Bill > HR6412

This bill establishes the Independence Investment Fund (IIF), a new investment entity within the Department of the Treasury designed to support critical and emerging technologies that enhance U.S. national and economic security. The fund will make equity investments of $1-10 million in U.S.-based technology companies, with a specific priority on biotechnology, and aims to attract private sector capital, provide an alternative funding source for companies at risk of adversarial investment, and generate financial returns that can sustain the fund over time. The bill creates a complex governance structure including an initial advisory board and a subsequent supervisory board to oversee the fund's operations, and authorizes $975.5 million in initial funding for fiscal year 2025, with $300 million specifically allocated to biotechnology investments. The fund will be managed by an independent entity selected through a competitive process, with the Secretary of the Treasury providing strategic oversight in consultation with the Departments of Defense and Commerce. The managing entity will be responsible for developing investment strategies, providing expert consultation to technology companies, and helping them navigate industry challenges. The bill also includes provisions for annual reporting to congressional committees and exempts the fund's operations from certain administrative and procedural requirements, giving it significant flexibility in its investment approach and management.

Business and Industry

https://www.congress.gov/bill/119th-congress/house-bill/6412/all-info