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North American Transatlantic Resource Security Partnership Act of 2023

Source: Congress.gov  ·  5,315 words in original text
This bill creates programs to help allied nations become less dependent on Russian energy and minerals. The bill also establishes partnerships between the United States, Mexico, and Canada to develop energy resources and secure supply chains for critical materials. ##
* The Secretary of Energy and Secretary of the Interior * Allied and partner nations (including European countries, NATO members, Australia, Japan, South Korea, and others designated by the Secretaries) * U.S. businesses developing energy and mineral projects * Mexico and Canada (through cooperation agreements) * The Export-Import Bank and U.S. International Development Finance Corporation * Private companies seeking loans or loan guarantees for energy projects ##
* The Secretaries of Energy and Interior must establish a joint program to help allied nations reduce dependence on Russian natural gas, petroleum, coal, minerals, nuclear fuel, and related technologies by developing resources domestically, providing equipment to allies, offering loans and financial assistance, and providing technical support (Sec. 3(b)) * The Secretaries must prioritize activities located in the United States or in countries with annual income of $28,000 or less per person in 2020 (Sec. 3(c)) * Activities must use U.S.-developed or produced resources and equipment whenever practical, or promote U.S. energy security, national security, or manufacturing (Sec. 3(f)) * The Secretaries must submit annual reports identifying resources developed and analyzing how the program benefits U.S. suppliers and manufacturers (Sec. 3(g)) * Additional funding becomes available only if the Secretary of Energy certifies that the Nord Stream 2 pipeline project has been permanently discontinued (Sec. 3(h)(2)) * The Secretary of Energy can provide loans and loan guarantees to support joint ventures between U.S. and Mexican or Canadian entities for developing covered energy sources, with an advisory board of three members (one from the U.S., one from Mexico, one from Canada) overseeing the program (Sec. 6(c)(3)) * The Secretary of Energy shall seek to establish a United States-Mexico-Canada Energy Center located in the United States to develop academic cooperation on energy innovation and technology transfer (Sec. 6(e)) * The Export-Import Bank may provide financing for civil nuclear energy infrastructure projects, natural gas infrastructure projects, and critical minerals projects up to a maximum of $50 billion outstanding at any time (Sec. 7(b)(1)) * The Export-Import Bank's total lending authority is increased from $135 billion to $200 billion for fiscal years 2024 through 2033 (Sec. 7(4)(A)) ##
If this law passes, the U.S. government will create new programs to help friendly countries buy American energy and minerals instead of Russian ones. The government will offer loans and financial help to companies developing these resources. A new energy center will be created to bring together experts from the United States, Mexico, and Canada. The Export-Import Bank will have more money to lend for energy and minerals projects. U.S. companies developing energy projects may have easier access to government support and loans. ##
* **Ally or partner nation**: Includes Australia, Finland, Japan, South Korea, Sweden, Switzerland, Ukraine, Kosovo, Moldova, NATO members, and countries in the European Network of Transmission System Operators for Electricity. The Secretaries can also designate any other country as an ally or partner nation. * **Covered energy source**: Solar, biomass, wind, geothermal, wave and tidal, advanced batteries, hydrogen, nuclear, carbon capture technology, natural gas, water technologies, petroleum products, and critical materials needed for these energy sources. * **Critical minerals**: Minerals defined in the Energy Act of 2020 that are necessary for energy technologies. * **Secretaries**: The Secretary of Energy and the Secretary of the Interior. ##
Not specified in bill text
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.