Developing Overseas Mineral Investments and New Allied Networks for Critical Energies Act
Summary
The "Developing Overseas Mineral Investments and New Allied Networks for Critical Energies Act," or the DOMINANCE Act, aims to bolster U.S. and allied energy and mineral security. It seeks to reduce dependence on strategic competitors like China for critical minerals. The act authorizes international cooperation, establishes energy security compacts, and creates new positions and programs within the Department of State focused on energy security and diplomacy.
Expected Effects
The act will likely lead to increased investment in overseas mineral projects and stronger alliances with countries that can provide critical minerals. It could also result in the creation of new jobs in the mining and energy sectors, both domestically and in partner countries. Furthermore, the establishment of the Bureau of Energy Security and Diplomacy may streamline U.S. foreign policy related to energy and minerals.
Potential Benefits
- Diversifying critical mineral supply chains, reducing reliance on adversarial nations.
- Promoting economic growth and energy-sector modernization in partner countries.
- Strengthening the commercial competitiveness of U.S. energy and critical mineral companies.
- Creating new jobs in the mining and energy sectors.
- Enhancing U.S. national security by securing access to critical resources.
Potential Disadvantages
- Potential for increased environmental impact in partner countries due to mining activities.
- Risk of prioritizing economic interests over human rights and labor standards in some partner countries.
- Possible displacement of domestic industries if overseas mineral projects become more cost-effective.
- Increased government spending on international initiatives.
- Potential for diplomatic tensions with countries that are not allies or partners.
Most Disadvantaged Areas:
Constitutional Alignment
The act's focus on national security and economic growth aligns with the Constitution's goals of providing for the common defense and promoting the general welfare (Preamble). The act's provisions for international cooperation and trade agreements fall under the purview of the President's foreign policy powers (Article II, Section 2). Congress's role in authorizing and overseeing these activities aligns with its legislative powers (Article I, Section 8).
Impact Assessment: Things You Care About ⓘ
This action has been evaluated across 19 key areas that matter to you. Scores range from 1 (highly disadvantageous) to 5 (highly beneficial).