I 
117TH CONGRESS 
2D SESSION 
H. R. 8470 
To establish a public-private partnership technology investment pilot program. 
IN THE HOUSE OF REPRESENTATIVES 
JULY 21, 2022 
Ms. HOULAHAN (for herself and Mr. FALLON) introduced the following bill; 
which was referred to the Committee on Armed Services 
A BILL 
To establish a public-private partnership technology 
investment pilot program. 
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 ‘‘Investing in American 
Defense Technologies Act of 2022’’. 
SEC. 2. PUBLIC-PRIVATE PARTNERSHIP TECHNOLOGY IN-
VESTMENT PILOT PROGRAM. 
(a) ESTABLISHMENT.— 
(1) IN GENERAL.—Subject to the availability of 
appropriations for this purpose, the Secretary of De-
fense shall carry out a pilot program, for no less 
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than five years, to accelerate the development of ad-
vanced technology for national security by creating 
incentives for trusted private capital to invest in do-
mestic small businesses or nontraditional businesses 
that are developing technology that the Secretary 
considers necessary to support the modernization of 
the Department of Defense and national security 
priorities. 
(2) PURPOSES.—The purposes of the program 
required by paragraph (1) are as follows: 
(A) To promote the global superiority of 
the United States in advanced technologies of 
importance to national security, which are not 
adequately supported by private sector invest-
ment. 
(B) To accelerate the transition and de-
ployment of advanced technologies into the 
Armed Forces. 
(C) To support Department investment 
through a loan guarantee to accelerate acquisi-
tion, procurement, and the transition of ad-
vance technology described in paragraph (1), as 
appropriate. 
(b) PUBLIC-PRIVATE PARTNERSHIP.— 
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(1) IN GENERAL.—In carrying out subsection 
(a), the Secretary shall enter into a public-private 
partnership with one or more persons using criteria 
that the Secretary shall establish for purposes of 
this subsection. 
(2) CRITERIA.—The criteria established under 
paragraph (1) for entering into a public-private 
partnership with a person shall include the following: 
(A) The person shall be independent. 
(B) The person shall be free from foreign 
oversight, control, influence, or beneficial own-
ership. 
(C) The person shall have commercial pri-
vate capital fund experience with technology de-
velopment in the defense and commercial sec-
tors. 
(D) The person shall be eligible for access 
to classified information (as defined in the pro-
cedures established pursuant to section 801(a) 
of the National Security Act of 1947 (50 
U.S.C. 3161(a))). 
(3) OPERATING
AGREEMENT.—The Secretary 
and a person with whom the Secretary enters a part-
nership under paragraph (1) shall enter into an op-
erating agreement that sets forth the roles, respon-
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sibilities, authorities, reporting requirements, and 
governance framework for the partnership and its 
operations. 
(c) INVESTMENT AND RAISING OF CAPITAL.— 
(1) INVESTMENT.— 
(A) IN GENERAL.—Pursuant to a public- 
private partnership entered into under sub-
section (b), a person with whom the Secretary 
has entered the partnership shall invest equity 
in domestic small businesses or nontraditional 
businesses consistent with subsection (a). 
(B) SELECTION
CRITERIA.—Investments 
under subparagraph (A) shall be selected based 
on their technical merit, economic consider-
ations, and ability to support modernization 
goals of the Department. 
(2) USE OF TRUSTED CAPITAL SOURCES.—Pur-
suant to a public-private partnership entered into 
under subsection (b), a person described in para-
graph (1)(A) shall, in order to support investment of 
equity under paragraph (1), raise private capital 
only from trusted capital sources. 
(3) SOLE AUTHORITY.—A person described in 
paragraph (1)(A) shall have sole authority to raise 
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