H.R. 9954, Industrial Policy & Sovereign Wealth Fund. Quorum's AI analysis reads it as a trade-off: gains for some, costs for others.

What it does

This bill creates a $100 billion Manufacturing Sovereign Wealth Fund to invest in U.S. manufacturing, semiconductors, supply chains, and workforce development. The Fund is governed by a 13-member board appointed by the President and makes equity and loan investments in companies that agree to keep operations domestic for 50 years, maintain labor standards, and grant the Fund veto power over offshoring, foreign sales, and IP transfers. The bill funds the Fund through direct appropriations, tariff revenue, a 1% fee on mergers over $1 billion, a 0.1% stock trading fee, a $100 per-share buyback fee, an offshoring penalty, and a corporate tax increase from 21% to 22%.

The analysis names U.S. manufacturing companies in semiconductors, batteries, defense supply chains, and advanced manuf — and 3 more groups — among the beneficiaries.

The trade-off

The 50-year operational lockdown on portfolio companies (no offshoring, no foreign expansion, no IP licensing to foreign entities) may reduce their ability to compete globally or adapt to market changes, potentially harming long-term returns and worker job security if companies become uncompetitive.

The analysis put a high warning level on this bill. Transparency scores 72%, and the analysis found no provisions unrelated to the bill's subject.

Who is behind it

Filed by Chris Deluzio.