The Independence Investment Fund Act establishes a new federal investment fund within the Treasury Department to invest in U.S. companies developing critical technologies—particularly biotechnology—that strengthen national and economic security. The Fund will make seed-to-mid-stage equity investments ranging from $1 million to $10 million per company, targeting companies vulnerable to foreign investment threats and signaling technology priorities to private investors. The Secretary of Treasury will oversee the Fund's strategy in consultation with Defense and Commerce, while an independent managing entity will handle day-to-day operations under supervision of a Treasury-appointed board. The bill authorizes $975.5 million for fiscal year 2025 (including $300 million specifically for biotechnology), plus $22 million annually through 2040 for administrative costs, with potential additional appropriations if the biotechnology reserve drops below $80 million. Annual reports to Congress will track the Fund's progress in meeting national security objectives and complementing other federal technology financing efforts.
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