USA Rare Earth Inc. received a $1.6 billion government commitment and raised another $1.5 billion from private investors, according to Bloomberg.

The deals came as bankers at Howard Lutnick’s former financial services firm, now run by his sons, earned fees on the private fundraising. Democratic lawmakers have questioned possible conflicts of interest involving Lutnick and his sons. The article also says questions remain over whether USA Rare Earth can produce the critical minerals and magnets needed to reduce China’s grip on global supply.