The Administrator and Secretary are required to submit a report on the merits of establishing an institute related to space resources within 180 days.

Objectives of the institute include identifying, developing, and distributing space resources, as well as reducing technological risks associated with these resources.

The report should assess whether a virtual or physical institute would be more cost-effective and appropriate, and also consider partnering with higher education institutions, the aerospace industry, and the extractive industry.

The bill provides definitions for key terms such as extractive industry, institution of higher education, space resource, and the roles of Administrator, Department, NASA, and Secretary.