Justice BertGoldberg (R-NY) proposes Chinese Mineral Monopoly Crackdown Act
Bill fails @BertGoldberg
Nay. This is extremely reckless and, as someone deeply involved in the mining industry, honestly just silly.
Miners would benefit from this bill.
No, miners would benefit from decreased and less onerous regulations against true industry. Prohibiting a new mine is, quite frankly, just sheer stupidity and trying to have a government-Owners and operated mine is an even more extreme manifestation of said stupidity.
Nay, I don't think tariffs are good for the economy. Although something does need to be done about this problem.
Fank weak on trade and American jobs
Would a 15% tax on Chinese minerals really be so debilitating to the world economy? Really? Are you that much of an internationalist
American jobs are more important than the bottom line for corporations. Yeah, tariffs will make it harder for corporations to make large profits, but it protects American workers and keeps us from turning into Brazil.
A 15% tariff still won’t work on imports because it’s still lower than the corporation tax and all of the regulations. If you really want this to work then you need to raise tariffs to the same or higher rate as the corporation tax and regulations. I don’t think that government should even be involved in this matter because the free market will decide what’s best for it.
Nay, I don’t think the United States should have a government-controlled mine. Its a terrible idea to raise the budget of the Department of Energy without taking the money from some other Department’s budget.
Chinese Mineral Monopoly Crackdown Act:
1. Add contingency to designate surrounding area of Mountain Pass Mine as National Park and place 10 year restrictions on mining within 5 miles of park if sale of mine to Chinese government owned company is complete.
2. Place 21 million dollar bid on mine with funds from discretionary spending, transfer ownership to Department of Energy if sale is complete and give the green light to update the facility and begin operations.
3. Provide 20 billion over 4 years to the Department of Energy to begin exploration for domestic rare earth minerals and the building of infrastructure.
4. Place a 15% tariff on Chinese rare earth minerals imported to the US.
Summary: This legislation is meant to combat the Chinese monopoly on rare earth minerals. The figure varies but China controls between 90-95% of the global rare earth mineral supply and these minerals are used in everything from wind turbines to cell phones, the Chinese government having this much control on the resource poses a great threat to national security. The purpose of the points are as followed
1. Places a roadblock to make the purchase of the mine a lot less favorable of a deal to discourage China from closing the deal and encourage them pulling out.
2. Allows the US to retain control of the only rare earth mineral mine in the US.
3. Creates incentive for expanded domestic mining. Private companies as seen in mountain pass have no problem selling out to China, the US govt wouldn't.
4. Discourage importing of Chinese minerals. New incentive for Australian, Belgian, etc. minerals as well as domestic. Hurts Chinese mineral monopoly