[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 9954 Introduced in House (IH)]
<DOC>
119th CONGRESS
2d Session
H. R. 9954
To establish the Manufacturing Sovereign Wealth Fund, and for other
purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
July 27, 2026
Mr. Deluzio introduced the following bill; which was referred to the
Committee on Financial Services, and in addition to the Committee on
Ways and Means, for a period to be subsequently determined by the
Speaker, in each case for consideration of such provisions as fall
within the jurisdiction of the committee concerned
_______________________________________________________________________
A BILL
To establish the Manufacturing Sovereign Wealth Fund, and for other
purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Build America Fund Act''.
SEC. 2. MANUFACTURING SOVEREIGN WEALTH FUND.
(a) Establishment.--There is established the Manufacturing
Sovereign Wealth Fund (in this Act referred to as the ``Fund'').
(b) Objectives.--The objectives of the Fund are as follows:
(1) Rebuild industrial capacity.--To rebuild industrial
capacity, including by revitalizing critical industries
hollowed out by offshoring or financialization (e.g., the areas
described in the initial list of key technology focus areas
under section 10387(c) of the CHIPS Act of 2022 (42 U.S.C.
19107(c))).
(2) Promote economic sovereignty.--To promote economic
sovereignty, including by--
(A) reducing dependence on foreign supply chains
for essential goods and inputs; and
(B) ensuring domestic control over strategic
production capabilities.
(3) Catalyze innovation and advanced manufacturing.--To
catalyze innovation and advanced manufacturing, including by--
(A) investing in research, automation, materials
science, and process innovation; and
(B) supporting commercialization of advanced
manufacturing technologies.
(4) Create and retain high-quality jobs.--To create and
retain high-quality jobs (as such term is used in Executive
Order 14126 (89 Fed. Reg. 73559; published September 11,
2024)), including by--
(A) supporting projects that offer strong wages,
training, and labor standards; and
(B) partnering with workforce development programs,
technical education institutions, and labor
organizations.
(5) Ensure long-term, sustainable returns.--To ensure long-
term, sustainable returns, including by--
(A) operating on commercial principles that take
into account social and strategic outcomes; and
(B) reinvesting profits into industrial,
technological, and local community development.
(6) Enhance regional development.--To enhance regional
development, including by--
(A) investing in areas adversely affected by
deindustrialization and economic decline; and
(B) strengthening local manufacturing ecosystems
and small suppliers.
(c) Board of Governors.--
(1) In general.--The head of the Fund shall be the Board of
Governors, which shall consist of 13 members appointed by the
President, by and with the advice and consent of the Senate,
from among individuals who are citizens of the United States.
(2) Representation.--In appointing members under paragraph
(1), the President shall appoint--
(A) at least 2 members representing labor;
(B) at least 2 members representing workforce
development;
(C) at least 2 members representing industry and
technology;
(D) at least 2 members representing regional
development;
(E) at least 2 members representing academia or
science;
(F) at least 2 members representing finance and
risk management; and
(G) at least 1 member representing the Armed Forces
of the United States.
(3) Chair.--The members of the Board of Governors shall
appoint one member as Chair of the Board of Governors.
(4) Term.--
(A) In general.--The members of the Board of
Governors shall serve for a term of 6 years, except
that--
(i) a member may continue to serve after
the expiration of the member's term until a
successor has been confirmed, but not to exceed
1 year; and
(ii) subject to clause (i), a member
appointed to fill in the remainder of another
member's term shall only serve for the
remainder of such term.
(B) Staggered initial terms.--The initial members
of the Board of Governors shall be appointed to
staggered terms as follows:
(i) 2 members shall be appointed for terms
of 2 years.
(ii) 2 members shall be appointed for terms
of 3 years.
(iii) 3 members shall be appointed for
terms of 4 years.
(iv) 3 members shall be appointed for terms
of 5 years.
(v) 3 members shall be appointed for terms
of 6 years.
(5) Compensation.--The Chair of the Board of Governors
shall be compensated at Level I of the Executive Schedule (5
U.S.C. 5312) and all other members of the Board of Governors
shall be compensated at Level II of the Executive Schedule (5
U.S.C. 5313).
(6) Duties.--The Board of Governors shall--
(A) oversee the day-to-day management of the Fund;
(B) approve the Fund's strategic investment plan
every year;
(C) ensure that the investments of the Fund align
with the manufacturing, labor, and economic resilience
goals of the United States, as enumerated in the
Industrial Sovereignty Strategy described in section
7(b)(4);
(D) monitor performance metrics for the Fund;
(E) review environmental, labor, and supply chain
due diligence on all investments made by the Fund;
(F) review and approve annual financial statements,
audits, and risk assessments;
(G) ensure community and worker representation in
the Fund's decision making;
(H) coordinate with the Industrial Sovereignty
Council on long-term strategy; and
(I) review labor standards for supply chains.
(7) Offices.--The Chair of the Board of Governors may
establish such offices within the Fund as the Chair determines
necessary or appropriate to address specific issues or sectors.
(8) Rulemaking authority.--The Board of Governors may issue
such rules as may be necessary or appropriate to carry out this
Act.
(9) Information from investment recipients.--The Board of
Governors may request any information from an entity requesting
or receiving investments from the Fund that the Board of
Governors determines necessary, and such entity shall provide
such information to the Board of Governors.
(d) Inspector General.--Section 415(a)(1)(A) title 5, United States
Code, is amended by inserting ``the Manufacturing Sovereign Wealth
Fund,'' before ``the National Archives and Records Administration''.
SEC. 3. INVESTMENTS.
(a) In General.--The Fund shall, in furtherance of the objectives
described in section 2(b), make investments, either individually or in
partnership with third parties, in the form of--
(1) equity investments; and
(2) loans and loan guarantees.
(b) Investment Areas.--
(1) In general.--The Fund may only make investments in the
following sectors:
(A) Strategic manufacturing.--Strategic
manufacturing sectors, including areas described in the
initial list of key technology focus areas under
section 10387(c) of the CHIPS Act of 2022 (42 U.S.C.
19107(c)).
(B) Technology and innovation.--Technology and
innovation sectors, including additive manufacturing,
robotics, and industrial data systems.
(C) Supply chain security.--Sectors related to
supply chain security, including domestic sourcing of
critical inputs and reshoring of key supply lines.
(D) Workforce and sme development.--Sectors related
to workforce and small- and medium-enterprise
development, including small- and medium-size
manufacturers and registered apprenticeship and
vocational programs.
(2) Updating by the board.--The Board of Governors shall
periodically review the sectors described in paragraph (1) and
may add or subtract sectors as the Board of Governors
determines appropriate.
(c) Applications.--A company may apply to the Fund for an
investment in such form and manner as the Fund may determine
appropriate, but such application shall include the type of the
requested investment and the amount of the requested investment.
(d) Golden Share Requirement for Equity Investments.--
(1) In general.--The Fund may only make an equity
investment in a company if the investment gives the Fund veto
authority over the following while the Fund holds the
investment:
(A) Location and capacity.--Any action of the
company to--
(i) engage in offshoring (as defined in
section 5(g)(3));
(ii) shut down strategic facilities;
(iii) otherwise transfer ownership of any
sensitive facilities; or
(iv) reduce capacity below a minimum level
determined by the Fund.
(B) Ownership and control.--Any action of the
company to--
(i) sell the company to foreign persons (as
defined in section 800.224 of title 31, Code of
Federal Regulations);
(ii) acquire another company in a hostile
takeover; or
(iii) enter into a merger that would result
in the loss of domestic control over the
operations of the company.
(C) Intellectual property.--Any action of the
company to--
(i) license any intellectual property of
the company to foreign companies or other
persons;
(ii) sell any patent or process trade
secrets;
(iii) otherwise transfer ownership of any
intellectual property; or
(iv) move research and development to a
foreign country.
(D) Supply chain integrity.--Any action of the
company to--
(i) end production of critical components;
or
(ii) change to foreign persons (as defined
in section 800.224 of title 31, Code of Federal
Regulations), for sensitive inputs.
(E) Lockouts and mass layoffs.--Any lockout or mass
layoff (as such term is defined in section 2(a) of the
Worker Adjustment and Retraining Notification Act (29
U.S.C. 2101(a))).
(2) Treatment in bankruptcy.--Notwithstanding any other
provision of law, if the Fund makes an equity investment
described in paragraph (1), the Fund's authorities described in
paragraph (1) shall continue during any bankruptcy proceeding
with respect to such a company.
(e) Requirements for All Investments.--
(1) In general.--The Fund may only make an investment in a
company if the following requirements are met:
(A) Limitation on moving operations overseas.--The
company agrees not to move any operations of the
company from the United States to a foreign country
during the 50-year period beginning on the date the
investment is made.
(B) Limitation on expanding operations overseas.--
The company agrees not to expand operations of the
company in a foreign country during the 50-year period
beginning on the date the investment is made.
(C) Domestic investment requirement.--The company
agrees that proceeds from the investment will only be
used for projects in the United States.
(D) Company located in the united states.--The
company is--
(i) is headquartered in the United States
and the management and board of directors of
the company are based in the United States; and
(ii) is not--
(I) owned, directed, controlled,
financed, or influenced, directly or
indirectly, by an entity of concern or
a foreign entity of concern (as such
terms are defined, respectively, for
purposes of subparagraph (F)); or
(II) owned or controlled by a
subsidiary or other affiliate of such
an entity of concern or foreign entity
of concern.
(E) Application requirements.--The company submits
a detailed application to the Fund that demonstrates
the following:
(i) Economic and national security
alignment.--The investment would strengthen
domestic supply chains and reduce foreign
reliance.
(ii) Commercial viability and financial
strength.--Each project to be funded with the
proceeds of the investment would succeed long-
term and with the investment proceeds not
serving as the sole financing for the project.
(iii) Technical feasibility and
readiness.--For each project to be funded with
the proceeds of the investment, realistic
plans, permits, construction timelines, and
milestones.
(iv) Workforce development commitments.--
Plans for training and hiring, and the extent
to which such training and hiring would be done
in partnership with community colleges,
universities, or workforce development
entities, including joint labor-management
organizations.
(F) National security restrictions.--The company
agrees not to engage in joint research or sensitive
technology licensing with--
(i) an entity of concern (as defined in
section 10114(a) of the CHIPS Act of 2022 (42
U.S.C. 18912(a))); or
(ii) a foreign entity of concern (as
defined in section 9901 of title XCIX of
division H of the William M. (Mac) Thornberry
National Defense Authorization Act for Fiscal
Year 2021 (15 U.S.C. 4651)).
(G) Financial and performance conditions.--The
company agrees not to use proceeds from the investment
to make stock buybacks or pay dividends.
(H) Labor and compliance.--The company agrees--
(i) that all laborers and mechanics
employed by contractors or subcontractors in
the performance of construction, alteration, or
repair work carried out, in whole or in part,
with assistance made available under this Act
shall be paid wages at rates not less than
those prevailing on projects of a character
similar in the locality, as determined by the
Secretary of Labor in accordance with
subchapter IV of chapter 31 of title 40, United
States Code, provided that the Secretary of
Labor shall have the authority and functions
set forth in Reorganization Plan No. 14 of 1950
(64 Stat. 1267; 5 U.S.C. App.) and section 3145
of title 40, United States Code; and
(ii) to remain neutral with respect to any
lawful effort by employees at a project funded
in whole or in part with assistance made
available under this Act to organize or bargain
collectively, including refraining from--
(I) mandatory anti-union meetings;
(II) retaliation or discrimination
based on protected organizing activity;
(III) expenditure of company
resources to oppose union
representation; and
(IV) interference with employee
communications regarding organizing.
(2) Violations.--With respect to a company that receives an
investment from the Fund and violates the requirements of this
subsection--
(A) the Fund shall suspend, divest from, or
clawback such investment; and
(B) the company is ineligible for future
investments from the Fund.
(f) Authority for Profit Sharing.--The Fund may, as part of an
investment in a company made under this Act, enter into an agreement
with the company to share in the future profits of projects funded with
the proceeds of the investment.
(g) Board Approval Required for Large Investments.--The Fund may
not make an investment in an amount of more than $250,000,000 without
the prior approval of the Board of Governors.
(h) Termination of Equity Investments.--With respect to each equity
investment made by the Fund in a company, the Fund shall sell such
investment at a time determined by the Chair as being in the best
interest of the Fund's revenue earning.
SEC. 4. OVERSIGHT AND ACCOUNTABILITY.
(a) Report to Congress.--The Board of Governors shall issue an
annual report to Congress detailing the financial and strategic
performance of the Fund, including--
(1) the performance of the Fund's investment portfolio;
(2) strategic impact outcomes; and
(3) governance and ethics disclosures.
(b) Inspector General Audit.--The Inspector General of the Fund
shall carry out an annual audit of the Fund and provide a report on
such audit to the Board of Governors and the Congress.
(c) GAO Audit.--The Comptroller General of the United States shall
carry out an annual audit of the Fund and provide a report on such
audit to the Board of Governors and the Congress.
(d) Public Transparency Portal.--The Board of Governors shall
maintain a public transparency portal listing all investments of the
Fund and the outcomes of those investments, but may exclude any
investments due to national security concerns.
(e) Ethics.--The Board of Governors shall adopt a code of ethics
and conflict-of-interest disclosure policies for the directors and
employees of the Fund, which shall include prohibiting revolving-door
influence, including--
(1) prohibiting governors and employees of the Fund (and
their spouses and dependents) from holding any ownership of a
company being invested in by the Fund;
(2) prohibiting governors and employees of the Fund from
receiving deferred compensation tied to past industry roles;
(3) requiring governors of the Fund to recuse themselves
from any matter involving former employers or other entities
where impartiality could reasonably be questioned; and
(4) during the 5-year period beginning on the date an
individual ceases to be a governor of the Fund, prohibiting the
individual from--
(A) accepting employment, board roles, or
compensation from any company that was invested in by
the Fund and with which the individual interacted while
a governor of the Fund;
(B) providing consulting, advisory, or strategic
services to any such company; and
(C) engaging in lobbying or influence activity
related to the Fund or its portfolio.
(f) Whistleblower Protections.--The Board of Governors shall
develop and adopt a whistleblower protection mechanism.
SEC. 5. FUNDING.
(a) Initial Funding.--
(1) In general.--There is appropriated to the Fund, out of
any funds in the Treasury not otherwise appropriated, to remain
available until expended--
(A) on the date of enactment of this Act,
$100,000,000,000;
(B) for the first fiscal year beginning after the
date of enactment of this Act, $65,000,000,000;
(C) for the second fiscal year beginning after the
date of enactment of this Act, $40,000,000,000;
(D) for the third fiscal year beginning after the
date of enactment of this Act, $35,000,000,000;
(E) for the fourth fiscal year beginning after the
date of enactment of this Act, $20,000,000,000;
(F) for the fifth fiscal year beginning after the
date of enactment of this Act, $15,000,000,000;
(G) for the sixth fiscal year beginning after the
date of enactment of this Act, $12,000,000,000;
(H) for the seventh fiscal year beginning after the
date of enactment of this Act, $10,000,000,000;
(I) for the eighth fiscal year beginning after the
date of enactment of this Act, $8,000,000,000; and
(J) for the ninth fiscal year beginning after the
date of enactment of this Act, $5,000,000,000.
(2) Decrease in appropriations over time.--
(A) Certification.--At the end of each 2-fiscal
year period beginning with the first fiscal year
beginning after the date of enactment of this Act, the
Chair of the Board of Governors shall certify to the
Congress whether or not the Fund is earning revenues
that equal or exceed the amount of appropriations
received by the Fund during the previous fiscal year
and whether or not such revenues can sustain the
operations of the Fund.
(B) Decrease.--Notwithstanding paragraph (1), each
time the Chair of the Board of Governors certifies
under subparagraph (A) that the Fund is earning
revenues that equal or exceed the amount of
appropriations received by the Fund during the previous
fiscal year and that such revenues can sustain the
operations of the Fund, the amount specified under
paragraph (1) applicable to each following fiscal year
shall be reduced by 20 percent.
(b) Use of Investment Proceeds.--Except as provided in section 6,
all proceeds from Fund investments, including interest, dividends, and
proceeds from the sale of investments, shall be retained by the Fund
and used, without further appropriation, to carry out this Act.
(c) Funding From Automobile Tariffs and Antidumping and
Countervailing Duties.--Beginning with the first fiscal year beginning
after the date of enactment of this Act--
(1) all duties collected pursuant to an investigation under
section 232 of the Trade Expansion Act of 1964 (19 U.S.C. 1862)
or section 301 of the Trade Act of 1974 (19 U.S.C. 2411) with
respect to automobiles shall be transferred to the Fund and
made available without further appropriation to carry out this
Act; and
(2) all duties collected pursuant to an antidumping order
or countervailing duty order under title VII of the Tariff Act
of 1930 (19 U.S.C. 1671 et seq.) shall be transferred to the
Fund and made available without further appropriation to carry
out this Act.
(d) Mergers and Acquisitions Fee.--
(1) In general.--With respect to any covered transaction
with a transaction value of over $1,000,000,000, the person
making the acquisition shall pay a fee to the Fund in an amount
equal to 1 percent of the transaction value and such amount
shall be made available without further appropriation, to carry
out this Act. In the event that a covered transaction does not
have a single party making an acquisition, the Fund shall
determine which parties to the transaction are subject to this
paragraph and, if more than one, how the fee required under
this paragraph is divided among the parties. The Board of
Governors of the Fund shall assess the impact of covered
transactions on workers in the applicable industry, and ensure
covered transactions advance the Fund's objective to create and
retain high-quality jobs.
(2) Definitions.--In this subsection:
(A) Covered transaction.--
(i) In general.--The term ``covered
transaction''--
(I) means any acquisition, directly
or indirectly, by any person of--
(aa) voting securities of
an issuer;
(bb) non-corporate
interests in any unincorporated
entity, including partnerships,
limited liability companies, or
similar entities; and
(cc) assets of any person;
and
(II) includes--
(aa) any merger,
consolidation, tender offer, or
similar business combination;
(bb) any acquisition of a
controlling or non-controlling
interest;
(cc) the formation of a
joint venture or other
combination of assets or
businesses; and
(dd) any series of
transactions that are part of a
common plan or arrangement.
(ii) Aggregation and anti-avoidance.--In
this subparagraph, transactions shall be
aggregated and treated as a single covered
transaction if the transactions--
(I) are between the same or related
persons; and
(II) occur within a 24-month
period, or as part of a common plan.
(iii) Common plan doctrine.--In this
subparagraph, transactions shall be treated as
part of a common plan where they are--
(I) commercially interdependent;
(II) negotiated in connection with
one another; or
(III) structured to avoid the
application of this Act.
(B) Transaction value.--
(i) In general.--The term ``transaction
value'' means the total value of all
consideration paid or payable, directly or
indirectly, in connection with a covered
transaction, including--
(I) cash and cash equivalents;
(II) the fair market value of
voting securities, non-corporate
interests, or other ownership interests
transferred;
(III) the fair market value of
assets transferred;
(IV) liabilities assumed, including
indebtedness; and
(V) contingent, deferred, or
earnout payments.
(ii) Determination.--A transaction value
shall be determined based on--
(I) the fair market value of the
consideration as of the date of
closing; or
(II) if greater, the total
consideration agreed to by the parties.
(iii) Special rules.--For purposes of
determining a transaction value of a covered
transaction, the Board of Governors shall issue
rules for--
(I) valuing contingent or deferred
consideration;
(II) valuing partial acquisitions;
and
(III) determining value in asset
transactions.
(e) Stock Trading Fee on High-Volume Traders.--The Securities and
Exchange Commission shall--
(1) issue rules to require each person who sells an equity
security, if the person has already sold more than $1,000,000
worth of equity securities in the same calendar year, to pay a
fee to the Commission in an amount equal to 0.1 percent of the
value of the sale; and
(2) transfer such amounts to the Fund to be used, without
further appropriation, to carry out this Act.
(f) Stock Buyback Fee.--The Securities and Exchange Commission
shall--
(1) issue rules to require each issuer that purchases an
equity security issued by such issuer to pay a fee of $100 to
the Commission for each such purchase; and
(2) transfer such amounts to the Fund to be used, without
further appropriation, to carry out this Act.
(g) Production Offshoring Fee.--
(1) In general.--Any company that carries out manufacturing
in the sectors described in section 3(b)(1), as such sectors
may have been modified pursuant to section 3(b)(2), with annual
revenue of more than $250,000,000 shall pay a fee to the Fund
any time the company carries out offshoring.
(2) Fee calculation.--
(A) In general.--The Board of Governors shall
determine the amount of a fee under paragraph (1) by
calculating the sum of--
(i) the labor cost differential between
United States and offshore production
multiplied by the number of units that have
been offshored; and
(ii) the sum of past Federal tax credits,
subsidies, and grants provided to the company
prior to offshoring operations.
(B) Tiered rate structure.--The Board of Governors
shall determine a tiered rate structure for purposes of
carrying out this subsection, using determinants such
as non-market economy status, foreign entity of concern
status, labor and child-labor abuses, emission rates,
and others.
(3) Offshoring defined.--The term ``offshoring'' means--
(A) the closure or downsizing of a domestic
production facility where there is reason to believe
such closure or downsizing may correlate to increasing
reliance on imported goods instead;
(B) the shift of production capacity abroad by a
company that continues selling into the United States;
and
(C) contracting with foreign manufacturers to
produce goods when the firm previously produced such
goods domestically.
(h) Funding From Corporate Taxes.--
(1) In general.--Section 11(b) of the Internal Revenue Code
of 1986 is amended by striking ``21 percent'' and inserting
``22 percent''.
(2) Use of funds.--All tax imposed by reason of the
amendment made by paragraph (1) shall be transferred to the
Fund to be used, without further appropriation, to carry out
this Act.
(3) Effective date.--The amendment made by this subsection
shall apply to taxable years beginning after December 31, 2026.
(i) Coordination With Other Agencies.--The Securities and Exchange
Commission, the Secretary of the Treasury, and such other Federal
agencies as the Board of Governors determines appropriate, shall
provide assistance to the Fund in carrying out this subsection.
(j) Securities Definitions.--In this section, the terms ``issuer''
and ``security'' have the meaning given those terms, respectively, in
section 3 of the Securities Exchange Act of 1934.
SECTION 6. BUILD AMERICA DIVIDEND.
(a) In General.--Subpart C of part IV of subchapter A of chapter 1
of the Internal Revenue Code of 1986 is amended by inserting after
section 36B the following new section:
``SEC. 36C. BUILD AMERICA DIVIDEND.
``(a) Allowance of Credit.--In the case of an eligible individual,
there shall be allowed as a credit against the tax imposed by this
subtitle an amount equal to the applicable amount.
``(b) Eligible Individual.--For purposes of this section, the term
`eligible individual' means an individual who is not--
``(1) a nonresident alien individual,
``(2) an individual with respect to whom a deduction under
section 151 is allowable to another taxpayer for a taxable year
beginning in the calendar year in which the individual's
taxable year begins, or
``(3) an estate or trust.
``(c) Applicable Amount.--The Board of Governors established under
section 2(c) of the `Build America Fund Act' shall determine the
applicable amount for purposes of subsection (a), which shall--
``(1) taken in aggregate with all credits allowed under
subsection (a) during an fiscal year, equal the amount which is
25 percent of the average annual proceeds of the Manufacturing
Sovereign Wealth Fund established in section 2(a) of the Build
America fund Act in the 5 preceding fiscal years, and
``(2) be determined subject to an income-based phaseout
structure which decreases the amount of the credit for higher-
income individuals.
``(d) Timing of Payment.--In the case of any overpayment of tax
attributable to a credit allowed under subsection (a), the Secretary
shall refund such overpayment to the taxpayer on the later of--
``(1) the first Friday which occurs in October in the year
in which the return of tax is filed, or
``(2) the date on which the Secretary would issue such
refund determined without regard to this subsection.
``(e) Identification Number Requirement.--No credit shall be
allowed under subsection (a) to any individual if such individual does
not include a valid identification number (as defined in section
24(h)(7)) of such taxpayer (or, in the case of a joint return, the
valid identification number (as so defined) of at least 1 spouse) on
the return of tax for the taxable year.''.
(b) Conforming Amendments.--
(1) Section 6211(b)(4)(A) of the Internal Revenue Code of
1986 is amended by inserting ``, 36C'' after ``36B''.
(2) Section 1324(b)(2) of title 31, United States Code, is
amended by inserting ``, 36C'' after ``, 36B''.
(3) The table of sections for subpart C of part IV of
subchapter A of chapter 1 of the Internal Revenue Code of 1986
is amended by inserting after the item relating to section 36B
the following new item:
``Sec. 36C. Build America dividend.''.
(c) Effective Date.--The amendments made by this section shall
apply to taxable years beginning after September 30, 2032.
SEC. 7. INDUSTRIAL SOVEREIGNTY COUNCIL.
(a) Establishment.--There is established within the executive
office of the President the Industrial Sovereignty Council (hereinafter
in this Act referred to as the ``Council''), which shall be composed
of--
(1) the Secretary of Commerce and the Secretary of the
Treasury, who shall serve as co-Chairs of the Council;
(2) the Director of the National Economic Council, who
shall serve as vice-Chair of the Council;
(3) a representative from the Departments of Defense,
Energy, Labor, and State; and
(4) the Chair of the Board of Governors of the Fund.
(b) Duties.--The Council shall--
(1) integrate the manufacturing investment decisions of the
Fund with broader U.S. economic, national security, energy, and
labor strategies;
(2) advise on national priorities for the industrial policy
of the Fund;
(3) review investments of the Fund for alignment with--
(A) supply chain security;
(B) climate and energy strategy; and
(C) workforce and regional equity goals;
(4) develop a 5-year policy roadmap, to be known as the
``Industrial Sovereignty Strategy'', that identifies--
(A) critical and emerging industries (e.g.,
semiconductors, batteries, defense supply chains,
precision tools, robotics);
(B) workforce and training needs;
(C) regional manufacturing hubs for targeted
growth; and
(D) domestic content, sustainability, and energy
standards;
(5) ensure that the Fund's portfolio aligns with the
Industrial Sovereignty Strategy;
(6) review all major Fund investment plans for strategic
consistency (but shall not review the approval of individual
investments);
(7) coordinate between the Departments of Commerce,
Defense, Energy, Labor, and the Treasury and the Office of the
United States Trade Representative on overlapping industrial
policies;
(8) prevent duplicate or contradictory industrial policy
programs across agencies;
(9) evaluate investments made by the Fund and partnerships
entered into by the Fund for national security implications,
including supply chain vulnerability, foreign dependency, and
dual-use technologies;
(10) coordinate with the National Security Council and the
Committee on Foreign Investment in the United States to ensure
industrial investments of the United States enhance sovereignty
and not foreign leverage;
(11) advise the Board of Governors of the Fund on strategic
risks, including geopolitical concentration (e.g., China-
dependent sectors);
(12) recommend new industrial standards, procurement rules,
and trade policies to complement the Fund's investments;
(13) ensure consistent environmental, labor, and wage
standards across Federal programs;
(14) advise Congress on legislative needs related to
domestic manufacturing, technology transfer, or export
controls;
(15) publish an annual report, to be known as the
``Industrial Sovereignty Report'', summarizing--
(A) sectoral investment patterns;
(B) supply chain dependencies;
(C) regional manufacturing health; and
(D) policy recommendations for the next fiscal
cycle; and
(16) brief Congress and the President on industrial
progress, risks, and opportunities.
SEC. 8. TERMINATION DATE OF THE FUND'S FUNCTIONS; EXCEPTIONS;
LIQUIDATION.
(a) In General.--The Fund shall continue to exercise its functions
in connection with and in furtherance of its object and purposes until
the close of business on the date that is 10 years after the date of
enactment of this Act, but the provisions of this section shall not be
construed as preventing the Fund from acquiring obligations prior to
such date which mature subsequent to such date or from assuming prior
to such date liability as guarantor, endorser, or acceptor of
obligations which mature subsequent to such date, or from continuing as
a corporate agency of the United States and exercising any of its
functions subsequent to such date for purposes of orderly liquidation,
including the administration of its assets and the collection of any
obligations held by the Fund.
(b) Funding.--
(1) In general.--After the date described in subsection
(a)--
(A) the Board of Governors of the Fund shall
transfer any funds not needed to carry out the
functions described in subsection (a) to the Secretary
of Commerce; and
(B) the Secretary of Commerce shall use all such
funds for programs carried out by the Department of
Commerce to assist American manufacturing, including
manufacturing grant programs.
(2) Other requirements.--All laborers and mechanics
employed by contractors or subcontractors in the performance of
construction, alteration, or repair work carried out, in whole
or in part, with assistance made available under paragraph
(1)(B) shall be paid wages at rates not less than those
prevailing on projects of a character similar in the locality
as determined by the Secretary of Labor in accordance with
subchapter IV of chapter 31 of title 40, United States Code.
With respect to such labor standards, the Secretary of Labor
shall have the authority and functions set forth in
Reorganization Plan No. 14 of 1950 (64 Stat. 1267; 5 U.S.C.
App.) and section 3145 of title 40, United States Code.
(c) Sense of Congress on Reauthorization.--It is the sense of
Congress that the Fund should be reauthorized in the future.
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