ONSHORE Manufacturing Act of 2023

The ONSHORE Manufacturing Act of 2023 creates a federal program to provide financial assistance to private companies and consortia building or upgrading facilities that process rare earth elements into finished products like magnets, metals, and alloys. The program prioritizes projects supporting national security needs, particularly for Department of Defense and critical energy infrastructure, while requiring applicants to commit to workforce development and community investment. It authorizes $1.5 billion for fiscal year 2024 and $200 million annually through 2028, with strict provisions preventing foreign entities of concern from benefiting. The bill also establishes a Minerals Security Partnership Fund to support international collaboration on secure rare earth supply chains, requiring annual reporting to Congress on program implementation. The program includes clawback provisions for projects that miss deadlines or involve prohibited foreign entities.