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Federal

MEANS Act

Source: Congress.gov  ·  7,010 words in original text
This bill creates a new Office of Manufacturing Security and Resilience inside the Department of Commerce. The office will provide loans and loan guarantees to help companies manufacture critical goods in the United States instead of relying on foreign countries that pose security risks. ##
- Manufacturers and businesses that make critical goods (materials, equipment, or products essential to national security) - State and local governments - Tribal governments - Colleges and universities - Nonprofit organizations - Manufacturing investment companies - Federal agencies involved in supply chains ##
- The Under Secretary of the new office must develop a government-wide strategy within 180 days to make supply chains stronger and less dependent on countries that pose security threats. (Sec. 3(a)) - The office can provide loans covering up to 80 percent of project costs to help companies move manufacturing from risky countries to the United States or trusted allies. (Sec. 4(i)(1)) - Eligible activities include building new manufacturing facilities, buying equipment, developing new technology, and moving production operations out of countries of concern. (Sec. 4(e)) - The office must prioritize awarding loans to projects that create jobs in the United States and produce critical goods the federal government needs during emergencies. (Sec. 4(m)(2)) - Congress authorizes $35 billion for fiscal years 2024 through 2028 for loans and loan guarantees, with up to 2 percent per year for administrative costs. (Sec. 4(t)) ##
A new federal office will begin reviewing loan applications from manufacturers and businesses wanting to build or expand production of critical goods. Companies can now access federal loans to relocate manufacturing from countries considered security threats (such as those with concentrated control of supply chains or governments credibly alleged to commit crimes against humanity) to the United States or allied nations. The federal government will also create a strategy to coordinate across agencies on strengthening supply chains and reducing vulnerability to disruptions. ##
**Critical good:** Any raw material, manufactured item, or product whose absence would significantly harm U.S. national security, economic security, or critical infrastructure. **Critical industry:** An industry critical to U.S. national or economic security, including focus areas like semiconductors, artificial intelligence, advanced energy technology, and biotechnology. **Country of concern:** A country where a concentrated supply chain exists, that poses significant security threats, and whose government has proven or been credibly alleged to have committed crimes against humanity or genocide. **Supply chain shock:** Events disrupting supply chains including natural disasters, pandemics, cyberattacks, conflicts, or economic disruptions. **Concentrated supply chain:** A supply chain where one foreign country produces 30 percent or more of a critical good, or where the U.S. imports more than 50 percent of its supply from abroad. **Domestic manufacturer:** A business conducting research, engineering, or manufacturing activities in the United States. **Manufacturing technology:** Technologies necessary to manufacture critical goods. **Ally or key international partner:** NATO member countries, U.S.-designated major non-NATO allies, or certain Western Hemisphere countries (specified list included) that are not countries of concern. ##
Important: This plain English summary was generated by AI and is provided for informational purposes only. It is not legal advice. Always consult the official bill text on Congress.gov or a qualified attorney for legal matters.