The House of Representatives has approved the Standardizing Permitting and Expediting Economic Development Act (SPEED), a legislative measure designed to accelerate the development of natural resources and critical minerals in the United States. The bill aims to reform the National Environmental Policy Act (NEPA) by requiring federal courts to resolve NEPA-related challenges within 180 days.
Chairman of the Select Committee on China, John Moolenaar, commented on the legislation’s significance: “China fired a loaded gun with its rare earths rule in October, and while that threat was paused after President Trump met with General Secretary Xi Jinping, we must seize the opportunity to develop strategic reserves of critical minerals. The SPEED Act will help make that possible by cutting red tape, streamlining the permitting process, and making it easier to develop the resources the American people need every day.”
Additional details about what the SPEED Act entails can be found here.
Last month, the Select Committee on China published an investigation outlining how China influences global markets for critical minerals. According to Moolenaar at that time: "From cell phones to fighter jets, every American is dependent on minerals that China manipulates for its own selfish interests. As we saw last month with its rule on rare earths, China has a loaded gun that is pointed at our economy, and we must act quickly. China’s predatory practices have caused American job losses, driven American miners out of business, and jeopardized national security. This new investigation reveals China’s playbook and makes crucial recommendations for how we can secure our future for generations to come."
The new legislation is expected to support efforts to build up U.S. reserves of critical minerals by simplifying regulatory hurdles and reducing delays in project approvals.
