,,ii #aagth ,,congress #b;d ,session ,s4 #dehh ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,july #ba1 #bjbb,ms4 ,rosen 7for herself and ,mrs4 ,blackburn7 introduced the following bill2 which was read twice and referred to the ,committee on ,armed ,services ,a ,,bill ,to establish a public-private partnership technology investment pilot program4 #a4 ,short title ,this ,act may be cited as the ,investing in ,american ,defense ,technologies ,act of #bjbb4 #b4 ,public-private partnership technology investment pilot program 7a7 ,establishment 7#a7 ,in general ,subject to the availability of appropriations for this purpose1 the ,secretary of ,defense shall carry out a pilot program1 for no less than five years1 to accelerate the development of advanced technology for national security by creating incentives for trusted private capital to invest in domestic 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 priorities4 7#b7 ,purposes ,the purposes of the program required by paragraph 7#a7 are as follows3 7,a7 ,to promote the global superiority of the ,united ,states in advanced technologies of importance to national security1 which are not adequately supported by private sector investment4 7,b7 ,to accelerate the transition and deployment of advanced technologies into the ,armed ,forces4 7,c7 ,to support ,department investment through a loan guarantee to accelerate acquisition1 procurement1 and the transition of advance technology described in paragraph 7#a71 as appropriate4 7b7 ,public-,private partnership 7#a7 ,in general ,in carrying out subsection 7a71 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 subsection4 7#b7 ,criteria ,the criteria established under paragraph 7#a7 for entering into a public-private partnership with a person shall include the following3 7,a7 ,the person shall be independent4 7,b7 ,the person shall be free from foreign oversight1 control1 influence1 or beneficial ownership4 7,c7 ,the person shall have commercial private capital fund experience with technology development in the defense and commercial sectors4 7,d7 ,the person shall be eligible for access to classified information 7as defined in the procedures established pursuant to section #hja7;a7 of the ,national ,security ,act of #aidg 7#ej ,u4,s4,c4 #cafa7;a7774 7#c7 ,operating agreement ,the ,secretary and a person with whom the ,secretary enters a partnership under paragraph 7#a7 shall enter into an operating agreement that sets forth the roles1 responsibilities1 authorities1 reporting requirements1 and governance framework for the partnership and its operations4 7c7 ,investment and raising of capital 7#a7 ,investment 7,a7 ,in general ,pursuant to a public-private partnership entered into under subsection 7b71 a person with whom the ,secretary has entered the partnership shall invest equity in domestic small businesses or nontraditional businesses consistent with subsection 7a74 7,b7 ,selection criteria ,investments under subparagraph 7,a7 shall be selected based on their technical merit1 economic considerations1 and ability to support modernization goals of the ,department4 7#b7 ,use of trusted capital sources ,pursuant to a public-private partnership entered into under subsection 7b71 a person described in paragraph 7#a77;,a7 shall1 in order to support investment of equity under paragraph 7#a71 raise private capital only from trusted capital sources4 7#c7 ,sole authority ,a person described in paragraph 7#a77;,a7 shall have sole authority to raise funds for1 operate1 manage1 and invest capital raised under such subparagraph4 7#d7 ,loan guarantee 7,a7 ,in general ,the ,secretary shall provide a loan guarantee for up to #hj percent of the principal capital amount of the funds raised under paragraph 7#b71 pursuant to the public-private partnership entered into under subsection 7b71 with investment of equity that qualifies under paragraph 7#a7 and consistent with the purposes set forth under subsection 7a77#b74 7,b7 ,subject to operating agreement ,the loan guarantee under subparagraph 7,a7 shall be subject to the operating agreement entered into under subsection 7b77#c74 7,c7 ,limits ,obligations incurred by the ,secretary under this paragraph shall be subject to the availability of appropriations4 7d7 ,briefings 7#a7 ,implementation ,not later than one year after the date of the enactment of this section1 the ,secretary shall provide to the congressional defense committees a briefing on the implementation of this section4 7#b7 ,assessment of outcomes and feasibility ,not later than five years after the date of the enactment of this section1 the ,secretary shall provide the congressional defense committees a briefing on the outcomes of the pilot program and the feasibility and advisability of making it permanent4 7e7 ,definitions ,in this section3 7#a7 ,the term congressional defense committees has the meaning given the term in section #aja7;a77#af7 of title #aj1 ,united ,states ,code4 7#b7 ,the term domestic business has the meaning given the term ,u4,s4 business in section #hjj4beb of title #ca1 ,code of ,federal ,regulations1 or successor regulation4 7#c7 ,the term domestic small businesses or nontraditional businesses means-- 7,a7 a small businesses that is a domestic business2 or 7,b7 a nontraditional business that is a domestic business4 7#d7 ,the term free from foreign oversight1 control1 influence1 or beneficial ownership1 with respect to a person1 means a person who has not raised and managed capital from a person or entity that is not trusted and is otherwise free from foreign oversight1 control1 influence1 or beneficial ownership4 7#e7 ,the term independent1 with respect to a person1 means a person who lacks a conflict of interest accomplished by not having entity or manager affiliation or ownership with an existing fund4 7#f7 ,the term nontraditional business has the meaning given the term nontraditional defense contractors in section #cjad of title #aj1 ,united ,states ,code4 7#g7 ,the term small business has the meaning given the term small business concern in section #c of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcb74