119th (2025–2027)
H.R. 9912
This bill establishes a new federal fund called the Industrial Bank for American Manufacturing to provide loans, investments, and grants to domestic manufacturers expanding or modernizing operations in critical technologies and supply chain sectors. The fund will receive up to $15 billion annually, with half coming from tariff revenues collected on Chinese goods and the remainder from congressional appropriations. Individual awards cannot exceed $500 million, and loans carry terms up to 25 years with interest rates based on Treasury costs. Recipients must meet strict eligibility requirements, including having no tax liabilities or foreign ownership, and must commit to prevailing wage standards, apprenticeship programs, and spending at least 1 percent of assistance on worker training. The law prioritizes manufacturers in areas that have lost manufacturing jobs, those injured by trade competition, and companies working on environmental sustainability, domestic supply sourcing, and national defense capabilities. The fund operates for 10 years, with all unspent money returned to the Treasury, and the Commerce Department must publicly report on job creation, fund usage, and effects on domestic manufacturing capacity.