METALS Act

[AI summary unavailable — showing source text] Materials Essential To American Leadership and Security Act or the METALS Act This bill establishes the Strategic Materials Investment Fund. The Administrator of the Defense Logistics Agency Strategic Materials may make expenditures from the fund to develop the domestic strategic and critical materials industrial base, including by making interest-free, five-year loans to domestic producers of such materials and by reimbursing original equipment manufacturers for the increased costs of purchasing such materials produced in the United States. A domestic producer of such materials shall not be eligible to receive a loan if such producer: (1) is carrying out an activity to develop technologies that would decrease the capacity of the domestic industrial base for such materials or to redesign technologies to reduce the use of such materials in such technologies, (2) has a history of financial insolvency or bankruptcy, or (3) is controlled by or acting on behalf of the People's Republic of China or the Russian Federation. One-tenth of 1% of the amounts appropriated for all major defense acquisition programs for the development or procurement of aircraft or missiles, taken from funds allo…