Millennium Challenge Corporation Strategic Modernization Act

HR 7644 modernizes the Millennium Challenge Corporation (MCC) to strengthen U.S. economic security amid global competition. It creates a Critical Minerals Task Force to assess supply chain vulnerabilities and identify countries for projects that diversify mineral sourcing, and adds a "Great Power Competition Factsheet" to evaluate partner countries' exposure to strategic rivals like China and Russia. The bill requires early engagement with U.S. private sector entities in project design to mobilize private capital and mandates that MCC compacts be implemented within 5 years. These changes aim to align MCC’s existing aid model - focused on governance, economic freedom, and poverty reduction - with U.S. strategic priorities without altering its core development mission.