Highlight any text to annotate

# Summary The Build America Fund Act establishes a Manufacturing Sovereign Wealth Fund to invest in domestic manufacturing and reduce U.S. dependence on foreign supply chains. The fund will be governed by a 13-member Board of Governors appointed by the President with Senate confirmation, with representatives from labor, workforce development, industry, regional development, academia, finance, and the military. The fund can make equity investments and loans to companies in strategic manufacturing, technology, supply chain security, and workforce development sectors, but only if companies agree to keep operations in the United States for 50 years, maintain domestic control, and meet labor standards including wage protections and neutrality toward union organizing. The bill provides $100 billion in initial appropriations, declining to $5 billion annually by year nine, with additional funding from tariff duties, a 1 percent fee on mergers and acquisitions over $1 billion, stock trading and buyback fees, and an increase in the corporate tax rate from 21 to 22 percent. After 10 years, any remaining fund assets will transfer to the Commerce Department for manufacturing assistance programs. The legislation also establishes an Industrial Sovereignty Council within the White House to coordinate manufacturing policy across agencies and directs the Fund to make dividend payments to eligible individual taxpayers starting in 2033, amounting to 25 percent of the fund's average annual proceeds.

Add a comment

Sign in to comment on this bill.

Annotate the text

Highlight any passage on the Summary or Full Text tab to attach a note. Annotations appear on the Annotations tab.