Millennium Challenge Corporation Strategic Modernization Act

Summary

The bill updates the Millennium Challenge Corporation’s authority so it can focus on critical mineral supply‑chain security and assess partner countries for exposure to strategic competitors such as China, Russia and Iran. It creates a new task force, adds a “Great Power Competition” factsheet to eligibility reviews, shortens compact terms to five years, and requires early private‑sector involvement. The changes aim to protect U.S. economic and national security while preserving the agency’s development mission.

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