H.R. 9954: Build America Fund Act

The bill would create a Manufacturing Sovereign Wealth Fund to invest in U.S. manufacturing, supply chains, jobs, and industrial innovation. The fund would be used to support projects and companies that help strengthen domestic production and reduce reliance on foreign supply chains.

How the fund would be financed

The fund would receive money from several sources, including:

• Federal appropriations
• Tariff revenue
• Fees on certain financial transactions
• Fees tied to stock buybacks
• Fees related to offshoring activity
• An increase in the corporate tax rate

How investments would be guided

The bill would establish a 5-year industrial strategy and an oversight board to decide how the fund is used. Investments would be aligned with goals such as:

• Supply chain security
• Climate-related priorities
• Workforce development
• National security
• Manufacturing standards

The strategy would also require coordination across federal agencies so that the fund’s investments fit with broader government policy goals.

Oversight and reporting

The bill would create rules for oversight and ethics to manage how the fund operates and how decisions are made. It would also require annual reports to Congress on the fund’s activities and progress.

Tax credit

The bill includes a “Build America dividend” tax credit, though the summaries do not provide the full details of how it would work. Based on the name, it appears intended to provide tax benefits tied to domestic investment or manufacturing-related activity.

Duration and winding down

The fund would be temporary. It would sunset after 10 years. At that point, any remaining assets would be liquidated and transferred to the Department of Commerce.

Relevant Companies

• AAPL — Apple could be affected by any new fees or incentives tied to offshoring and domestic manufacturing, since it relies heavily on global supply chains and overseas production.
• TSLA — Tesla could be affected by manufacturing incentives, supply chain support, and any changes in industrial policy that influence domestic production of vehicles and batteries.
• INTC — Intel could benefit from federal investment aimed at strengthening U.S. semiconductor manufacturing and supply chains.
• AMD — AMD could be indirectly affected through changes in semiconductor supply chain policy and domestic manufacturing incentives.
• NVDA — NVIDIA could be affected by broader semiconductor and advanced manufacturing policies, especially those influencing chip supply chains and U.S.-based production capacity.
• GM — General Motors could be impacted by manufacturing incentives, supply chain measures, and any policies favoring domestic vehicle production.
• F — Ford could be impacted by domestic manufacturing incentives and any fees or credits linked to offshoring or supply chain location decisions.