Rare Earths Supply Chain Technology and Resources Transformation Act of 2011 or RESTART Act - Expresses the sense of Congress that the United States should take necessary action to ensure the reintroduction of a competitive domestic and ally nation rare earth supply chain, including reintroduction of mining, refining/processing, alloying and manufacturing operations using domestic and ally nation suppliers to provide a secure source of rare earth materials as a vital component of national security and economic policy.
Requires each federal agency to expedite permitting and projects for the exploration and development of domestic rare earths.
Establishes within the Department of the Interior the Rare Earth Policy Task Force to monitor and assist federal agencies in expediting review and approval of permits to accelerate the completion of projects that will increase investment in, exploration for, and development of domestic rare earth elements.
Directs each of the Secretaries of Commerce, of Defense (DOD), of Energy (DOE), of the Interior, and the Secretary of State to appoint an Executive Agent, at the Assistant Secretary level, to serve as representative on an interagency working group to reestablish a competitive domestic rare earth supply chain.
Amends the Energy Policy Act of 2005 to authorize the DOE Secretary to implement a temporary loan guarantee program for the commercial application of new or improved technologies to recover and process rare earth materials.
Directs the President to establish a neodymium iron boron magnet alloy and dysprosium iron alloy inventory, to be managed by the Administrator of the Defense Logistics Agency Strategic Materials.
Directs the President, acting through the DOD Secretary, to encourage the development of a domestic neodymium iron boron magnet manufacturing capability by seeking to enter into long-term supply contracts for the delivery of necessary grades of domestic neodymium iron boron magnets to meet DOD demand.
Establishes in the U.S. Geological Survey a research and demonstration program for the long-term, secure, and sustainable supply of rare earth materials in quantities sufficient to satisfy the U.S. national security, economic well-being, and industrial production needs.
Makes conforming amendments to the National Materials and Minerals Policy, Research and Development Act of 1980.