ICYMI: BIDEN ANNOUNCES INVESTMENTS IN MINERAL PRODUCTION TO EASE SUPPLY CHAIN SHORTAGES

Investments Boost America’s Manufacturing and Self-Reliance

President Biden announced new investments to ensure America can produce critical minerals and materials used in a wide array of devices, including computers, smartphones, cars, and more. These investments will strengthen America’s domestic supply chains and lower reliance on foreign goods.

Many of these investments are funded by the Bipartisan Infrastructure Law, including $140 million for sustainability efforts to recover rare minerals from coal ash and other mine waste, as well as $3 billion for refining lithium, cobalt, nickel, graphite, and other battery recycling facilities.

Read the full story from CNN here.

KEY POINTS:

  • “Today we’re announcing a major investment in domestic production of key minerals and materials,” Biden said at a White House event. “China controls most of the global market of these minerals and the fact (is) that we can’t build a future that’s made in America if we ourselves are dependent on China for the materials that power the products of today and tomorrow. And this is not anti-China or anti anything else. It’s pro-American.”
  • Biden said the US needs a supply chain that is “reliable” and includes “critical materials like lithium, graphite, rare earth materials, which are badly needed for so many American products.” He added that “up to now, we’ve had to import a significant portion of them, close to 100% importation, from other countries, particularly China, Australia and Chile.”

  • The administration was also expected to announce $140 million in funding from the bipartisan infrastructure law to recover rare minerals from coal ash and other mine waste, a sustainability effort the administration projects will reduce the need for new mining while protecting manufacturing jobs in the coal sector.

  • The infrastructure law also directs $3 billion in funding for refining lithium, cobalt, nickel and graphite, and battery recycling facilities, according to the White House.

About Invest in America

Invest In America is a national rapid response operation advocating for robust public investment to rescue the economy from the COVID crisis and create prosperity for the future, and to fight back against fear-mongers who use deficit concerns as a scapegoat to starve American communities and businesses of resources.

The operation consists of two components: Invest in America, the charitable and public education arm, which is a fiscally sponsored project of Economic Security Project funded by the William and Flora Hewlett Foundation and Economic Security Project co-chair Chris Hughes; and Invest in America Action, the advocacy and social welfare arm, which is a fiscally sponsored project of Economic Security Project Action funded by Chris Hughes and the Omidyar Network.

Learn more at InvestInAmericaNow.com and @InvestNowUSA, and InvestinAmericaProject.com.

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