Senators Seek $70 Billion Expansion of US Export-Import Bank to Finance US Critical Minerals Push

Sen. Kevin Cramer (R-N.D.) speaks to reporters as he departs from the Senate Chambers during a series of votes in the U.S. Capitol Building in Washington, on Oct. 6, 2021. Anna Moneymaker/Getty ImagesA bipartisan pair of U.S. senators is preparing legislation to expand the U.S. Export-Import Bank’s (EXIM) lending authority by $70 billion, aiming to finance mines, processing plants, and other industrial projects tied to the Trump administration’s push to secure supplies of critical minerals.The proposal comes as U.S. policymakers have identified critical minerals as a national security and economic issue. The United States relies heavily on imports for many materials used in defense systems, electronics, and energy infrastructure, and China sits at the center of several chokepoints.