Steve Pearce: “it is interesting that we did get into the discussion of the CBO here and the additional cost that would be implemented…”

“it is interesting that we did get into the discussion of the CBO here and the additional cost that would be implemented under this act. The underlying act actually has been scored at $441 million by CBO over 5 years, almost $100 million a year. I share the gentleman's concern about increasing expenditures, increasing bureaucracy, and would again request that we reconsider the entire thing. But at the moment I would suggest that we do want to realize that two recent National Research Council reports stress that we are increasingly dependent on foreign nations for minerals critical to America and that we need to have an independent agency as called for in this ROCK Act amendment. My amendment will establish the independent Minerals Commodity Information Administration and the Minerals Information Team to collect, analyze and disseminate information on the domestic and international supply of and demand for minerals, materials critical to the U.S. economy, and our national security. U.S. businesses operate in a global economy, and virtually every manufacturing sector from aviation to textiles relies on the unbiased, comprehensive data reported by the MIT. This information enables American companies to use domestic resources effectively, forecast worldwide market conditions, develop informed strategic business plans, and respond effectively to short-term fluctuations and long-term trends in minerals prices, and I urge the adoption of the amendment.”