I 
119TH CONGRESS 
1ST SESSION H. R. 6412 
To establish an Independence Investment Fund to facilitate investments in 
companies developing critical and emerging technologies, such as bio-
technology, that significantly enhance the national security and economic 
security of the United States, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
DECEMBER 3, 2025 
Mr. SESSIONS (for himself, Ms. HOULAHAN, Mr. KHANNA, Mrs. BICE, Mr. 
DAVIS of North Carolina, and Mrs. MCCLAIN DELANEY) introduced the 
following bill; which was referred to the Committee on Financial Services 
A BILL 
To establish an Independence Investment Fund to facilitate 
investments in companies developing critical and emerg-
ing technologies, such as biotechnology, that significantly 
enhance the national security and economic security of 
the United States, and for other purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Independence Invest-
ment Fund Act’’. 
SEC. 2. DEFINITIONS. 
In this Act: 
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(1) ADVERSARIAL
INVESTMENT.—The term 
‘‘adversarial investment’’ means capital or intellec-
tual property acquisition from 1 or more foreign en-
tities of concern. 
(2) APPROPRIATE
CONGRESSIONAL
COMMIT-
TEES.—The term ‘‘appropriate congressional com-
mittees’’ means— 
(A) the Committee on Finance of the Sen-
ate; and 
(B) the Committee on Financial Services 
of the House of Representatives. 
(3) CRITICAL AND EMERGING TECHNOLOGY.— 
The term ‘‘critical and emerging technology’’ means 
a technology identified in the most recent critical 
and emerging technologies list published by the Na-
tional Science and Technology Council. 
(4) FOREIGN ENTITY OF CONCERN.—The term 
‘‘foreign entity of concern’’ has the meaning given 
the term in section 10612(a) of the Research and 
Development, Competition, and Innovation Act (42 
U.S.C. 19221(a)). 
(5) FUND.—The term ‘‘Fund’’ means the Inde-
pendence Investment Fund established by section 
3(a). 
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(6) MANAGING ENTITY.—The term ‘‘managing 
entity’’ means the independent entity that enters 
into a partner agreement with the Secretary under 
section 4(a). 
(7) OTHER TRANSACTIONS.—The term ‘‘other 
transactions’’ means transactions, other than pro-
curement contracts, grants, and cooperative agree-
ments. 
(8) PORTFOLIO COMPANY.—The term ‘‘portfolio 
company’’ means a company in which the Fund in-
vests. 
(9) SECRETARY.—The term ‘‘Secretary’’ means 
the Secretary of the Treasury. 
SEC. 3. ESTABLISHMENT OF FUND. 
(a) IN GENERAL.—There is established in the De-
partment of the Treasury an entity to be known as the 
‘‘Independence Investment Fund’’. 
(b) OBJECTIVES.—The objectives of the Fund shall 
be— 
(1) to invest in companies developing critical 
and emerging technologies that provide measurable 
improvements to the national security or economic 
security of all or part of the United States; 
(2) to signal critical and emerging technology 
priorities to private sector investors in order to 
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unlock the deployment of private capital to support 
companies; 
(3) to make investments designed to generate 
financial returns that enable self-sustainment of the 
Fund over time; 
(4) to offer an alternate source of financial sup-
port to companies vulnerable to adversarial invest-
ment; and 
(5) to provide the Federal Government with sit-
uational awareness over critical and emerging tech-
nology market trends, such as new products and ca-
pabilities. 
(c) STRATEGY.—The Secretary shall oversee the 
overall strategy of the Fund, in consultation with the Sec-
retary of Defense and the Secretary of Commerce, by de-
termining— 
(1) national security and economic security 
needs that the Fund shall meet; and 
(2) the technological priorities of the Fund, in-
cluding what critical and emerging technology prod-
ucts and capabilities will be considered significant to 
national security and economic security needs. 
(d) PRIORITY.—Biotechnology shall be a priority of 
the Fund. 
(e) INVESTMENTS.— 
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(1) IN GENERAL.—The Fund shall make seed 
to mid-stage equity investments in technology com-
panies that are headquartered in the United States. 
(2) AMOUNT.—The Fund may make invest-
ments of any amount, but shall seek to achieve an 
average investment amount between $1,000,000 and 
$10,000,000. 
(f) OUTSIDE INVESTMENTS AND PARTNERSHIPS.— 
As appropriate, the Fund may— 
(1) make investments in companies that are 
headquartered outside of the United States, other 
than in a foreign entity of concern; and 
(2) partner with venture capital funds of a 
country other than the United States, other than a 
foreign entity of concern. 
(g) ADVISORY BOARD.— 
(1) IN GENERAL.—There is established an advi-
sory board to the Fund (referred to in this sub-
section as the ‘‘advisory board’’), to advise the Sec-
retary on the establishment and implementation of 
the Fund. 
(2) MEMBERSHIP.— 
(A) IN
GENERAL.—Subject to subpara-
graphs (B) and (C), the Secretary shall select 
members to serve on the advisory board. 
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(B) EXPERIENCE.—In selecting members 
for the advisory board, the Secretary shall seek 
to include— 
(i) individuals with demonstrated ex-
perience in the financing of critical and 
emerging technologies, including through 
the use of strategic venture capital and eq-
uity financing practices and methods; 
(ii) individuals with demonstrated ex-
perience in managing public-private part-
nerships to meet Federal Government 
needs in critical and emerging technologies; 
and 
(iii) individuals with demonstrated ex-
perience in determining how critical and 
emerging technologies can meet national 
security or economic security needs of the 
United States. 
(C) 
BIOTECHNOLOGY
EXPERTISE.—1 
member of the advisory board shall be a senior 
official in the Executive Office of the President 
focused on biotechnology and national security. 
(3) DUTIES.—The advisory board, in consulta-
tion with the Secretary, shall recommend to the Sec-
retary each of the following for the Fund: 
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(A) ROADMAP.—A roadmap to guide the 
establishment and implementation of the Fund, 
including— 
(i) a clear articulation of specific goals 
and milestones for the Fund to meet the 
objectives described in subsection (b), in-
cluding timelines for meeting those goals 
and milestones; 
(ii) the bylaws, rules, regulations, poli-
cies, and procedures governing the manner 
in which the business of the Fund may be 
conducted and in which the powers granted 
to the Fund by law may be exercised; and 
(iii) the solicitation process for the 
managing entity described in section 4. 
(B) 
OPERATING
GUIDANCE.—Operating 
procedures to be followed by the Fund in car-
rying out the duties and purposes of the Fund, 
including— 
(i) criteria, requirements, and stand-
ards regarding the provisions of the invest-
ments made by the Fund; and 
(ii) disclosure and reporting require-
ments for portfolio companies. 
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(C) OTHER
DETAILS.—Decisions on all 
other details necessary for the implementation 
of the Fund, which may include— 
(i) provisions of non-financial assist-
ance to portfolio companies, such as 
mentorship in partnering with government 
entities, regulatory guidance, computa-
tional resources, and connectivity to poten-
tial customers; 
(ii) handling of intellectual property; 
(iii) ability or requirement for the 
Fund to have a board or board observer 
seat in portfolio companies; 
(iv) a formal or informal mechanism 
directing the Fund to consider investments 
in companies that have had an investment 
round blocked or reversed by the Com-
mittee on Foreign Investment in the 
United States; 
(v) a requirement for portfolio compa-
nies to report to the Committee on Foreign 
Investment in the United States in the 
case of a proposed sale or merger with a 
foreign company; 
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(vi) a prohibition against portfolio 
companies accepting investment from enti-
ties established in foreign entities of con-
cern; and 
(vii) an option for the Fund to sell eq-
uity back to the portfolio company if the 
company develops in a direction antithet-
ical to the objectives described in sub-
section (b). 
(4) REPORT.—Not later than 180 days after 
the date of enactment of this Act, the advisory board 
shall submit to the Secretary and the appropriate 
congressional committees a report that describes the 
recommendations made under paragraph (3). 
(5) STAFF.—To assist the advisory board in 
carrying out the duties under this subsection, the 
Secretary shall appoint a professional staff of 3 em-
ployees, who may be full-time employees of the De-
partment of the Treasury. 
(6) FACA.—Chapter 10 of title 5, United 
States Code (commonly referred to as the ‘‘Federal 
Advisory Committee Act’’), shall not apply to the ad-
visory board. 
(7) SUNSET.—The advisory board shall termi-
nate on the date that is 90 days after the date on 
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which the report under paragraph (4) is submitted 
to the Secretary and the appropriate congressional 
committees. 
(h) SUPERVISORY BOARD.— 
(1) IN GENERAL.—Not later than 30 days after 
the termination of the advisory board under sub-
section (g)(7), the Secretary shall establish a super-
visory board to the Fund (referred to in this sub-
section as the ‘‘supervisory board’’), to provide the 
Secretary with ongoing oversight of the Fund and 
the managing entity. 
(2) MEMBERSHIP.— 
(A) IN GENERAL.—The supervisory board 
shall consist of 5 members, whom the Secretary 
shall select, subject to subparagraphs (B) and 
(C). 
(B) EXPERIENCE.—In selecting members 
for the supervisory board, the Secretary shall 
seek to include— 
(i) individuals with demonstrated ex-
perience in the financing of critical and 
emerging technologies, including through 
the use of strategic venture capital and eq-
uity financing practices and methods; 
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(D) TERMS.— 
(i) IN GENERAL.—The term of each 
member of the supervisory board shall be 
3 years. 
(ii) REAPPOINTMENT.— 
(I) IN GENERAL.—Except as pro-
vided in subclause (I), a member of 
the supervisory board may be re-
appointed to not more than 2 consecu-
tive terms immediately following the 
initial term of the member. 
(II) EXCEPTION.—The limitation 
under subclause (I) shall not apply to 
a member of the supervisory board de-
scribed in clause (i) or (ii) of subpara-
graph (C). 
(3) DUTIES.—The supervisory board, in con-
sultation with the Secretary, shall carry out each of 
the following for the Fund: 
(A) GENERAL OVERSIGHT.—Provide gen-
eral oversight of the Fund and managing entity. 
(B) INVESTMENT
OVERSIGHT.—Serve as 
an investment committee, with all investment 
decisions subject to a vote of approval by the 
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supervisory board, subject to the conditions 
that— 
(i) at least 4 of the 5 members of the 
supervisory board shall be present for a 
voting quorum; and 
(ii) at least 3 members shall vote in 
favor of an investment in order for the in-
vestment to be approved. 
(4) FACA.—Chapter 10 of title 5, United 
States Code (commonly referred to as the ‘‘Federal 
Advisory Committee Act’’), shall not apply to the su-
pervisory board. 
SEC. 4. MANAGING ENTITY OF FUND. 
(a) IN GENERAL.—To support the objectives de-
scribed in section 3(b), the Secretary shall enter into an 
agreement (including through the use of grants, contracts, 
cooperative agreements, or other transactions) with an 
independent entity that shall serve as the managing entity 
of the Fund. 
(b) SELECTION.—To select the managing entity of 
the Fund, the Secretary shall— 
(1) hold an open competition and solicit bids 
from eligible entities to manage the Fund; and 
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(2) enter into an agreement with a selected en-
tity not later than 180 days after the date on which 
the Secretary begins the competition. 
(c) ELIGIBILITY.—The managing entity shall— 
(1) be an independent nonprofit or for-profit 
entity; 
(2) have a demonstrated record of managing in-
vestment funds and making equity investments; 
(3) have a demonstrated record of being able to 
create linkages between companies and investors and 
leverage those partnerships and resources for the 
purpose of addressing strategic needs; and 
(4) have experience in promoting novel tech-
nology innovation. 
(d) OTHER TRANSACTION AUTHORITY.— 
(1) IN GENERAL.—Subject to paragraph (2), 
the Secretary may enter into other transactions with 
the managing entity to carry out the purposes of 
this Act. 
(2) LIMITATION.—To the maximum extent 
practicable, competitive procedures shall be used 
when entering into other transactions under this 
subsection. 
(e) DUTIES.—The managing entity shall— 
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(1) be responsible for the management of the 
Fund through employing the use of strategic venture 
capital practices and methods; 
(2) develop and advance an investment strategy 
for the development of critical and emerging tech-
nologies that address United States national security 
and economic security needs, as identified by the 
Secretary; and 
(3) provide expert consultation and advice to 
foster critical and emerging technology innovation, 
including helping companies navigate unique indus-
try challenges with respect to developing critical and 
emerging technology products and capabilities. 
(f) DIRECTION.—Pursuant to an agreement entered 
into under this section and in coordination with the super-
visory board established under section 3(h), the Secretary 
shall provide direction to the managing entity, including 
by— 
(1) communicating the national security and 
economic security needs to be addressed by the man-
aging entity under the agreement; 
(2) developing a description of work to be per-
formed by the managing entity under the agreement; 
(3) providing technical feedback and appro-
priate oversight over work carried out by the man-
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aging entity, including subsequent development and 
partnerships consistent with the needs and require-
ments described in this section; 
(4) ensuring fair consideration of products de-
veloped under the agreement in order to maintain 
competition to the maximum extent practicable; and 
(5) ensuring, as a condition of the agreement, 
that the managing entity— 
(A) has in place a comprehensive set of 
policies that demonstrate a commitment to 
transparency and accountability; 
(B) protects against conflicts of interest 
through a comprehensive set of policies that ad-
dress potential conflicts of interest, ethics, dis-
closure, and reporting requirements; 
(C) provides monthly accounting on the 
use of funds provided under the agreement; and 
(D) provides on a quarterly basis reports 
regarding the progress made toward meeting 
the needs described in the agreement. 
(g) NOT A FEDERAL AGENCY.—The Fund shall not 
be considered to be an agency, department, or instrumen-
tality of the Federal Government. 
SEC. 5. PERSONNEL AUTHORITIES. 
The Secretary may— 
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(1) appoint not more than 25 personnel without 
regard to any provision of title 5, United States 
Code, governing appointments in the competitive 
service; and 
(2) fix the rate of basic pay for such personnel 
without regard to any provision of title 5, United 
States Code, governing rates of pay or classification 
of employees in the executive branch, subject to the 
condition that the rate of basic pay shall not exceed 
the amount of annual compensation (excluding ex-
penses) specified in section 102 of title 3, United 
States Code. 
SEC. 6. REPORTING REQUIREMENTS. 
Not later than October 1 of each year, the Secretary 
shall submit to the appropriate congressional committees 
a report of the operations of the Fund during the pre-
ceding fiscal year, including an assessment of— 
(1) the impacts of investments on meeting the 
objectives of the Fund described in section 3(b); 
(2) performance measurements of investments; 
(3) the progress of the Fund in meeting the 
goals and milestones developed by the advisory board 
under section 3(g)(3)(A)(i), including timelines for 
those goals and milestones; and 
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(4) the extent to which the investments com-
plement other Federal financing mechanisms for 
critical and emerging technologies. 
SEC. 7. EXEMPTION FROM CERTAIN LAWS. 
Any action taken or decision made by the Secretary 
under this Act shall be exempt from the requirements of— 
(1) section 3506 of title 44, United States Code 
(commonly referred to as the ‘‘Paperwork Reduction 
Act’’); and 
(2) chapters 5 and 7 of title 5, United States 
Code (commonly referred to as the ‘‘Administrative 
Procedure Act’’). 
SEC. 8. AUTHORIZATION OF APPROPRIATIONS. 
(a) IN GENERAL.—There is authorized to be appro-
priated to carry out this Act $975,500,000 for fiscal year 
2025, of which $300,000,000 shall be for biotechnology 
investments, to remain available until expended. 
(b) ADMINISTRATIVE
AND
OPERATING
COSTS.— 
There are authorized to be appropriated for the adminis-
trative and operating costs of carrying out this Act— 
(1) $2,000,000 for fiscal year 2025; and 
(2) $22,000,000 for each of fiscal years 2026 
through 2040. 
(c) CONDITIONAL AUTHORIZATION OF APPROPRIA-
TIONS.— 
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(1) IN GENERAL.—Subject to paragraph (2), 
during the period of fiscal years 2035 through 2040, 
if the cash balance available for biotechnology invest-
ments in the Fund is less than $80,000,000 on Sep-
tember 30 of any of those fiscal years, there is au-
thorized to be appropriated to carry out this Act for 
the following fiscal year $500,000,000, of which 
$150,000,000 shall be for biotechnology investments. 
(2) LIMITATION.—Not more than $500,000,000 
is authorized to be appropriated under paragraph 
(1) during the period described in that paragraph. 
Æ 
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