Moolenaar, Khanna Introduce Bipartisan Legislation to Reshore America’s Magnet Supply Chain

Today, Chairman John Moolenaar of the Select Committee on China (R-MI) and Ranking Member Ro Khanna (D-CA) introduced legislation that would create tax credits to support American magnet production and a domestic magnet supply chain. The Magnets Value Chain Support Act of 2026 would help reshore the magnet supply chain, from rare earth oxide production all the way through to magnet manufacturing and into the motors and defense systems that depend on magnets. This would reduce America’s dangerous dependence on China for components essential to economic and national security.