Rare Earth Policy Task Force and Materials Act - Establishes within the Department of the Interior the Rare Earth Policy Task Force to assist federal agencies in reviewing federal, state, local, and tribal laws, regulations, and policies that discourage investment, exploration, and development of domestic rare earths.
Instructs the Secretary to: (1) submit biennially to certain congressional committees a plan for research, development, demonstration, and commercial application to ensure the long-term, secure, and sustainable supply of rare earth materials; and (2) support new or significantly improved processes and technologies in the rare earth materials industry.
Authorizes the Secretary to collaborate with the agencies of foreign countries with interests relating to rare earth materials.