Industrial Bank for American Manufacturing Act of 2026
Latest action (23 Jul 2026): Introduced
What this bill does
H.R. 9912, the Industrial Bank for American Manufacturing Act of 2026, would create a fund at the Treasury, called the Industrial Bank for American Manufacturing, administered by the Secretary of Commerce. Each fiscal year the fund could receive up to $15 billion, primarily from half of the tariff revenue collected on Chinese-origin goods under Section 301 of the Trade Act of 1974, plus any additional congressional appropriations. The Secretary could use this money to make direct loans, equity investments, or grants—capped at $500 million per award—to U.S.-based manufacturers to expand or modernize operations in critical industries or to develop and commercialize emerging technologies. The fund's authority to make new awards would end after 10 years, with unused funds rescinded.
Recipients, called "covered manufacturers," would need to meet eligibility conditions such as having no outstanding tax or legal disputes, no ties to foreign entities of concern, and compliance with wage, apprenticeship, and workforce-training requirements. Restrictions would bar use of funds for stock buybacks, dividends, or overseas licensing (with an exception for small businesses). Priority would go to manufacturers in regions hit hard by manufacturing job losses, those addressing trade-related injury, or those supporting national defense supply chains, with set-asides for small businesses and defense-related manufacturers.
The bill would also require the Secretary of Commerce to report periodically to Congress on the fund's economic and supply-chain effects and to maintain a public, searchable database of awards. It was introduced by Rep. Ro Khanna and referred to the House Committee on Financial Services; it has not yet received a committee vote or floor action.
Plain-English summary generated by Bill100 AI from the official record. Always verify against the source below.
Official summary
This bill is in the first stage of the legislative process. It was introduced into Congress on July 23, 2026. It will typically be considered by committee next before it is possibly sent on to the House or Senate as a whole.
Common questions
- What does H.R. 9912 do?
- H.R. 9912, the Industrial Bank for American Manufacturing Act of 2026, would create a fund at the Treasury, called the Industrial Bank for American Manufacturing, administered by the Secretary of Commerce. Each fiscal year the fund could receive up to $15 billion, primarily from half of the tariff revenue collected on Chinese-origin goods under Section 301 of the Trade Act of 1974, plus any additional congressional appropriations. The Secretary could use this money to make direct loans, equity investments, or grants—capped at $500 million per award—to U.S.-based manufacturers to expand or modernize operations in critical industries or to develop and commercialize emerging technologies. The fund's authority to make new awards would end after 10 years, with unused funds rescinded. Recipients, called "covered manufacturers," would need to meet eligibility conditions such as having no outstanding tax or legal disputes, no ties to foreign entities of concern, and compliance with wage, apprenticeship, and workforce-training requirements. Restrictions would bar use of funds for stock buybacks, dividends, or overseas licensing (with an exception for small businesses). Priority would go to manufacturers in regions hit hard by manufacturing job losses, those addressing trade-related injury, or those supporting national defense supply chains, with set-asides for small businesses and defense-related manufacturers. The bill would also require the Secretary of Commerce to report periodically to Congress on the fund's economic and supply-chain effects and to maintain a public, searchable database of awards. It was introduced by Rep. Ro Khanna and referred to the House Committee on Financial Services; it has not yet received a committee vote or floor action.
- Has H.R. 9912 become law?
- Not yet. As of 23 Jul 2026, H.R. 9912 is introduced.
- Who sponsored H.R. 9912?
- H.R. 9912 was sponsored by Rep. Ro Khanna [D-CA17] (Democrat-CA), with 2 cosponsors.
- What's the latest action on H.R. 9912?
- Introduced (23 Jul 2026).
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