Senator Jeanne Shaheen

actually doing the processing of rare earth minerals.

And why that's so important, as you know and so many of your viewers understand, is because those are elements that are in everything from our appliances to our cars to our missiles and our aircraft.

So they are critical to everything we do.

And right now, 90% of the processing of those elements is being done in China.

And so we are subject to whatever China's whims are about whether they're going to continue to sell us those rare earth elements.

And that's why companies like Phoenix Tailings are so important.

And what our legislation is designed to do is to try and support that domestic industry in the United States.

What Phoenix does is to take mine tailings

So what's left over when mining is done.

And they have a process here to develop those into some of the 17 rare earth minerals that are so important.

And all of those...

appliances, everything, appliances to missiles, to everything else that we use, computers in the modern world.

So it's really important for us to develop that domestic industry.

And that's what our legislation does.

Well, it sets up strategic resilience reserve, we call it, that's sort of based on the strategic petroleum reserve and very much like what the president's proposing in terms of his policies this week as part of this critical mineral summit that he had in Washington.

And so I think they complement each other.

But our legislation doesn't just set up that reserve that takes...

allows us to stockpile those critical minerals.

What it also does is to support a domestic industry here so that small businesses can develop the industry that they can engage, helps them with access to capital markets, with funding.

We would