Congress creates $15 billion bank to lend to U.S. manufacturers.
H.R. 9912 — Industrial Bank for American Manufacturing Act of 2026 · Filed by Ro Khanna (D-CA) · 2 cosponsors · Introduced Jul 23, 2026 · Referred to committee
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What it does
The bill sets up a new fund called the Industrial Bank for American Manufacturing. It gives out $15 billion each year. The money goes to loans, investments, and grants for U.S. manufacturers. Manufacturers who get money must pay workers well and run apprenticeship programs. They must train workers, cannot use money for dividends or stock buybacks, and cannot expand overseas. The fund stops after 10 years.
Who it affects
U.S. manufacturers can apply for loans and grants. Workers benefit from prevailing wage rules and apprenticeship programs. Consumers may pay higher prices because tariffs on Chinese goods fund the bank.
One thing to notice
The fund depends on tariff money from Chinese goods. If tariff collections drop, the fund shrinks. The Secretary of Commerce has broad power to pick which manufacturers get help.
From the analysis of the bill text, linked under Primary records below.
Where it stands
2 cosponsors: 2 Democrats.
- Jul 23, 2026 — Introduced · Congress.gov: “Introduced in House”
- Jul 23, 2026 — Referred to House Committee on Financial Services · Congress.gov: “Referred to the House Committee on Financial Services”
Dates and quoted wording are Congress.gov's action record; the timeline shows status changes, not every procedural step.
Words to know
- tariff — A tax the government puts on goods imported from other countries.
- prevailing wage — The standard pay rate for workers in a specific job and area.
- apprenticeship programs — Training where workers learn a skill by working and taking classes.
- Secretary of Commerce — The government official who leads the department that helps U.S. businesses.
How this was measured
Analysis — Quorum's AI read the bill text published by Congress.gov (20,451 characters) on Aug 5, 2026. Section numbers in the findings refer to that text, linked below; transparency and hidden-provision scores are compared against the median of 14,707 analysed bills.
Status and sponsors — Congress.gov's bill record — actions, committee referrals and cosponsors — loaded nightly. The timeline shows status changes, not every procedural action.
As of — page rendered 2026-09-23.
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