Congressman Pete Sessions of Texas has introduced the bipartisan Independence Investment Fund Act, which aims to create a new investment fund within the Department of the Treasury. The proposed fund would support U.S.-based companies working on critical and emerging technologies, such as biotechnology. Congresswoman Chrissy Houlahan is co-leading the bill, with Representatives Ro Khanna, April McClain Delaney, and Stephanie Bice serving as original cosponsors.
The legislation is designed to address what is known as the “valley of death,” a stage where early-stage technologies often fail to reach commercialization due to insufficient funding. The fund would provide seed and mid-stage equity investments in an effort to reduce risk for innovators, counter foreign investment from adversarial nations, bolster national and economic security, and speed up technological development.
“Our national security depends on our ability to innovate faster and more effectively than our adversaries,” said Congressman Sessions. “The Independence Investment Fund Act strengthens America’s position by directing strategic investments into technologies that are essential for our prosperity and long-term security. This bill ensures that America—not China—sets the pace for the next generation of biotechnology and emerging technologies.”
Congresswoman Houlahan added: “Too many promising biotech and other emerging tech companies fall into the ‘valley of death,’ when critical early capital is hardest to secure. Meanwhile, the Chinese Communist Party is investing billions, and the U.S. is falling behind. By creating a government-backed, privately run investment fund, our legislation gives small and mid-sized innovators, especially in biotechnology, the strategic capital they need to bring breakthrough technologies to market. I’m proud to partner with Rep. Sessions on this effort and grateful for our joint leadership of the BIOTech Caucus as we work to strengthen America’s technological edge.”
Rep. Ro Khanna stated: “Federal investments in biotechnology and the fostering of stronger public-private partnerships will secure America its place as an innovative leader in the 21st-century economy. I’m proud to cosponsor Rep. Pete Sessions Independence Investment Act and establishing a non-partisan Independence Investment Fund to strengthen U.S. national and economic security.”
Congresswoman April McClain Delaney commented: “Strong public–private partnerships keep American science and technology at the forefront of global innovation while creating good-paying jobs here at home. I’m proud to cosponsor the Independence Investment Fund Act, which will help ensure the United States leads in the critical and emerging biotechnologies needed to meet 21st-century challenges.”
“This legislation helps strengthen and grow the United States biotechnology sector, ensuring we can remain a global leader. Without additional investment mechanisms, emerging technologies that are crucial to national security risk being outpaced by adversarial foreign nations, such as China. We must enhance our biotechnology sector and protect our national and economic security,” said Congresswoman Bice.
The bill has received support from several organizations involved in technology development:
“The U.S. innovates better than anyone in the world, but new technologies important for national security can be too risky or uncertain for private investors,” said NSCEB Vice Chair Michelle Rozo from the National Security Commission on Emerging Biotechnology (NSCEB). “In our April 2025 report, the NSCEB identified this as a key area for government action. We are grateful to our congressional partners for introducing legislation to create a strategic investment fund that can make targeted investments in promising technologies that incentivize follow-on private capital, all in support of U.S. national security.”
ARCH Venture Partners expressed their backing: “ARCH supports efforts to ensure American innovation remains the global benchmark.”
Dr. Shankar Musunuri from Ocugen Pharma stated: “The massive gap between research and commercial readiness remains a significant barrier for emerging biotechnology companies… Existing financing mechanisms do not fully address the development challenges that prevent promising therapies from reaching patients. The Independence Investment Fund Act fills this gap by providing targeted investment support that will strengthen domestic bio innovation and manufacturing and enable companies like ours to progress critical technologies that contribute to national and economic resilience. We encourage all American industry stakeholders to support this legislation in order to maintain our dominance as the global leader in biotech.”
The American Alliance for Biomanufacturing noted: “The Independence Investment Fund Act provides the strategic investment the U.S. needs to stay ahead in biomanufacturing… By closing critical financing gaps, the fund will help ensure that critical biotechnologies break through and scale here at home, supporting high-quality jobs in rural and urban communities alike.”
Keith Yamamoto from Science and Technology Action Committee added: “This brilliant bill will empower the U.S. biotechnology sector to translate new discoveries from academia into transformative products that build economic and national security while addressing challenges to health, energy, environment, and food.”
Pete Sessions has had consistent electoral success; he won his most recent election against Mark Lorenzen with over 66% of votes cast.
