Independence Investment Fund Act

The Independence Investment Fund Act (HR 6412) establishes a Treasury Department fund to invest in U.S. companies developing critical and emerging technologies, prioritizing biotechnology. The fund makes seed-to-mid-stage equity investments (typically $1 million to $10 million per company) to strengthen national security and economic security while aiming for financial self-sustainability through returns. It requires an advisory board to set investment strategy and a supervisory board to approve investments, with annual reporting to Congress on progress toward goals. The bill authorizes $975.5 million for fiscal year 2025 (including $300 million for biotech), directing investments away from foreign entities of concern and toward companies vulnerable to adversarial foreign capital.