,i #aai? ,,congress #b;d ,session ,h4 ,r4 #iied ,,9 ,,! ,,h\se ,,( ,,repres5tatives ,july #bg1 #bjbf,mr4 ,deluzio introduc$ ! foll[+ bill2 :i* 0 ref]r$ to ! ,committee on ,f9ancial ,s]vices1 & 9 addition to ! ,committee on ,ways & ,means1 = a p]iod to be subsequ5tly det]m9$ by ! ,speak]1 9 ea* case = consid]ation ( su* provisions z fall )9 ! jurisdiction ( ! committee conc]n$ ,a ,,bill ,to e/abli% ! ,manufactur+ ,sov]eign ,weal? ,fund1 & = o!r purposes4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,build ,am]ica ,fund ,act4 #b4 ,manufactur+ ,sov]eign ,weal? ,fund 7a7 ,e/abli%m5t ,!re is e/abli%$ ! ,manufactur+ ,sov]eign ,weal? ,fund 79 ?is ,act ref]r$ to z ! ,fund74 7b7 ,objectives ,! objectives ( ! ,fund are z foll[s3 7#a7 ,rebuild indu/rial capacity ,to rebuild indu/rial capacity1 includ+ by revitaliz+ critical indu/ries holl[$ out by (f%or+ or f9ancialization 7e4g41 ! areas describ$ 9 ! initial li/ ( key te*nology focus areas "u section #ajchg7;c7 ( ! ,,*ips ,act ( #bjbb 7#db ,u4,s4,c4 #aiajg7;c7774 7#b7 ,promote economic sov]eignty ,to promote economic sov]eignty1 includ+ by-- 7,a7 r$uc+ dep5d5ce on =eign supply *a9s = ess5tial goods & inputs2 & 7,b7 ensur+ dome/ic control ov] /rategic production capabilities4 7#c7 ,catalyze innovation & advanc$ manufactur+ ,to catalyze innovation & advanc$ manufactur+1 includ+ by-- 7,a7 inve/+ 9 rese>*1 automation1 mat]ials sci5ce1 & process innovation2 & 7,b7 support+ comm]cialization ( advanc$ manufactur+ te*nologies4 7#d7 ,create & reta9 high-quality jobs ,to create & reta9 high-quality jobs 7z su* t]m is us$ 9 ,executive ,ord] #adabf 7#hi ,f$4 ,reg4 #gceei2 publi%$ ,septemb] #aa1 #bjbd771 includ+ by-- 7,a7 support+ projects t (f] /rong wages1 tra9+1 & labor /&>ds2 & 7,b7 p>tn]+ ) work=ce developm5t programs1 te*nical education in/itutions1 & labor organizations4 7#e7 ,ensure long-t]m1 su/a9able returns ,to ensure long-t]m1 su/a9able returns1 includ+ by-- 7,a7 op]at+ on comm]cial pr9ciples t take into acc\nt social & /rategic outcomes2 & 7,b7 re9ve/+ pr(its into indu/rial1 te*nological1 & local community developm5t4 7#f7 ,enhance regional developm5t ,to enhance regional developm5t1 includ+ by-- 7,a7 inve/+ 9 areas adv]sely affect$ by de9du/rialization & economic decl9e2 & 7,b7 /r5g!n+ local manufactur+ ecosy/ems & small suppli]s4 7c7 ,bo>d ( ,gov]nors 7#a7 ,9 g5]al ,! head ( ! ,fund %all be ! ,bo>d ( ,gov]nors1 :i* %all consi/ ( #ac memb]s appo9t$ by ! ,presid5t1 by & ) ! advice & cons5t ( ! ,s5ate1 f among individuals :o are citiz5s ( ! ,unit$ ,/ates4 7#b7 ,repres5tation ,9 appo9t+ memb]s "u p>agraph 7#a71 ! ,presid5t %all appo9t-- 7,a7 at lea/ #b memb]s repres5t+ labor2 7,b7 at lea/ #b memb]s repres5t+ work=ce developm5t2 7,c7 at lea/ #b memb]s repres5t+ indu/ry & te*nology2 7,d7 at lea/ #b memb]s repres5t+ regional developm5t2 7,e7 at lea/ #b memb]s repres5t+ academia or sci5ce2 7,f7 at lea/ #b memb]s repres5t+ f9ance & risk managem5t2 & 7,g7 at lea/ #a memb] repres5t+ ! ,arm$ ,=ces ( ! ,unit$ ,/ates4 7#c7 ,*air ,! memb]s ( ! ,bo>d ( ,gov]nors %all appo9t "o memb] z ,*air ( ! ,bo>d ( ,gov]nors4 7#d7 ,t]m 7,a7 ,9 g5]al ,! memb]s ( ! ,bo>d ( ,gov]nors %all s]ve = a t]m ( #f ye>s1 except t-- 7i7 a memb] may cont9ue to s]ve aft] ! expiration ( ! memb]'s t]m until a successor has be5 confirm$1 b n to exce$ #a ye>2 & 7ii7 subject to clause 7i71 a memb] appo9t$ to fill 9 ! rema9d] ( ano!r memb]'s t]m %all only s]ve = ! rema9d] ( su* t]m4 7,b7 ,/agg]$ initial t]ms ,! initial memb]s ( ! ,bo>d ( ,gov]nors %all be appo9t$ to /agg]$ t]ms z foll[s3 7i7 #b memb]s %all be appo9t$ = t]ms ( #b ye>s4 7ii7 #b memb]s %all be appo9t$ = t]ms ( #c ye>s4 7iii7 #c memb]s %all be appo9t$ = t]ms ( #d ye>s4 7iv7 #c memb]s %all be appo9t$ = t]ms ( #e ye>s4 7v7 #c memb]s %all be appo9t$ = t]ms ( #f ye>s4 7#e7 ,comp5sation ,! ,*air ( ! ,bo>d ( ,gov]nors %all be comp5sat$ at ,level ,i ( ! ,executive ,s*$ule 7#e ,u4,s4,c4 #ecab7 & all o!r memb]s ( ! ,bo>d ( ,gov]nors %all be comp5sat$ at ,level ,,ii ( ! ,executive ,s*$ule 7#e ,u4,s4,c4 #ecac74 7#f7 ,duties ,! ,bo>d ( ,gov]nors %all-- 7,a7 ov]see ! day-to-day managem5t ( ! ,fund2 7,b7 approve ! ,fund's /rategic inve/m5t plan e ye>2 7,c7 ensure t ! inve/m5ts ( ! ,fund align ) ! manufactur+1 labor1 & economic resili5ce goals ( ! ,unit$ ,/ates1 z enum]at$ 9 ! ,indu/rial ,sov]eignty ,/rategy describ$ 9 section #g7;b77#d72 7,d7 monitor p]=mance metrics = ! ,fund2 7,e7 review environm5tal1 labor1 & supply *a9 due dilig5ce on all inve/m5ts made by ! ,fund2 7,f7 review & approve annual f9ancial /atem5ts1 audits1 & risk assessm5ts2 7,g7 ensure community & work] repres5tation 9 ! ,fund's decision mak+2 7,h7 coord9ate ) ! ,indu/rial ,sov]eignty ,c\ncil on long-t]m /rategy2 & 7,i7 review labor /&>ds = supply *a9s4 7#g7 ,(fices ,! ,*air ( ! ,bo>d ( ,gov]nors may e/abli% su* (fices )9 ! ,fund z ! ,*air det]m9es necess>y or appropriate to address specific issues or sectors4 7#h7 ,rulemak+ au?ority ,! ,bo>d ( ,gov]nors may issue su* rules z may be necess>y or appropriate to c>ry out ?is ,act4 7#i7 ,in=mation f inve/m5t recipi5ts ,! ,bo>d ( ,gov]nors may reque/ any in=mation f an entity reque/+ or receiv+ inve/m5ts f ! ,fund t ! ,bo>d ( ,gov]nors det]m9es necess>y1 & su* entity %all provide su* in=mation to ! ,bo>d ( ,gov]nors4 7d7 ,inspector ,g5]al ,section #dae7;a77#a77;,a7 title #e1 ,unit$ ,/ates ,code1 is am5d$ by ins]t+ ! ,manufactur+ ,sov]eign ,weal? ,fund1 be=e ! ,national ,ar*ives & ,records ,adm9i/ration4 #c4 ,inve/m5ts 7a7 ,9 g5]al ,! ,fund %all1 9 fur!rance ( ! objectives describ$ 9 section #b7;b71 make inve/m5ts1 ei!r individually or 9 p>tn]%ip ) ?ird p>ties1 9 ! =m (-- 7#a7 equity inve/m5ts2 & 7#b7 loans & loan gu>antees4 7b7 ,inve/m5t areas 7#a7 ,9 g5]al ,! ,fund may only make inve/m5ts 9 ! foll[+ sectors3 7,a7 ,/rategic manufactur+ ,/rategic manufactur+ sectors1 includ+ areas describ$ 9 ! initial li/ ( key te*nology focus areas "u section #ajchg7;c7 ( ! ,,*ips ,act ( #bjbb 7#db ,u4,s4,c4 #aiajg7;c774 7,b7 ,te*nology & innovation ,te*nology & innovation sectors1 includ+ additive manufactur+1 robotics1 & indu/rial data sy/ems4 7,c7 ,supply *a9 security ,sectors relat$ to supply *a9 security1 includ+ dome/ic s\rc+ ( critical inputs & re%or+ ( key supply l9es4 7,d7 ,work=ce & ,,sme ,developm5t ,sectors relat$ to work=ce & small- & m$ium-ent]prise developm5t1 includ+ small- & m$ium-size manufactur]s & regi/]$ appr5tice%ip & vocational programs4 7#b7 ,updat+ by ! ,bo>d ,! ,bo>d ( ,gov]nors %all p]iodically review ! sectors describ$ 9 p>agraph 7#a7 & may add or subtract sectors z ! ,bo>d ( ,gov]nors det]m9es appropriate4 7c7 ,applications ,a company may apply to ! ,fund = an inve/m5t 9 su* =m & mann] z ! ,fund may det]m9e appropriate1 b su* application %all include ! type ( ! reque/$ inve/m5t & ! am\nt ( ! reque/$ inve/m5t4 7d7 ,gold5 %>e requirem5t = equity inve/m5ts 7#a7 ,9 g5]al ,! ,fund may only make an equity inve/m5t 9 a company if ! inve/m5t gives ! ,fund veto au?ority ov] ! foll[+ :ile ! ,fund holds ! inve/m5t3 7,a7 ,location & capacity ,any action ( ! company to-- 7i7 engage 9 (f%or+ 7z def9$ 9 section #e7;g77#c772 7ii7 %ut d[n /rategic facilities2 7iii7 o!rwise transf] own]%ip ( any s5sitive facilities2 or 7iv7 r$uce capacity bel[ a m9imum level det]m9$ by ! ,fund4 7,b7 ,own]%ip & control ,any action ( ! company to-- 7i7 sell ! company to =eign p]sons 7z def9$ 9 section #hjj4bbd ( title #ca1 ,code ( ,f$]al ,regulations72 7ii7 acquire ano!r company 9 a ho/ile takeov]2 or 7iii7 ent] into a m]g] t w\ld result 9 ! loss ( dome/ic control ov] ! op]ations ( ! company4 7,c7 ,intellectual prop]ty ,any action ( ! company to-- 7i7 lic5se any intellectual prop]ty ( ! company to =eign companies or o!r p]sons2 7ii7 sell any pat5t or process trade secrets2 7iii7 o!rwise transf] own]%ip ( any intellectual prop]ty2 or 7iv7 move rese>* & developm5t to a =eign c\ntry4 7,d7 ,supply *a9 integrity ,any action ( ! company to-- 7i7 end production ( critical compon5ts2 or 7ii7 *ange to =eign p]sons 7z def9$ 9 section #hjj4bbd ( title #ca1 ,code ( ,f$]al ,regulations71 = s5sitive inputs4 7,e7 ,lock\ts & mass lay(fs ,any lock\t or mass lay(f 7z su* t]m is def9$ 9 section #b7;a7 ( ! ,work] ,adju/m5t & ,retra9+ ,notification ,act 7#bi ,u4,s4,c4 #baja7;a7774 7#b7 ,treatm5t 9 bankruptcy ,not)/&+ any o!r provision ( law1 if ! ,fund makes an equity inve/m5t describ$ 9 p>agraph 7#a71 ! ,fund's au?orities describ$ 9 p>agraph 7#a7 %all cont9ue dur+ any bankruptcy proce$+ ) respect to su* a company4 7e7 ,requirem5ts = all inve/m5ts 7#a7 ,9 g5]al ,! ,fund may only make an inve/m5t 9 a company if ! foll[+ requirem5ts are met3 7,a7 ,limitation on mov+ op]ations ov]seas ,! company agrees n to move any op]ations ( ! company f ! ,unit$ ,/ates to a =eign c\ntry dur+ ! #ej-ye> p]iod beg9n+ on ! date ! inve/m5t is made4 7,b7 ,limitation on exp&+ op]ations ov]seas ,! company agrees n to exp& op]ations ( ! company 9 a =eign c\ntry dur+ ! #ej-ye> p]iod beg9n+ on ! date ! inve/m5t is made4 7,c7 ,dome/ic inve/m5t requirem5t ,! company agrees t proce$s f ! inve/m5t w only be us$ = projects 9 ! ,unit$ ,/ates4 7,d7 ,company locat$ 9 ! ,unit$ ,/ates ,! company is-- 7i7 is headqu>t]$ 9 ! ,unit$ ,/ates & ! managem5t & bo>d ( directors ( ! company are bas$ 9 ! ,unit$ ,/ates2 & 7ii7 is n-- 7,i7 own$1 direct$1 controll$1 f9anc$1 or influ5c$1 directly or indirectly1 by an entity ( conc]n or a =eign entity ( conc]n 7z su* t]ms are def9$1 respectively1 = purposes ( subp>agraph 7,f772 or 7,,ii7 own$ or controll$ by a subsidi>y or o!r affiliate ( su* an entity ( conc]n or =eign entity ( conc]n4 7,e7 ,application requirem5ts ,! company submits a detail$ application to ! ,fund t demon/rates ! foll[+3 7i7 ,economic & national security alignm5t ,! inve/m5t w\ld /r5g!n dome/ic supply *a9s & r$uce =eign reliance4 7ii7 ,comm]cial viability & f9ancial /r5g? ,ea* project to be fund$ ) ! proce$s ( ! inve/m5t w\ld succe$ long-t]m & ) ! inve/m5t proce$s n s]v+ z ! sole f9anc+ = ! project4 7iii7 ,te*nical feasibility & read9ess ,= ea* project to be fund$ ) ! proce$s ( ! inve/m5t1 reali/ic plans1 p]mits1 con/ruction timel9es1 & mile/ones4 7iv7 ,work=ce developm5t commitm5ts ,plans = tra9+ & hir+1 & ! ext5t to :i* su* tra9+ & hir+ w\ld be done 9 p>tn]%ip ) community colleges1 univ]sities1 or work=ce developm5t entities1 includ+ jo9t labor-managem5t organizations4 7,f7 ,national security re/rictions ,! company agrees n to engage 9 jo9t rese>* or s5sitive te*nology lic5s+ )-- 7i7 an entity ( conc]n 7z def9$ 9 section #ajaad7;a7 ( ! ,,*ips ,act ( #bjbb 7#db ,u4,s4,c4 #ahiab7;a7772 or 7ii7 a =eign entity ( conc]n 7z def9$ 9 section #iija ( title ,,xcix ( division ,h ( ! ,william ,m4 7,mac7 ,?ornb]ry ,national ,def5se ,au?orization ,act = ,fiscal ,ye> #bjba 7#ae ,u4,s4,c4 #dfea774 7,g7 ,f9ancial & p]=mance conditions ,! company agrees n to use proce$s f ! inve/m5t to make /ock buybacks or pay divid5ds4 7,h7 ,labor & compliance ,! company agrees-- 7i7 t all labor]s & me*anics employ$ by contractors or subcontractors 9 ! p]=mance ( con/ruction1 alt]ation1 or repair "w c>ri$ out1 9 :ole or 9 "p1 ) assi/ance made available "u ?is ,act %all be paid wages at rates n less ?an ^? prevail+ on projects ( a "* simil> 9 ! locality1 z det]m9$ by ! ,secret>y ( ,labor 9 accordance ) sub*apt] ,,iv ( *apt] #ca ( title #dj1 ,unit$ ,/ates ,code1 provid$ t ! ,secret>y ( ,labor %all h ! au?ority & functions set =? 9 ,reorganization ,plan ,no4 #ad ( #aiej 7#fd ,/at4 #abfg2 #e ,u4,s4,c4 ,app47 & section #cade ( title #dj1 ,unit$ ,/ates ,code2 & 7ii7 to rema9 neutral ) respect to any lawful ef=t by employees at a project fund$ 9 :ole or 9 "p ) assi/ance made available "u ?is ,act to organize or b>ga9 collectively1 includ+ refra9+ f-- 7,i7 m&atory anti-union meet+s2 7,,ii7 retaliation or discrim9ation bas$ on protect$ organiz+ activity2 7,,iii7 exp5diture ( company res\rces to oppose union repres5tation2 & 7,,iv7 int]f]5ce ) employee communications reg>d+ organiz+4 7#b7 ,violations ,) respect to a company t receives an inve/m5t f ! ,fund & violates ! requirem5ts ( ?is subsection-- 7,a7 ! ,fund %all susp5d1 dive/ f1 or clawback su* inve/m5t2 & 7,b7 ! company is ineligible = future inve/m5ts f ! ,fund4 7f7 ,au?ority = pr(it %>+ ,! ,fund may1 z "p ( an inve/m5t 9 a company made "u ?is ,act1 ent] into an agreem5t ) ! company to %>e 9 ! future pr(its ( projects fund$ ) ! proce$s ( ! inve/m5t4 7g7 ,bo>d approval requir$ = l>ge inve/m5ts ,! ,fund may n make an inve/m5t 9 an am\nt ( m ?an #bej1jjj1jjj )\t ! prior approval ( ! ,bo>d ( ,gov]nors4 7h7 ,t]m9ation ( equity inve/m5ts ,) respect to ea* equity inve/m5t made by ! ,fund 9 a company1 ! ,fund %all sell su* inve/m5t at a "t det]m9$ by ! ,*air z be+ 9 ! be/ int]e/ ( ! ,fund's rev5ue e>n+4 #d4 ,ov]sight & acc\ntability 7a7 ,report to ,congress ,! ,bo>d ( ,gov]nors %all issue an annual report to ,congress detail+ ! f9ancial & /rategic p]=mance ( ! ,fund1 includ+-- 7#a7 ! p]=mance ( ! ,fund's inve/m5t portfolio2 7#b7 /rategic impact outcomes2 & 7#c7 gov]nance & e?ics disclosures4 7b7 ,inspector ,g5]al audit ,! ,inspector ,g5]al ( ! ,fund %all c>ry out an annual audit ( ! ,fund & provide a report on su* audit to ! ,bo>d ( ,gov]nors & ! ,congress4 7c7 ,,gao audit ,! ,comptroll] ,g5]al ( ! ,unit$ ,/ates %all c>ry out an annual audit ( ! ,fund & provide a report on su* audit to ! ,bo>d ( ,gov]nors & ! ,congress4 7d7 ,public transp>5cy portal ,! ,bo>d ( ,gov]nors %all ma9ta9 a public transp>5cy portal li/+ all inve/m5ts ( ! ,fund & ! outcomes ( ^? inve/m5ts1 b may exclude any inve/m5ts due to national security conc]ns4 7e7 ,e?ics ,! ,bo>d ( ,gov]nors %all adopt a code ( e?ics & conflict-(-int]e/ disclosure policies = ! directors & employees ( ! ,fund1 :i* %all include prohibit+ revolv+-door influ5ce1 includ+-- 7#a7 prohibit+ gov]nors & employees ( ! ,fund 7& _! sp\ses & dep5d5ts7 f hold+ any own]%ip ( a company be+ inve/$ 9 by ! ,fund2 7#b7 prohibit+ gov]nors & employees ( ! ,fund f receiv+ def]r$ comp5sation ti$ to pa/ indu/ry roles2 7#c7 requir+ gov]nors ( ! ,fund to recuse !mselves f any matt] involv+ =m] employ]s or o!r entities :]e imp>tiality c\ld reasonably be que/ion$2 & 7#d7 dur+ ! #e-ye> p]iod beg9n+ on ! date an individual ceases to be a gov]nor ( ! ,fund1 prohibit+ ! individual f-- 7,a7 accept+ employm5t1 bo>d roles1 or comp5sation f any company t 0 inve/$ 9 by ! ,fund & ) :i* ! individual int]act$ :ile a gov]nor ( ! ,fund2 7,b7 provid+ consult+1 advisory1 or /rategic s]vices to any su* company2 & 7,c7 engag+ 9 lobby+ or influ5ce activity relat$ to ! ,fund or its portfolio4 7f7 ,:i/lebl[] protections ,! ,bo>d ( ,gov]nors %all develop & adopt a :i/lebl[] protection me*anism4 #e4 ,fund+ 7a7 ,initial fund+ 7#a7 ,9 g5]al ,!re is appropriat$ to ! ,fund1 out ( any funds 9 ! ,treasury n o!rwise appropriat$1 to rema9 available until exp5d$-- 7,a7 on ! date ( enactm5t ( ?is ,act1 #ajj1jjj1jjj1jjj2 7,b7 = ! fir/ fiscal ye> beg9n+ aft] ! date ( enactm5t ( ?is ,act1 #fe1jjj1jjj1jjj2 7,c7 = ! second fiscal ye> beg9n+ aft] ! date ( enactm5t ( ?is ,act1 #dj1jjj1jjj1jjj2 7,d7 = ! ?ird fiscal ye> beg9n+ aft] ! date ( enactm5t ( ?is ,act1 #ce1jjj1jjj1jjj2 7,e7 = ! f\r? fiscal ye> beg9n+ aft] ! date ( enactm5t ( ?is ,act1 #bj1jjj1jjj1jjj2 7,f7 = ! fif? fiscal ye> beg9n+ aft] ! date ( enactm5t ( ?is ,act1 #ae1jjj1jjj1jjj2 7,g7 = ! six? fiscal ye> beg9n+ aft] ! date ( enactm5t ( ?is ,act1 #ab1jjj1jjj1jjj2 7,h7 = ! sev5? fiscal ye> beg9n+ aft] ! date ( enactm5t ( ?is ,act1 #aj1jjj1jjj1jjj2 7,i7 = ! eigh? fiscal ye> beg9n+ aft] ! date ( enactm5t ( ?is ,act1 #h1jjj1jjj1jjj2 & 7,j7 = ! n9? fiscal ye> beg9n+ aft] ! date ( enactm5t ( ?is ,act1 #e1jjj1jjj1jjj4 7#b7 ,decrease 9 appropriations ov] "t 7,a7 ,c]tification ,at ! end ( ea* #b-;fiscal ye> p]iod beg9n+ ) ! fir/ fiscal ye> beg9n+ aft] ! date ( enactm5t ( ?is ,act1 ! ,*air ( ! ,bo>d ( ,gov]nors %all c]tify to ! ,congress :e!r or n ! ,fund is e>n+ rev5ues t equal or exce$ ! am\nt ( appropriations receiv$ by ! ,fund dur+ ! previ\s fiscal ye> & :e!r or n su* rev5ues c su/a9 ! op]ations ( ! ,fund4 7,b7 ,decrease ,not)/&+ p>agraph 7#a71 ea* "t ! ,*air ( ! ,bo>d ( ,gov]nors c]tifies "u subp>agraph 7,a7 t ! ,fund is e>n+ rev5ues t equal or exce$ ! am\nt ( appropriations receiv$ by ! ,fund dur+ ! previ\s fiscal ye> & t su* rev5ues c su/a9 ! op]ations ( ! ,fund1 ! am\nt specifi$ "u p>agraph 7#a7 applicable to ea* foll[+ fiscal ye> %all be r$uc$ by #bj p]c5t4 7b7 ,use ( inve/m5t proce$s ,except z provid$ 9 section #f1 all proce$s f ,fund inve/m5ts1 includ+ int]e/1 divid5ds1 & proce$s f ! sale ( inve/m5ts1 %all be reta9$ by ! ,fund & us$1 )\t fur!r appropriation1 to c>ry out ?is ,act4 7c7 ,fund+ f automobile t>iffs & antidump+ & c\nt]vail+ duties ,beg9n+ ) ! fir/ fiscal ye> beg9n+ aft] ! date ( enactm5t ( ?is ,act-- 7#a7 all duties collect$ pursuant to an inve/igation "u section #bcb ( ! ,trade ,expansion ,act ( #aifd 7#ai ,u4,s4,c4 #ahfb7 or section #cja ( ! ,trade ,act ( #aigd 7#ai ,u4,s4,c4 #bdaa7 ) respect to automobiles %all be transf]r$ to ! ,fund & made available )\t fur!r appropriation to c>ry out ?is ,act2 & 7#b7 all duties collect$ pursuant to an antidump+ ord] or c\nt]vail+ duty ord] "u title ,,vii ( ! ,t>iff ,act ( #aicj 7#ai ,u4,s4,c4 #afga et seq47 %all be transf]r$ to ! ,fund & made available )\t fur!r appropriation to c>ry out ?is ,act4 7d7 ,m]g]s & acquisitions fee 7#a7 ,9 g5]al ,) respect to any cov]$ transaction ) a transaction value ( ov] #a1jjj1jjj1jjj1 ! p]son mak+ ! acquisition %all pay a fee to ! ,fund 9 an am\nt equal to #a p]c5t ( ! transaction value & su* am\nt %all be made available )\t fur!r appropriation1 to c>ry out ?is ,act4 ,9 ! ev5t t a cov]$ transaction does n h a s+le p>ty mak+ an acquisition1 ! ,fund %all det]m9e :i* p>ties to ! transaction are subject to ?is p>agraph &1 if m ?an "o1 h[ ! fee requir$ "u ?is p>agraph is divid$ among ! p>ties4 ,! ,bo>d ( ,gov]nors ( ! ,fund %all assess ! impact ( cov]$ transactions on work]s 9 ! applicable indu/ry1 & ensure cov]$ transactions advance ! ,fund's objective to create & reta9 high-quality jobs4 7#b7 ,def9itions ,9 ?is subsection3 7,a7 ,cov]$ transaction 7i7 ,9 g5]al ,! t]m cov]$ transaction-- 7,i7 means any acquisition1 directly or indirectly1 by any p]son (-- 7aa7 vot+ securities ( an issu]2 7bb7 non-corporate int]e/s 9 any un9corporat$ entity1 includ+ p>tn]%ips1 limit$ liability companies1 or simil> entities2 & 7cc7 assets ( any p]son2 & 7,,ii7 includes-- 7aa7 any m]g]1 consolidation1 t5d] (f]1 or simil> bus9ess comb9ation2 7bb7 any acquisition ( a controll+ or non-controll+ int]e/2 7cc7 ! =mation ( a jo9t v5ture or o!r comb9ation ( assets or bus9esses2 & 7dd7 any s]ies ( transactions t are "p ( a common plan or arrangem5t4 7ii7 ,aggregation & anti-avoidance ,9 ?is subp>agraph1 transactions %all be aggregat$ & treat$ z a s+le cov]$ transaction if ! transactions-- 7,i7 are betwe5 ! same or relat$ p]sons2 & 7,,ii7 occur )9 a #bd-mon? p]iod1 or z "p ( a common plan4 7iii7 ,common plan doctr9e ,9 ?is subp>agraph1 transactions %all be treat$ z "p ( a common plan :]e !y are-- 7,i7 comm]cially int]dep5d5t2 7,,ii7 negotiat$ 9 connection ) "o ano!r2 or 7,,iii7 /ructur$ to avoid ! application ( ?is ,act4 7,b7 ,transaction value 7i7 ,9 g5]al ,! t]m transaction value means ! total value ( all consid]ation paid or payable1 directly or indirectly1 9 connection ) a cov]$ transaction1 includ+-- 7,i7 ca% & ca% equival5ts2 7,,ii7 ! fair m>ket value ( vot+ securities1 non-corporate int]e/s1 or o!r own]%ip int]e/s transf]r$2 7,,iii7 ! fair m>ket value ( assets transf]r$2 7,,iv7 liabilities assum$1 includ+ indebt$ness2 & 7,v7 cont+5t1 def]r$1 or e>n\t paym5ts4 7ii7 ,det]m9ation ,a transaction value %all be det]m9$ bas$ on-- 7,i7 ! fair m>ket value ( ! consid]ation z ( ! date ( clos+2 or 7,,ii7 if great]1 ! total consid]ation agre$ to by ! p>ties4 7iii7 ,special rules ,= purposes ( det]m9+ a transaction value ( a cov]$ transaction1 ! ,bo>d ( ,gov]nors %all issue rules =-- 7,i7 valu+ cont+5t or def]r$ consid]ation2 7,,ii7 valu+ p>tial acquisitions2 & 7,,iii7 det]m9+ value 9 asset transactions4 7e7 ,/ock trad+ fee on high-,volume trad]s ,! ,securities & ,ex*ange ,commission %all-- 7#a7 issue rules to require ea* p]son :o sells an equity security1 if ! p]son has already sold m ?an #a1jjj1jjj wor? ( equity securities 9 ! same cal5d> ye>1 to pay a fee to ! ,commission 9 an am\nt equal to #j4a p]c5t ( ! value ( ! sale2 & 7#b7 transf] su* am\nts to ! ,fund to be us$1 )\t fur!r appropriation1 to c>ry out ?is ,act4 7f7 ,/ock buyback fee ,! ,securities & ,ex*ange ,commission %all-- 7#a7 issue rules to require ea* issu] t pur*ases an equity security issu$ by su* issu] to pay a fee ( #ajj to ! ,commission = ea* su* pur*ase2 & 7#b7 transf] su* am\nts to ! ,fund to be us$1 )\t fur!r appropriation1 to c>ry out ?is ,act4 7g7 ,production (f%or+ fee 7#a7 ,9 g5]al ,any company t c>ries out manufactur+ 9 ! sectors describ$ 9 section #c7;b77#a71 z su* sectors may h be5 modifi$ pursuant to section #c7;b77#b71 ) annual rev5ue ( m ?an #bej1jjj1jjj %all pay a fee to ! ,fund any "t ! company c>ries out (f%or+4 7#b7 ,fee calculation 7,a7 ,9 g5]al ,! ,bo>d ( ,gov]nors %all det]m9e ! am\nt ( a fee "u p>agraph 7#a7 by calculat+ ! sum (-- 7i7 ! labor co/ diff]5tial betwe5 ,unit$ ,/ates & (f%ore production multipli$ by ! numb] ( units t h be5 (f%or$2 & 7ii7 ! sum ( pa/ ,f$]al tax cr$its1 subsidies1 & grants provid$ to ! company prior to (f%or+ op]ations4 7,b7 ,ti]$ rate /ructure ,! ,bo>d ( ,gov]nors %all det]m9e a ti]$ rate /ructure = purposes ( c>ry+ out ?is subsection1 us+ det]m9ants su* z non-m>ket economy /atus1 =eign entity ( conc]n /atus1 labor & *ild-labor abuses1 emission rates1 & o!rs4 7#c7 ,(f%or+ def9$ ,! t]m (f%or+ means-- 7,a7 ! closure or d[nsiz+ ( a dome/ic production facility :]e !re is reason to believe su* closure or d[nsiz+ may correlate to increas+ reliance on import$ goods in/ead2 7,b7 ! %ift ( production capacity abroad by a company t cont9ues sell+ into ! ,unit$ ,/ates2 & 7,c7 contract+ ) =eign manufactur]s to produce goods :5 ! firm previ\sly produc$ su* goods dome/ically4 7h7 ,fund+ f corporate taxes 7#a7 ,9 g5]al ,section #aa7;b7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by /rik+ #ba p]c5t & ins]t+ #bb p]c5t4 7#b7 ,use ( funds ,all tax impos$ by reason ( ! am5dm5t made by p>agraph 7#a7 %all be transf]r$ to ! ,fund to be us$1 )\t fur!r appropriation1 to c>ry out ?is ,act4 7#c7 ,effective date ,! am5dm5t made by ?is subsection %all apply to taxable ye>s beg9n+ aft] ,decemb] #ca1 #bjbf4 7i7 ,coord9ation ) o!r ag5cies ,! ,securities & ,ex*ange ,commission1 ! ,secret>y ( ! ,treasury1 & su* o!r ,f$]al ag5cies z ! ,bo>d ( ,gov]nors det]m9es appropriate1 %all provide assi/ance to ! ,fund 9 c>ry+ out ?is subsection4 7j7 ,securities def9itions ,9 ?is section1 ! t]ms issu] & security h ! mean+ giv5 ^? t]ms1 respectively1 9 section #c ( ! ,securities ,ex*ange ,act ( #aicd4 #f4 ,build ,am]ica divid5d 7a7 ,9 g5]al ,subp>t ,c ( "p ,,iv ( sub*apt] ,a ( *apt] #a ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by ins]t+ aft] section #cf;,b ! foll[+ new section3 #cf;,c4 ,build ,am]ica divid5d 7a7 ,all[ance ( cr$it ,9 ! case ( an eligible individual1 !re %all be all[$ z a cr$it aga9/ ! tax impos$ by ?is subtitle an am\nt equal to ! applicable am\nt4 7b7 ,eligible individual ,= purposes ( ?is section1 ! t]m eligible individual means an individual :o is n-- 7#a7 a nonresid5t ali5 individual1 7#b7 an individual ) respect to :om a d$uction "u section #aea is all[able to ano!r taxpay] = a taxable ye> beg9n+ 9 ! cal5d> ye> 9 :i* ! individual's taxable ye> beg9s1 or 7#c7 an e/ate or tru/4 7c7 ,applicable am\nt ,! ,bo>d ( ,gov]nors e/abli%$ "u section #b7;c7 ( ! ,build ,am]ica ,fund ,act %all det]m9e ! applicable am\nt = purposes ( subsection 7a71 :i* %all-- 7#a7 tak5 9 aggregate ) all cr$its all[$ "u subsection 7a7 dur+ an fiscal ye>1 equal ! am\nt :i* is #be p]c5t ( ! av]age annual proce$s ( ! ,manufactur+ ,sov]eign ,weal? ,fund e/abli%$ 9 section #b7;a7 ( ! ,build ,am]ica fund ,act 9 ! #e prec$+ fiscal ye>s1 & 7#b7 be det]m9$ subject to an income-bas$ phase\t /ructure :i* decreases ! am\nt ( ! cr$it = high]-income individuals4 7d7 ,tim+ ( paym5t ,9 ! case ( any ov]paym5t ( tax attributable to a cr$it all[$ "u subsection 7a71 ! ,secret>y %all refund su* ov]paym5t to ! taxpay] on ! lat] (-- 7#a7 ! fir/ ,friday :i* occurs 9 ,octob] 9 ! ye> 9 :i* ! return ( tax is fil$1 or 7#b7 ! date on :i* ! ,secret>y w\ld issue su* refund det]m9$ )\t reg>d to ?is subsection4 7e7 ,id5tification numb] requirem5t ,no cr$it %all be all[$ "u subsection 7a7 to any individual if su* individual does n include a valid id5tification numb] 7z def9$ 9 section #bd7;h77#g77 ( su* taxpay] 7or1 9 ! case ( a jo9t return1 ! valid id5tification numb] 7z s def9$7 ( at lea/ #a sp\se7 on ! return ( tax = ! taxable ye>4 4 7b7 ,con=m+ am5dm5ts 7#a7 ,section #fbaa7;b77#d77;,a7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by ins]t+ 1 #cf;,c aft] #cf;,b4 7#b7 ,section #acbd7;b77#b7 ( title #ca1 ,unit$ ,/ates ,code1 is am5d$ by ins]t+ 1 #cf;,c aft] 1 #cf;,b4 7#c7 ,! table ( sections = subp>t ,c ( "p ,,iv ( sub*apt] ,a ( *apt] #a ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by ins]t+ aft] ! item relat+ to section #cf;,b ! foll[+ new item3 ,sec4 #cf;,c4 ,build ,am]ica divid5d4 4 7c7 ,effective date ,! am5dm5ts made by ?is section %all apply to taxable ye>s beg9n+ aft] ,septemb] #cj1 #bjcb4 #g4 ,indu/rial ,sov]eignty ,c\ncil 7a7 ,e/abli%m5t ,!re is e/abli%$ )9 ! executive (fice ( ! ,presid5t ! ,indu/rial ,sov]eignty ,c\ncil 7h]e9aft] 9 ?is ,act ref]r$ to z ! ,c\ncil71 :i* %all be compos$ (-- 7#a7 ! ,secret>y ( ,comm]ce & ! ,secret>y ( ! ,treasury1 :o %all s]ve z co-,*airs ( ! ,c\ncil2 7#b7 ! ,director ( ! ,national ,economic ,c\ncil1 :o %all s]ve z vice-,*air ( ! ,c\ncil2 7#c7 a repres5tative f ! ,dep>tm5ts ( ,def5se1 ,en]gy1 ,labor1 & ,/ate2 & 7#d7 ! ,*air ( ! ,bo>d ( ,gov]nors ( ! ,fund4 7b7 ,duties ,! ,c\ncil %all-- 7#a7 integrate ! manufactur+ inve/m5t decisions ( ! ,fund ) broad] ,u4,s4 economic1 national security1 en]gy1 & labor /rategies2 7#b7 advise on national priorities = ! indu/rial policy ( ! ,fund2 7#c7 review inve/m5ts ( ! ,fund = alignm5t )-- 7,a7 supply *a9 security2 7,b7 climate & en]gy /rategy2 & 7,c7 work=ce & regional equity goals2 7#d7 develop a #e-ye> policy roadmap1 to be kn[n z ! ,indu/rial ,sov]eignty ,/rategy1 t id5tifies-- 7,a7 critical & em]g+ indu/ries 7e4g41 semiconductors1 batt]ies1 def5se supply *a9s1 precision tools1 robotics72 7,b7 work=ce & tra9+ ne$s2 7,c7 regional manufactur+ hubs = t>get$ gr[?2 & 7,d7 dome/ic cont5t1 su/a9ability1 & en]gy /&>ds2 7#e7 ensure t ! ,fund's portfolio aligns ) ! ,indu/rial ,sov]eignty ,/rategy2 7#f7 review all major ,fund inve/m5t plans = /rategic consi/5cy 7b %all n review ! approval ( individual inve/m5ts72 7#g7 coord9ate betwe5 ! ,dep>tm5ts ( ,comm]ce1 ,def5se1 ,en]gy1 ,labor1 & ! ,treasury & ! ,(fice ( ! ,unit$ ,/ates ,trade ,repres5tative on ov]lapp+ indu/rial policies2 7#h7 prev5t duplicate or contradictory indu/rial policy programs across ag5cies2 7#i7 evaluate inve/m5ts made by ! ,fund & p>tn]%ips ent]$ into by ! ,fund = national security implications1 includ+ supply *a9 vuln]ability1 =eign dep5d5cy1 & dual-use te*nologies2 7#aj7 coord9ate ) ! ,national ,security ,c\ncil & ! ,committee on ,=eign ,inve/m5t 9 ! ,unit$ ,/ates to ensure indu/rial inve/m5ts ( ! ,unit$ ,/ates enhance sov]eignty & n =eign lev]age2 7#aa7 advise ! ,bo>d ( ,gov]nors ( ! ,fund on /rategic risks1 includ+ geopolitical conc5tration 7e4g41 ,*9a-dep5d5t sectors72 7#ab7 recomm5d new indu/rial /&>ds1 procurem5t rules1 & trade policies to complem5t ! ,fund's inve/m5ts2 7#ac7 ensure consi/5t environm5tal1 labor1 & wage /&>ds across ,f$]al programs2 7#ad7 advise ,congress on legislative ne$s relat$ to dome/ic manufactur+1 te*nology transf]1 or export controls2 7#ae7 publi% an annual report1 to be kn[n z ! ,indu/rial ,sov]eignty ,report1 summ>iz+-- 7,a7 sectoral inve/m5t patt]ns2 7,b7 supply *a9 dep5d5cies2 7,c7 regional manufactur+ heal?2 & 7,d7 policy recomm5dations = ! next fiscal cycle2 & 7#af7 brief ,congress & ! ,presid5t on indu/rial progress1 risks1 & opportunities4 #h4 ,t]m9ation date ( ! ,fund's functions2 exceptions2 liquidation 7a7 ,9 g5]al ,! ,fund %all cont9ue to ex]cise its functions 9 connection ) & 9 fur!rance ( its object & purposes until ! close ( bus9ess on ! date t is #aj ye>s aft] ! date ( enactm5t ( ?is ,act1 b ! provisions ( ?is section %all n be con/ru$ z prev5t+ ! ,fund f acquir+ obligations prior to su* date :i* mature subsequ5t to su* date or f assum+ prior to su* date liability z gu>antor1 endors]1 or acceptor ( obligations :i* mature subsequ5t to su* date1 or f cont9u+ z a corporate ag5cy ( ! ,unit$ ,/ates & ex]cis+ any ( its functions subsequ5t to su* date = purposes ( ord]ly liquidation1 includ+ ! adm9i/ration ( its assets & ! collection ( any obligations held by ! ,fund4 7b7 ,fund+ 7#a7 ,9 g5]al ,aft] ! date describ$ 9 subsection 7a7-- 7,a7 ! ,bo>d ( ,gov]nors ( ! ,fund %all transf] any funds n ne$$ to c>ry out ! functions describ$ 9 subsection 7a7 to ! ,secret>y ( ,comm]ce2 & 7,b7 ! ,secret>y ( ,comm]ce %all use all su* funds = programs c>ri$ out by ! ,dep>tm5t ( ,comm]ce to assi/ ,am]ican manufactur+1 includ+ manufactur+ grant programs4 7#b7 ,o!r requirem5ts ,all labor]s & me*anics employ$ by contractors or subcontractors 9 ! p]=mance ( con/ruction1 alt]ation1 or repair "w c>ri$ out1 9 :ole or 9 "p1 ) assi/ance made available "u p>agraph 7#a77;,b7 %all be paid wages at rates n less ?an ^? prevail+ on projects ( a "* simil> 9 ! locality z det]m9$ by ! ,secret>y ( ,labor 9 accordance ) sub*apt] ,,iv ( *apt] #ca ( title #dj1 ,unit$ ,/ates ,code4 ,) respect to su* labor /&>ds1 ! ,secret>y ( ,labor %all h ! au?ority & functions set =? 9 ,reorganization ,plan ,no4 #ad ( #aiej 7#fd ,/at4 #abfg2 #e ,u4,s4,c4 ,app47 & section #cade ( title #dj1 ,unit$ ,/ates ,code4 7c7 ,s5se ( ,congress on reau?orization ,x is ! s5se ( ,congress t ! ,fund %\ld be reau?oriz$ 9 ! future4