supply of critical minerals
12:26 h | Editorial
Many countries will step up efforts to reduce their dependence on foreign supply chains in light of recent commodity developments. The US is no exception.
As The Washington Post reports, the US government plans to draw on the Defense Production Act to encourage domestic production of raw materials for clean energy technologies and reduce dependence on other countries. President Biden could issue an executive order as early as this week, according to an anonymous source.
Producers of minerals such as lithium, nickel, graphite, cobalt and manganese could then receive support from the Title III fund of the Defense Production Act. However, loans or direct purchases of these minerals are not envisaged.
The Defense Production Act was passed by Congress in 1950 and signed by President Harry S. Truman during the Korean War. It gave the President the authority to "design national defence programmes and take appropriate measures to maintain and improve the domestic industrial base".
The Defence Production Act gives the president the authority to create, expand or maintain manufacturing capacity for industrial resources, technologies and materials needed to meet national security requirements, according to the US Department of Defence.