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119-hr-6412119th CongressWALLET

Independence Investment Fund Act

Sponsored By: Representative Sessions, Pete [R-TX-17]

Introduced

Summary

Create a Treasury-managed Independence Investment Fund to back U.S.-headquartered critical and emerging technology companies, with a clear priority on biotechnology. The fund would deploy equity to seed and mid-stage firms to strengthen economic and national security and to attract private capital.

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Bill Overview

Analyzed Economic Effects

3 provisions identified: 2 benefits, 0 costs, 1 mixed.

Billion-dollar fund with biotech earmark

If enacted, the bill would authorize $975.5 million for fiscal year 2025 to carry out the Fund, including $300 million specifically for biotechnology investments. Administrative costs are authorized at $2 million for FY2025 and $22 million per year for FY2026 through FY2040. From FY2035 through FY2040, if the Fund's biotech cash balance is under $80 million on September 30, the bill would authorize up to $500 million for the next fiscal year, with at least $150 million of that reserved for biotechnology; not more than $500 million may be authorized under that conditional rule during that period. Investment funds would remain available until expended.

New Treasury tech investment fund

If enacted, the bill would create the Independence Investment Fund at the Department of the Treasury to back U.S.-headquartered tech companies and to signal priority areas to private investors. The Fund would target seed to mid-stage equity and seek an average investment of $1,000,000 to $10,000,000. It would make biotechnology a stated priority and could invest in some non-U.S. companies except those that are "foreign entities of concern." The bill would also give the Fund extra contracting flexibility and exempt some Secretary actions from parts of the Paperwork Reduction Act and Administrative Procedure Act, which could speed investments but reduce some procedural protections.

Fund managers, boards, and reports

If enacted, the bill would require a temporary Advisory Board to give a roadmap within 180 days and then end 90 days after the report. The Secretary would run an open competition to pick a private managing entity and must sign an agreement within 180 days after the competition starts. A five-member Supervisory Board would oversee investments and must have at least four members present and three votes to approve an investment. The managing entity must give monthly accounting and quarterly progress reports. The Secretary could hire up to 25 Fund staff outside normal civil-service rules, but pay for those staff could not exceed a specified annual cap.

Sponsors & CoSponsors

Sponsor

Sessions, Pete [R-TX-17]

TX • R

Cosponsors

  • Rep. Houlahan, Chrissy [D-PA-6]

    PA • D

    Sponsored 12/3/2025

  • Rep. Khanna, Ro [D-CA-17]

    CA • D

    Sponsored 12/3/2025

  • Rep. Bice, Stephanie I. [R-OK-5]

    OK • R

    Sponsored 12/3/2025

  • Rep. Davis, Donald G. [D-NC-1]

    NC • D

    Sponsored 12/3/2025

  • Rep. McClain Delaney, April [D-MD-6]

    MD • D

    Sponsored 12/3/2025

  • Rep. Vindman, Eugene Simon [D-VA-7]

    VA • D

    Sponsored 4/27/2026

Roll Call Votes

No roll call votes available for this bill.

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