US HB6412

Establishes the Independence Investment Fund within the Department of Treasury to make seed to mid-stage equity investments ($1-10 million average) in U.S.-headquartered companies developing critical and emerging technologies for national and economic security purposes

Designates biotechnology as a priority investment area, with $300 million of initial funding specifically earmarked for biotechnology investments

Creates a governance structure including an advisory board (to develop initial roadmap, terminating after 180 days) and a permanent 5-member supervisory board that must approve all investment decisions with at least 3 of 4 present members voting in favor

Requires the Secretary of Treasury to contract with an independent nonprofit or for-profit managing entity through open competition to handle day-to-day fund management using venture capital practices

Authorizes $975.5 million for fiscal year 2025 plus $2 million for initial administrative costs, with $22 million annually for administration through 2040 and a conditional $500 million authorization if biotechnology cash balance falls below $80 million during fiscal years 2035-2040