The Millennium Challenge Corporation Strategic Modernization Act aims to update the Millennium Challenge Act of 2003 to enhance the United States' ability to respond to global competition, particularly concerning critical minerals and strategic competitors like China, Russia, and Iran. The key provisions of this act include the establishment of a Critical Minerals Task Force within the Millennium Challenge Corporation. This task force will assess vulnerabilities in critical mineral supply chains and identify countries where U.S. engagement could improve transparency and sustainability.