National Rare Earth Cooperative Act of 2014 - Establishes the Thorium-Bearing Rare Earth Refinery Cooperative as a federal charter to provide for the domestic processing of thorium-bearing rare earth concentrates as residual unprocessed and unrefined ores.

Requires the Cooperative's Board to establish a refinery and a Thorium Storage, Energy, and Industrial Products Corporation to develop uses and markets for thorium, including energy.

Directs the Secretary of Defense (DOD) to coordinate with other federal agencies to advance and protect domestic rare earth mining, the refining of rare earth elements, basic rare earth metals production, and the development and commercialization of thorium.

Mandates, beginning in January 2020, all purchased or procured weapon systems to contain only U.S. or North Atlantic Treaty Organization (NATO) member nation produced and sourced rare earth materials, metals, magnets, parts, and components. Prohibits the inclusion of any rare earth materials that originate or pass through a non-NATO member nation. Bars any waivers from being granted unless the lead contractor can demonstrate that it has pursued all possible corrective actions, including direct investment into the supply chain.