Rare Earth Magnet Market Revitalization Act

HR 7563 prohibits imports of rare earth magnets from "covered nations" (primarily China, as defined by existing law) into the U.S., except for limited cases where domestic supply is unavailable or national security requires it. It also restricts exporting electronic waste containing rare earth magnets to encourage domestic recycling and allows the Commerce Secretary to provide financial support (like price guarantees) to U.S. or partner-country manufacturers building rare earth magnet production facilities. The law applies to products containing these magnets, directly affecting U.S. manufacturers, importers, and recyclers of electronics and defense equipment. A report on implementation must be submitted to Congress within three years.