To establish a program in the Department of Commerce to support expansion, modernization, and other improvements to critical and emerging technologies operations within the United States, and for other purposes.

On July 23, 2026, Representative Ro Khanna (D-CA) introduced HR9912, a bill to create a program within the Department of Commerce to support the expansion, modernization, and improvement of critical and emerging technology operations in the United States. The bill was referred to the House Committee on Financial Services, indicating a focus on financing mechanisms such as grants, loans, or loan guarantees rather than direct R&D spending. The bill is in early stage (referred to committee) with two cosponsors, both Democrats, suggesting limited bipartisan momentum at this point. No specific funding amount is authorized, and the text is not publicly detailed, so the exact mechanisms remain unclear. The committee assignment is notable: Financial Services typically oversees banking, securities, and insurance, implying the program may involve financial instruments like revolving loan funds or credit support rather than direct appropriations. This distinguishes it from the CHIPS and Science Act, which was primarily handled by the Commerce, Science, and Transportation committees. The money trail is speculative: if enacted, the program could provide capital expenditure support for domestic semiconductor fabs, advanced packaging, or other critical tech manufacturing. The authorization bill would set ceilings, but actual appropriations require a separate spending bill, which faces uncertain odds in the current fiscal environment. The bill's early stage and lack of bipartisan support suggest low probability of near-term passage. However, the concept aligns with ongoing federal efforts to onshore critical technologies, and the president's CHIPS implementation continues. Structural winners would be US-based semiconductor manufacturers ($INTC, $MU, $TXN) and equipment suppliers ($AMAT, $LRCX, $KLAC). AI and quantum computing hardware companies ($NVDA, $IBM, $GOOGL) could also benefit if the program covers broader tech. The timeline is long: the bill must clear committee, pass the House, Senate, and be signed into law. Given the 119th Congress ends in January 2027, the window is narrow for complex legislation. Investors should monitor committee hearings and markups for signs of movement.