U.S. Reps. Pete Sessions (R-TX) and Stephanie Bice (R-OK) on Dec. 3 offered a bipartisan bill that would establish an Independence Investment Fund to facilitate investments in companies developing critical and emerging technologies, such as biotechnology, that significantly enhance the national security and economic security of the United States.
“Our national security depends on our ability to innovate faster and more effectively than our adversaries,” Rep. Sessions said. “This bill ensures that America — not China — sets the pace for the next generation of biotechnology and emerging technologies.”
The congressman sponsored the Independence Investment Fund Act, H.R. 6412, alongside five original cosponsors, including Rep. Bice and lead cosponsor U.S. Rep. Chrissy Houlahan (D-PA).
“This legislation helps strengthen and grow the United States biotechnology sector, ensuring we can remain a global leader,” said Rep. Bice. “Without additional investment mechanisms, emerging technologies that are crucial to national security risk being outpaced by adversarial foreign nations, such as China.”
If enacted, H.R. 6412 would establish a dedicated investment fund within the U.S. Department of the Treasury to bridge the funding “valley of death,” where promising early-stage technologies often fail to reach commercialization due to limited access to capital.
The fund aims to de-risk innovation, counter adversarial foreign investment, strengthen national and economic security, and accelerate the development of technologies central to America’s future competitiveness, according to a bill summary provided by the lawmakers.
“The Independence Investment Fund Act strengthens America’s position by directing strategic investments into technologies that are essential for our prosperity and long-term security,” said Rep. Sessions.
H.R. 6412 has garnered support from the National Security Commission on Emerging Biotechnology, ARCH Venture Partners, Ocugen Pharma, the American Alliance for Biomanufacturing, and the Science and Technology Action Committee.
“By creating a government-backed, privately run investment fund, our legislation gives small and mid-sized innovators, especially in biotechnology, the strategic capital they need to bring breakthrough technologies to market,” Rep. Houlahan said. “I’m proud to partner with Rep. Sessions on this effort… as we work to strengthen America’s technological edge.”