,i  #aai? ,,congress  #a/ ,session  ,h4 
,r4 #fdab  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,decemb] #c1 #bjbe,mr4
 ,sessions 7= himself1 ,ms4 ,h\lahan1   
,mr4 ,khanna1 ,mrs4 ,bice1 ,mr4 ,davis (
 ,nor? ,c>ol9a1 & ,mrs4 ,mc,clain       
,delaney7 introduc$ ! foll[+ bill2 :i* 0
 ref]r$ to ! ,committee on ,f9ancial    
,s]vices  ,a ,,bill  ,to e/abli% an     
,indep5d5ce ,inve/m5t ,fund to          
facilitate inve/m5ts 9 companies        
develop+ critical & em]g+ te*nologies1  
su* z biote*nology1 t significantly     
enhance ! national security & economic  
security ( ! ,unit$ ,/ates1 & = o!r     
purposes4  #a4 ,%ort title ,?is ,act may
 be cit$ z ! ,indep5d5ce ,inve/m5t ,fund
 ,act4  #b4 ,def9itions ,9 ?is ,act3    
7#a7 ,adv]s>ial inve/m5t ,! t]m         
adv]s>ial inve/m5t means capital or     
intellectual prop]ty acquisition f #a or
 m =eign entities ( conc]n4  7#b7       
,appropriate congressional committees ,!
 t]m appropriate congressional          
committees means-- 7,a7 ! ,committee on 

,f9ance ( ! ,s5ate2 &  7,b7 ! ,committee
 on ,f9ancial ,s]vices ( ! ,h\se (      
,repres5tatives4  7#c7 ,critical & em]g+
 te*nology ,! t]m critical & em]g+      
te*nology means a te*nology id5tifi$ 9 !
 mo/ rec5t critical & em]g+ te*nologies 
li/ publi%$ by ! ,national ,sci5ce &    
,te*nology ,c\ncil4  7#d7 ,=eign entity 
( conc]n ,! t]m =eign entity ( conc]n   
has ! mean+ giv5 ! t]m 9 section        
#ajfab7;a7 ( ! ,rese>* & ,developm5t1   
,competition1 & ,innovation ,act 7#db   
,u4,s4,c4 #aibba7;a774  7#e7 ,fund ,!   
t]m ,fund means ! ,indep5d5ce ,inve/m5t 
,fund e/abli%$ by section #c7;a74  7#f7 
,manag+ entity ,! t]m manag+ entity     
means ! indep5d5t entity t ent]s into a 
p>tn] agreem5t ) ! ,secret>y "u section 
#d7;a74  7#g7 ,o!r transactions ,! t]m  
o!r transactions means transactions1 o!r
 ?an procurem5t contracts1 grants1 &    
coop]ative agreem5ts4  7#h7 ,portfolio  
company ,! t]m portfolio company means a
 company 9 :i* ! ,fund inve/s4  7#i7    
,secret>y ,! t]m ,secret>y means !      

,secret>y ( ! ,treasury4  #c4           
,e/abli%m5t ( fund  7a7 ,9 g5]al ,!re is
 e/abli%$ 9 ! ,dep>tm5t ( ! ,treasury an
 entity to be kn[n z ! ,indep5d5ce      
,inve/m5t ,fund4  7b7 ,objectives ,!    
objectives ( ! ,fund %all be-- 7#a7 to  
inve/ 9 companies develop+ critical &   
em]g+ te*nologies t provide measurable  
improvem5ts to ! national security or   
economic security ( all or "p ( ! ,unit$
 ,/ates2  7#b7 to signal critical &     
em]g+ te*nology priorities to private   
sector inve/ors 9 ord] to unlock !      
deploym5t ( private capital to support  
companies2  7#c7 to make inve/m5ts      
design$ to g5]ate f9ancial returns t    
enable self-su/a9m5t ( ! ,fund ov] "t2  
7#d7 to (f] an alt]nate s\rce ( f9ancial
 support to companies vuln]able to      
adv]s>ial inve/m5t2 &  7#e7 to provide !
 ,f$]al ,gov]nm5t ) situational aw>5ess 
ov] critical & em]g+ te*nology m>ket    
tr5ds1 su* z new products &             
capabilities4  7c7 ,/rategy ,! ,secret>y
 %all ov]see ! ov]all /rategy ( ! ,fund1

 9 consultation ) ! ,secret>y ( ,def5se 
& ! ,secret>y ( ,comm]ce1 by det]m9+--  
7#a7 national security & economic       
security ne$s t ! ,fund %all meet2 &    
7#b7 ! te*nological priorities ( !      
,fund1 includ+ :at critical & em]g+     
te*nology products & capabilities w be  
consid]$ significant to national        
security & economic security ne$s4  7d7 
,priority ,biote*nology %all be a       
priority ( ! ,fund4  7e7 ,inve/m5ts     
7#a7 ,9 g5]al ,! ,fund %all make se$ to 
mid-/age equity inve/m5ts 9 te*nology   
companies t are headqu>t]$ 9 ! ,unit$   
,/ates4  7#b7 ,am\nt ,! ,fund may make  
inve/m5ts ( any am\nt1 b %all seek to   
a*ieve an av]age inve/m5t am\nt betwe5  
#a1jjj1jjj & #aj1jjj1jjj4  7f7 ,outside 
inve/m5ts & p>tn]%ips ,z appropriate1 ! 
,fund may-- 7#a7 make inve/m5ts 9       
companies t are headqu>t]$ outside ( !  
,unit$ ,/ates1 o!r ?an 9 a =eign entity 
( conc]n2 &  7#b7 p>tn] ) v5ture capital
 funds ( a c\ntry o!r ?an ! ,unit$      
,/ates1 o!r ?an a =eign entity ( conc]n4

  7g7 ,advisory bo>d  7#a7 ,9 g5]al ,!re
 is e/abli%$ an advisory bo>d to ! ,fund
 7ref]r$ to 9 ?is subsection z !        
advisory bo>d71 to advise ! ,secret>y on
 ! e/abli%m5t & implem5tation ( ! ,fund4
  7#b7 ,memb]%ip  7,a7 ,9 g5]al ,subject
 to subp>agraphs 7,b7 & 7,c71 !         
,secret>y %all select memb]s to s]ve on 
! advisory bo>d4  7,b7 ,exp]i5ce ,9     
select+ memb]s = ! advisory bo>d1 !     
,secret>y %all seek to include-- 7i7    
individuals ) demon/rat$ exp]i5ce 9 !   
f9anc+ ( critical & em]g+ te*nologies1  
includ+ ?r\gh ! use ( /rategic v5ture   
capital & equity f9anc+ practices &     
me?ods2  7ii7 individuals ) demon/rat$  
exp]i5ce 9 manag+ public-private        
p>tn]%ips to meet ,f$]al ,gov]nm5t ne$s 
9 critical & em]g+ te*nologies2 &  7iii7
 individuals ) demon/rat$ exp]i5ce 9    
det]m9+ h[ critical & em]g+ te*nologies 
c meet national security or economic    
security ne$s ( ! ,unit$ ,/ates4  7,c7  
,biote*nology exp]tise #a memb] ( !     
advisory bo>d %all be a s5ior (ficial 9 

! ,executive ,(fice ( ! ,presid5t focus$
 on biote*nology & national security4   
7#c7 ,duties ,! advisory bo>d1 9        
consultation ) ! ,secret>y1 %all        
recomm5d to ! ,secret>y ea* ( ! foll[+ =
 ! ,fund3 7,a7 ,roadmap ,a roadmap to   
guide ! e/abli%m5t & implem5tation ( !  
,fund1 includ+-- 7i7 a cle> articulation
 ( specific goals & mile/ones = ! ,fund 
to meet ! objectives describ$ 9         
subsection 7b71 includ+ timel9es = meet+
 ^? goals & mile/ones2  7ii7 ! bylaws1  
rules1 regulations1 policies1 &         
proc$ures gov]n+ ! mann] 9 :i* ! bus9ess
 ( ! ,fund may be conduct$ & 9 :i* !    
p[]s grant$ to ! ,fund by law may be    
ex]cis$2 &  7iii7 ! solicitation process
 = ! manag+ entity describ$ 9 section   
#d4  7,b7 ,op]at+ guidance ,op]at+      
proc$ures to be foll[$ by ! ,fund 9     
c>ry+ out ! duties & purposes ( ! ,fund1
 includ+-- 7i7 crit]ia1 requirem5ts1 &  
/&>ds reg>d+ ! provisions ( ! inve/m5ts 
made by ! ,fund2 &  7ii7 disclosure &   
report+ requirem5ts = portfolio         

companies4  7,c7 ,o!r details ,decisions
 on all o!r details necess>y = !        
implem5tation ( ! ,fund1 :i* may        
include-- 7i7 provisions ( non-f9ancial 
assi/ance to portfolio companies1 su* z 
m5tor%ip 9 p>tn]+ ) gov]nm5t entities1  
regulatory guidance1 computational      
res\rces1 & connectivity to pot5tial    
cu/om]s2  7ii7 h&l+ ( intellectual      
prop]ty2  7iii7 ability or requirem5t = 
! ,fund to h a bo>d or bo>d obs]v] seat 
9 portfolio companies2  7iv7 a =mal or  
in=mal me*anism direct+ ! ,fund to      
consid] inve/m5ts 9 companies t h _h an 
inve/m5t r\nd block$ or rev]s$ by !     
,committee on ,=eign ,inve/m5t 9 !      
,unit$ ,/ates2  7v7 a requirem5t =      
portfolio companies to report to !      
,committee on ,=eign ,inve/m5t 9 !      
,unit$ ,/ates 9 ! case ( a propos$ sale 
or m]g] ) a =eign company2  7vi7 a      
prohibition aga9/ portfolio companies   
accept+ inve/m5t f entities e/abli%$ 9  
=eign entities ( conc]n2 &  7vii7 an    
option = ! ,fund to sell equity back to 

! portfolio company if ! company        
develops 9 a direction anti!tical to !  
objectives describ$ 9 subsection 7b74   
7#d7 ,report ,n lat] ?an #ahj days aft] 
! date ( enactm5t ( ?is ,act1 ! advisory
 bo>d %all submit to ! ,secret>y & !    
appropriate congressional committees a  
report t describes ! recomm5dations made
 "u p>agraph 7#c74  7#e7 ,/aff ,to assi/
 ! advisory bo>d 9 c>ry+ out ! duties "u
 ?is subsection1 ! ,secret>y %all appo9t
 a pr(essional /aff ( #c employees1 :o  
may be full-"t employees ( ! ,dep>tm5t (
 ! ,treasury4  7#f7 ,,faca ,*apt] #aj ( 
title #e1 ,unit$ ,/ates ,code 7commonly 
ref]r$ to z ! ,f$]al ,advisory          
,committee ,act71 %all n apply to !     
advisory bo>d4  7#g7 ,sunset ,! advisory
 bo>d %all t]m9ate on ! date t is #ij   
days aft] ! date on :i* ! report "u     
p>agraph 7#d7 is submitt$ to ! ,secret>y
 & ! appropriate congressional          
committees4  7h7 ,sup]visory bo>d  7#a7 
,9 g5]al ,n lat] ?an #cj days aft] !    
t]m9ation ( ! advisory bo>d "u          

subsection 7g77#g71 ! ,secret>y %all    
e/abli% a sup]visory bo>d to ! ,fund    
7ref]r$ to 9 ?is subsection z !         
sup]visory bo>d71 to provide ! ,secret>y
 ) ongo+ ov]sight ( ! ,fund & ! manag+  
entity4  7#b7 ,memb]%ip  7,a7 ,9 g5]al  
,! sup]visory bo>d %all consi/ ( #e     
memb]s1 :om ! ,secret>y %all select1    
subject to subp>agraphs 7,b7 & 7,c74    
7,b7 ,exp]i5ce ,9 select+ memb]s = !    
sup]visory bo>d1 ! ,secret>y %all seek  
to include-- 7i7 individuals )          
demon/rat$ exp]i5ce 9 ! f9anc+ (        
critical & em]g+ te*nologies1 includ+   
?r\gh ! use ( /rategic v5ture capital & 
equity f9anc+ practices & me?ods2  7ii7 
individuals ) demon/rat$ exp]i5ce 9     
manag+ public-private p>tn]%ips to meet 
,f$]al ,gov]nm5t ne$s 9 critical & em]g+
 te*nologies2 &  7iii7 individuals )    
demon/rat$ exp]i5ce 9 det]m9+ h[        
critical & em]g+ te*nologies c meet     
national security or economic security  
ne$s ( ! ,unit$ ,/ates4  7,c7 ,selection
 ,9 appo9t+ memb]s to ! sup]visory bo>d1

 ! ,secret>y %all include-- 7i7 #a      
repres5tative f ! ,dep>tm5t ( !         
,treasury2  7ii7 #a repres5tative f !   
manag+ entity2 &  7iii7 7,i7 = ! initial
 appo9tm5t ( ! sup]visory bo>d1 #c      
repres5tatives f ! advisory bo>d t are n
 affiliat$ ) ! ,dep>tm5t ( ! ,treasury  
or ! manag+ entity2 &  7,,ii7 =         
subsequ5t appo9tm5ts to ! sup]visory    
bo>d1 #c individuals :o meet ! crit]ia  
"u subp>agraph 7,b74  7,d7 ,t]ms  7i7 ,9
 g5]al ,! t]m ( ea* memb] ( ! sup]visory
 bo>d %all be #c ye>s4  7ii7            
,reappo9tm5t  7,i7 ,9 g5]al ,except z   
provid$ 9 subclause 7,i71 a memb] ( !   
sup]visory bo>d may be reappo9t$ to n m 
?an #b consecutive t]ms imm$iately      
foll[+ ! initial t]m ( ! memb]4  7,,ii7 
,exception ,! limitation "u subclause   
7,i7 %all n apply to a memb] ( !        
sup]visory bo>d describ$ 9 clause 7i7 or
 7ii7 ( subp>agraph 7,c74  7#c7 ,duties 
,! sup]visory bo>d1 9 consultation ) !  
,secret>y1 %all c>ry out ea* ( ! foll[+ 
= ! ,fund3 7,a7 ,g5]al ov]sight ,provide

 g5]al ov]sight ( ! ,fund & manag+      
entity4  7,b7 ,inve/m5t ov]sight ,s]ve z
 an inve/m5t committee1 ) all inve/m5t  
decisions subject to a vote ( approval  
by ! sup]visory bo>d1 subject to !      
conditions t-- 7i7 at lea/ #d ( ! #e    
memb]s ( ! sup]visory bo>d %all be      
pres5t = a vot+ quorum2 &  7ii7 at lea/ 
#c memb]s %all vote 9 favor ( an        
inve/m5t 9 ord] = ! inve/m5t to be      
approv$4  7#d7 ,,faca ,*apt] #aj ( title
 #e1 ,unit$ ,/ates ,code 7commonly      
ref]r$ to z ! ,f$]al ,advisory          
,committee ,act71 %all n apply to !     
sup]visory bo>d4  #d4 ,manag+ entity (  
fund  7a7 ,9 g5]al ,to support !        
objectives describ$ 9 section #c7;b71 ! 
,secret>y %all ent] into an agreem5t    
7includ+ ?r\gh ! use ( grants1          
contracts1 coop]ative agreem5ts1 or o!r 
transactions7 ) an indep5d5t entity t   
%all s]ve z ! manag+ entity ( ! ,fund4  
7b7 ,selection ,to select ! manag+      
entity ( ! ,fund1 ! ,secret>y %all--    
7#a7 hold an op5 competition & solicit  

bids f eligible entities to manage !    
,fund2 &  7#b7 ent] into an agreem5t ) a
 select$ entity n lat] ?an #ahj days    
aft] ! date on :i* ! ,secret>y beg9s !  
competition4  7c7 ,eligibility ,! manag+
 entity %all-- 7#a7 be an indep5d5t     
nonpr(it or =-pr(it entity2  7#b7 h a   
demon/rat$ record ( manag+ inve/m5t     
funds & mak+ equity inve/m5ts2  7#c7 h a
 demon/rat$ record ( be+ able to create 
l9kages betwe5 companies & inve/ors &   
lev]age ^? p>tn]%ips & res\rces = !     
purpose ( address+ /rategic ne$s2 &     
7#d7 h exp]i5ce 9 promot+ novel         
te*nology innovation4  7d7 ,o!r         
transaction au?ority  7#a7 ,9 g5]al     
,subject to p>agraph 7#b71 ! ,secret>y  
may ent] into o!r transactions ) !      
manag+ entity to c>ry out ! purposes (  
?is ,act4  7#b7 ,limitation ,to !       
maximum ext5t practicable1 competitive  
proc$ures %all be us$ :5 ent]+ into o!r 
transactions "u ?is subsection4  7e7    
,duties ,! manag+ entity %all-- 7#a7 be 
responsible = ! managem5t ( ! ,fund     

?r\gh employ+ ! use ( /rategic v5ture   
capital practices & me?ods2  7#b7       
develop & advance an inve/m5t /rategy = 
! developm5t ( critical & em]g+         
te*nologies t address ,unit$ ,/ates     
national security & economic security   
ne$s1 z id5tifi$ by ! ,secret>y2 &  7#c7
 provide exp]t consultation & advice to 
fo/] critical & em]g+ te*nology         
innovation1 includ+ help+ companies     
navigate unique indu/ry *all5ges )      
respect to develop+ critical & em]g+    
te*nology products & capabilities4  7f7 
,direction ,pursuant to an agreem5t     
ent]$ into "u ?is section & 9           
coord9ation ) ! sup]visory bo>d e/abli%$
 "u section #c7;h71 ! ,secret>y %all    
provide direction to ! manag+ entity1   
includ+ by-- 7#a7 communicat+ ! national
 security & economic security ne$s to be
 address$ by ! manag+ entity "u !       
agreem5t2  7#b7 develop+ a description (
 "w to be p]=m$ by ! manag+ entity "u ! 
agreem5t2  7#c7 provid+ te*nical fe$back
 & appropriate ov]sight ov] "w c>ri$ out

 by ! manag+ entity1 includ+ subsequ5t  
developm5t & p>tn]%ips consi/5t ) ! ne$s
 & requirem5ts describ$ 9 ?is section2  
7#d7 ensur+ fair consid]ation ( products
 develop$ "u ! agreem5t 9 ord] to ma9ta9
 competition to ! maximum ext5t         
practicable2 &  7#e7 ensur+1 z a        
condition ( ! agreem5t1 t ! manag+      
entity-- 7,a7 has 9 place a compreh5sive
 set ( policies t demon/rate a commitm5t
 to transp>5cy & acc\ntability2  7,b7   
protects aga9/ conflicts ( int]e/ ?r\gh 
a compreh5sive set ( policies t address 
pot5tial conflicts ( int]e/1 e?ics1     
disclosure1 & report+ requirem5ts2  7,c7
 provides mon?ly acc\nt+ on ! use (     
funds provid$ "u ! agreem5t2 &  7,d7    
provides on a qu>t]ly basis reports     
reg>d+ ! progress made t[>d meet+ ! ne$s
 describ$ 9 ! agreem5t4  7g7 ,n a ,f$]al
 ag5cy ,! ,fund %all n be consid]$ to be
 an ag5cy1 dep>tm5t1 or in/rum5tality ( 
! ,f$]al ,gov]nm5t4  #e4 ,p]sonnel      
au?orities ,! ,secret>y may-- 7#a7      
appo9t n m ?an #be p]sonnel )\t reg>d to

 any provision ( title #e1 ,unit$ ,/ates
 ,code1 gov]n+ appo9tm5ts 9 !           
competitive s]vice2 &  7#b7 fix ! rate (
 basic pay = su* p]sonnel )\t reg>d to  
any provision ( title #e1 ,unit$ ,/ates 
,code1 gov]n+ rates ( pay or            
classification ( employees 9 ! executive
 bran*1 subject to ! condition t ! rate 
( basic pay %all n exce$ ! am\nt (      
annual comp5sation 7exclud+ exp5ses7    
specifi$ 9 section #ajb ( title #c1     
,unit$ ,/ates ,code4  #f4 ,report+      
requirem5ts ,n lat] ?an ,octob] #a ( ea*
 ye>1 ! ,secret>y %all submit to !      
appropriate congressional committees a  
report ( ! op]ations ( ! ,fund dur+ !   
prec$+ fiscal ye>1 includ+ an assessm5t 
(-- 7#a7 ! impacts ( inve/m5ts on meet+ 
! objectives ( ! ,fund describ$ 9       
section #c7;b72  7#b7 p]=mance          
measurem5ts ( inve/m5ts2  7#c7 !        
progress ( ! ,fund 9 meet+ ! goals &    
mile/ones develop$ by ! advisory bo>d "u
 section #c7;g77#c77;,a77i71 includ+    
timel9es = ^? goals & mile/ones2 &  7#d7

 ! ext5t to :i* ! inve/m5ts complem5t   
o!r ,f$]al f9anc+ me*anisms = critical &
 em]g+ te*nologies4  #g4 ,exemption f   
c]ta9 laws ,any action tak5 or decision 
made by ! ,secret>y "u ?is ,act %all be 
exempt f ! requirem5ts (-- 7#a7 section 
#cejf ( title #dd1 ,unit$ ,/ates ,code  
7commonly ref]r$ to z ! ,pap]work       
,r$uction ,act72 &  7#b7 *apt]s #e & #g 
( title #e1 ,unit$ ,/ates ,code         
7commonly ref]r$ to z ! ,adm9i/rative   
,proc$ure ,act74  #h4 ,au?orization (   
appropriations  7a7 ,9 g5]al ,!re is    
au?oriz$ to be appropriat$ to c>ry out  
?is ,act #ige1ejj1jjj = fiscal ye>      
#bjbe1 ( :i* #cjj1jjj1jjj %all be =     
biote*nology inve/m5ts1 to rema9        
available until exp5d$4  7b7            
,adm9i/rative & op]at+ co/s ,!re are    
au?oriz$ to be appropriat$ = !          
adm9i/rative & op]at+ co/s ( c>ry+ out  
?is ,act-- 7#a7 #b1jjj1jjj = fiscal ye> 
#bjbe2 &  7#b7 #bb1jjj1jjj = ea* (      
fiscal ye>s #bjbf ?r\gh #bjdj4  7c7     
,conditional au?orization (             

appropriations  7#a7 ,9 g5]al ,subject  
to p>agraph 7#b71 dur+ ! p]iod ( fiscal 
ye>s #bjce ?r\gh #bjdj1 if ! ca% balance
 available = biote*nology inve/m5ts 9 ! 
,fund is less ?an #hj1jjj1jjj on        
,septemb] #cj ( any ( ^? fiscal ye>s1   
!re is au?oriz$ to be appropriat$ to    
c>ry out ?is ,act = ! foll[+ fiscal ye> 
#ejj1jjj1jjj1 ( :i* #aej1jjj1jjj %all be
 = biote*nology inve/m5ts4  7#b7        
,limitation ,n m ?an #ejj1jjj1jjj is    
au?oriz$ to be appropriat$ "u p>agraph  
7#a7 dur+ ! p]iod describ$ 9 t p>agraph4