U.S. Representatives Bill Posey (R-FL) and Derek Kilmer (D-WA) introduced bipartisan legislation to expand opportunities and protections for private space companies looking to explore space. The American Space Technology for Exploring Resource Opportunities in Deep Space (ASTEROIDS) Act of 2014 establishes and protects property rights for commercial space exploration and utilization of asteroid resources.

"Asteroids are excellent potential sources of highly valuable resources and minerals," said Rep. Bill Posey, a Member of the House Science, Space and Technology Committee.

"Our knowledge of asteroids - their number, location, and composition - has been increasing at a tremendous rate and space technology has advanced to the point where the private sector is now able to begin planning such expeditions. Our legislation will help promote private exploration and protect commercial rights as these endeavors move forward and I thank Representative Kilmer for working with me to help advance this industry."

"We may be many years away from successfully mining an asteroid, but the research to turn this from science fiction into reality is being done today," said Rep. Derek Kilmer, a member of the House Science, Space and Technology Committee.

"Businesses in Washington state and elsewhere are investing in this opportunity, but in order to grow and create more jobs they need greater certainty. That's why I'm excited to introduce this bill with Representative Posey so we can help the United States access new supplies of critical rare metals while serving as a launch pad for a growing industry."

Currently, rare minerals used to manufacture a wide range of products are found in a small number of countries. This has left the United States dependent on foreign nations for these resources.

The limited supply and high demand for these materials, alongside major advances in space technology and a deeper understanding of asteroids, has led a number of private sector investors to begin developing plans to identify and secure high-value minerals found on asteroids and transport them for use here on Earth.

Some rare minerals that could be found within asteroids include: platinum group metals such as platinum, osmium, iridium, ruthenium, rhodium, and palladium in addition to nickel, iron and cobalt.

Posey and Kilmer's bill would: + Clarify that resources mined from an asteroid are the property of the entity that obtained them.

+ Ensure U.S. companies can conduct their operation without harmful interference.

+ Direct the President to facilitate commercial development of asteroid resources.