According to a press release from US Senator Chris Coons (D-Del.), fellow Senators Amy Klobuchar (D-Minn.), Chris Van Hollen (D-Md.), Raphael Warnock (D-Ga.), Gary Peters (D-Mich.), Michael Bennet (D-Colo.), and Mark Warner (D-Va.) introduced the Industrial Finance Corporation Act, new legislation which would establish the Industrial Finance Corporation of the United States (IFCUS). The corporation would use a one-time appropriation from Congress to finance investments in high-tech manufacturing – helping to promote innovation and create good jobs through domestic production.

The supply chain weaknesses exposed by the COVID-19 pandemic are just one symptom of these investment gaps, which also result in the offshoring of good manufacturing jobs and expose our overreliance on production in rival nations. The uncertainty that accompanies investments at the technological frontier—combined with their large upfront investment costs—makes them too risky for many private investors. IFCUS would provide strategic, patient investments to U.S. manufacturing projects with a positive return-on-investment for workers, local economies, and our national security.

The legislation has been endorsed by the Information Technology and Innovation Foundation (ITIF), the Niskanen Center, the Berggruen Institute, MForesight, The Engine, and the National Defense Industrial Association.

A summary of the bill can be found here. Bill text is available here.