Build America Fund Act

This bill would create a federal Manufacturing Sovereign Wealth Fund, run by a 13-member Board of Governors appointed by the President and confirmed by the Senate, to make equity investments, loans, and loan guarantees in U.S. manufacturing, technology, supply chain, and workforce sectors. Companies receiving investments would have to agree not to move or expand operations overseas for 50 years, not use the money for stock buybacks or dividends, pay prevailing wages on construction, and stay neutral on union organizing. The Fund would receive $100 billion at enactment plus declining yearly appropriations, along with money from certain tariffs, a 1 percent fee on mergers over $1 billion, fees on stock trading and buybacks, an offshoring fee, and a rise in the corporate tax rate from 21 to 22 percent. Starting with tax years after September 30, 2032, part of the Fund's proceeds would be paid to eligible individuals as a tax credit called the Build America Dividend. The Fund would stop making new investments 10 years after enactment, and the bill also creates an Industrial Sovereignty Council in the Executive Office of the President.

Full text and official record on Congress.gov

Sponsors

• Christopher R. Deluzio Democrat sponsor
• 0 cosponsors