H.R. 9912 — Industrial Bank for American Manufacturing Act of 2026

This section establishes the Industrial Bank for American Manufacturing fund in the Treasury, available to the Secretary of Commerce without further appropriations. It deposits up to $15 billion annually, with 50 percent from section 301 tariffs on Chinese goods and the rest from additional appropriations. The Secretary may use the fund for direct loans, equity investments, or grants up to $500 million each to covered manufacturers to expand or modernize U.S. operations in supply-chain-critical industries or to commercialize critical technologies. Loans carry terms of up to 25 years at Treasury-based rates, subject to repayment ability and compliance agreements. The authority terminates 10 years after enactment, with unobligated balances rescinded.

This section establishes eligibility criteria and conditions for covered manufacturers receiving assistance from the Manufacturing and Critical and Emerging Technologies Assistance Fund. It requires certifications of no outstanding tax liabilities or prohibited foreign ownership, bars use of funds for dividends or share repurchases (except for firms with under 500 employees), foreign operations, or overseas technology licensing, and mandates adherence to prevailing wage and apprentice rules plus spending of at least 1 percent on employee training and 0.5 percent on supportive services. It prioritizes awards for greenhouse gas reductions, production efficiency gains, areas with at least 25 percent manufacturing job loss from 2000 to 2023, trade-injured firms, union neutrality, brownfield redevelopment, and domestic sourcing, while setting aside 10 percent of annual funds for small businesses and 10 percent for defense industrial base capabilities.

This section requires covered manufacturers receiving Fund assistance for qualified facilities to pay laborers and mechanics prevailing wages as determined by the Secretary of Labor under 40 U.S.C. chapter 31, subchapter IV. It imposes correction payments plus penalties of $5,000 per affected worker ($10,000 if intentional disregard) and mandates that 10 percent of construction labor hours be performed by qualified apprentices for projects beginning before 2027, rising to 12.5 percent in 2027 and 15 percent thereafter, subject to a $50-per-hour penalty unless the manufacturer demonstrates a good-faith effort to obtain apprentices.

This section requires the Secretary of Commerce to submit reports to Congress on the Fund's effects on U.S. critical production capacity, supply chain derisking from nonmarket economies, sectoral resilience, and economic stability, beginning 2 years after establishment and annually thereafter until termination, plus a 9-year report recommending any extension. It directs the Secretary to maintain a public website disclosing each award's recipient name and location, amount and type, fund uses, jobs created or retained, and other details. It also requires the Secretaries of Commerce, Energy, Defense, and Health and Human Services to update and submit sectoral supply chain assessments biennially.