Sponsors (7)
The bill creates a new, professionally managed investment vehicle and dedicated biotechnology funding to boost U.S. critical‑technology commercialization and attract private capital, at the trade‑off of sizable new federal spending, tighter foreign‑investment restrictions and compliance burdens, and reduced procedural safeguards and congressional control that could increase taxpayer risk and limit transparency.
Seed-to-mid-stage U.S. technology companies and startups (including biotech firms) gain new, dedicated financing (typical checks ~$1M–$10M plus a $300M FY2025 biotech set‑aside), improving access to capital for growth and commercialization.
Biotech researchers and companies receive prioritized public support and a multi-year funding commitment (the $300M reserve plus conditional backstop), strengthening domestic capacity for health and national‑security‑relevant biological R&D and commercialization.
Taxpayers and policymakers benefit from professional fund management, advisory boards with private‑sector expertise, required performance metrics, and annual reporting designed to improve investment quality, accountability, and data‑driven decisions.
Taxpayers face substantial financial risk and new federal outlays (roughly $975.5M in FY2025 plus potential supplemental authority up to $500M later), and could ultimately cover losses if Fund investments underperform.
Restrictions and new definitions tied to 'foreign entity of concern' could limit sources of capital for startups and portfolio companies and impose additional screening that slows growth and dealmaking.
Removing APA notice‑and‑comment and PRA requirements strips public procedural protections and opportunities for input and review, increasing the risk of less transparent, arbitrary, or legally contestable decisions affecting individuals and businesses.
Based on analysis of 8 sections of legislative text.
Creates a Treasury-run Independence Investment Fund to invest in critical/emerging technologies (priority biotech) with ~$975.5M authorized for FY2025 and recurring operating funds.
Official title: To establish an Independence Investment Fund to facilitate investments in companies developing critical and emerging technologies, such as biotechnology, that significantly enhance the national security and economic security of the United States, and for other purposes.
Introduced December 3, 2025 by Pete Sessions · Last progress December 3, 2025
Creates the Independence Investment Fund inside the Department of the Treasury to make seed-to-mid-stage equity investments in U.S.-headquartered critical and emerging technology companies (with a biotechnology priority). The Fund will be run by an independent managing entity chosen through a competitive selection, overseen by a Treasury-selected advisory board, and funded by nearly $1.0 billion in authorized appropriations plus recurring operating authorizations; Treasury actions under the Act are exempted from the Paperwork Reduction Act and from APA procedures.