This bill requires actions to address threats to supply chains for critical goods.

Under this bill, a critical good is any good, including raw materials and commodities, where a shortage or absence would have a significant effect on (1) U.S. national or economic security, and (2) critical infrastructure.

The Department of State must implement a strategy to reduce reliance on concentrated supply chains for critical goods and protect against threats from countries of concern against such supply chains. The strategy must contain various elements, including plans to (1) coordinate with other Western Hemisphere countries to mitigate the effect of supply chain shocks and avoid manufacturing disruptions, (2) execute a unified effort by Western Hemisphere countries to reduce reliance on concentrated supply chains for critical goods, and (3) provide technical assistance to help Western Hemisphere countries improve regulatory and investment frameworks to welcome companies looking to relocate manufacturing to such countries.

The State Department must annually report to Congress on the strategy.

The State Department must also establish a Critical Supply Chain Task Force to implement the strategy and take other actions to support the strategy, such as encouraging the relocation of critical goods manufacturing from countries of concern to the United States or other Western Hemisphere countries.