To facilitate the responsible development of data centers and related infrastructure, to protect existing ratepayers from the shifting of incremental infrastructure costs attributable to large-load facilities, to encourage investment in water reuse, and for other purposes.
Summary
HR9419, introduced June 24 2026 by Rep. Baumgartner (R-WA), addresses data center development, cost allocation for large loads, and water reuse. The bill has been referred to two committees and is at an early procedural stage. No financial figures are specified, and no market-moving provisions can be reliably assessed at this time.
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Key Takeaways
- 1.HR9419 is an early-stage bill with no measurable market impact yet.
- 2.No specific funding or tax credit amounts are provided.
- 3.Monitor committee activity for details on cost allocation and incentives.
Market Implications
No current market implications. The bill is procedural. Data center REITs ($DLR, $EQIX) and utilities ($DUK, $SO, $NEE) are not affected until specific cost allocation or incentive rules are drafted. No real market data is available to analyze price trends.
⚡ Government Convergence
This signal is one of the converging government actions below.
Over the last 90 days, 10 separate government actions have converged on AI Compute / Datacenter Power. What that means: federal dollars are already moving — agencies are soliciting bids and awarding contracts, not just talking, and legislation and executive action are building the policy and funding tailwind behind it. When independent channels move together like this — 8 bills, 1 procurement notices and 1 insider buys — it's the clearest early tell that Washington is committing to ai compute / datacenter power, the kind of build-up that reshapes the sector well before it's obvious in the headlines.
Converging government actions
- Procurement noticeY1DA--573-21-106 EHRM Infrastructure Upgrades and Data Center Construction - Gainesville VAMC · 2026-06-26
- BillTo amend the National Artificial Intelligence Initiative Act of 2020 to establish a center on artificial intelligence to ensure continued Un · 2026-06-18
- BillTo direct the Director of the National Institute of Standards and Technology to develop best practices for measuring data center energy use, · 2026-06-18
- BillTo require the Administrator of the Environmental Protection Agency to carry out a study on the environmental impacts of artificial intellig · 2026-06-08
- Insider buyInsider buy: FTAI Infrastructure Inc. ($45,800) · 2026-05-28
- BillTo facilitate the responsible development of data centers and related infrastructure, to protect existing ratepayers from the shifting of in · 2026-06-24
- BillArtificial Intelligence Data Center Moratorium Act · 2026-06-24
- BillTo protect the authority of local governments to make zoning decisions regarding data center development, and to require community benefit a · 2026-06-11
Full Analysis
HR9419 was introduced in the House on June 24, 2026, and referred to the Committees on Ways and Means and Energy and Commerce. The bill aims to facilitate responsible data center development, protect existing ratepayers from cost shifting due to large-load facilities, and encourage water reuse investment.
As an early-stage bill with no text available beyond the title and summary, the specific policy mechanisms—tax incentives, regulatory standards, or direct funding—are unknown. The bill authorizes no specific dollar amount; any financial impact would require subsequent appropriations or tax law changes.
The referred committees (Ways and Means suggests potential tax provisions; Energy and Commerce suggests energy regulation) indicate a broad scope, but the legislative path is uncertain. Sponsor Rep. Baumgartner is a junior member, lowering initial momentum.
With no sector-specific financial targets, contract awards, or compliance mandates identified, the bill currently poses no material, near-term impact on publicly traded companies. Analysts should monitor committee markup activity for substantive provisions.
The legislative timeline involves committee hearings, potential amendments, and floor votes. The process could take months to years, with significant changes likely.
Key Legislators
Connected Signals
Matched on shared policy language across AI analyses, with ticker & timing weight
To amend the National Artificial Intelligence Initiative Act of 2020 to establish a center on artificial intelligence to ensure continued United States leadership in research, development, and evaluation of artificial intelligence systems, and for other purposes.
To require the Administrator of the Environmental Protection Agency to carry out a study on the environmental impacts of artificial intelligence data centers and associated energy infrastructure, to require the Director of the National Institute of Standards and Technology to convene a consortium on such environmental impacts, and to require the Administrator to develop a reporting system for the reporting of the environmental impacts of artificial intelligence, and for other purposes.
To direct the Director of the National Institute of Standards and Technology to develop best practices for measuring data center energy use, study data availability for the purpose of improving energy demand forecasting capabilities, and for other purposes.
A bill to require the Administrator of the Environmental Protection Agency to carry out a study on the environmental impacts of artificial intelligence data centers and associated energy infrastructure, to require the Director of the National Institute of Standards and Technology to convene a consortium on such environmental impacts, and to require the Administrator to develop a reporting system for the reporting of the environmental impacts of artificial intelligence, and for other purposes.
A bill to require the Secretary of Defense to carry out an operational pilot program under the Hybrid Space Architecture initiative to evaluate the use of commercially available orbital data center services and space-based cloud computing capabilities relevant to national security space and joint mission requirements, and for other purposes.
To protect the authority of local governments to make zoning decisions regarding data center development, and to require community benefit agreements as a condition for Federal tax incentives.
Artificial Intelligence Data Center Moratorium Act
Related Presidential Actions
Executive orders & memoranda affecting the same sectors or companies
Ushering in the Next Frontier of Quantum Innovation
This executive order updates the National Quantum Strategy and establishes a national effort (QC-ADDS) to develop a quantum computer for scientific discovery, with deployment at a Department of Energy facility. It directs multiple agencies to prioritize quantum sensing, networking, and supply chain initiatives, and mandates plans for commercial readiness and national security applications.
Securing the Nation Against Advanced Cryptographic Attacks
This executive order mandates a nationwide transition of federal information systems and critical infrastructure to post-quantum cryptography (PQC) by specific deadlines (2030 for key establishment, 2031 for digital signatures), directs NIST to lead technical guidance and a pilot project, requires agencies to appoint PQC migration leads, and orders the Federal Acquisition Regulatory Council to propose rules requiring contractors to comply with NIST PQC standards by 2030.
National Security Presidential Memorandum/NSPM-12
This memorandum rescinds previous national security directives and re-establishes the Committee on National Security Systems (CNSS) to enforce baseline cybersecurity standards across all National Security Systems (NSS) operated by the Department of War, Intelligence Community, and Federal Civilian Executive Branch agencies. It creates binding directives and complementary standards that must meet or exceed NIST guidelines, empowers the NSA Director as the National Manager to issue emergency directives and cryptography requirements, and holds agency heads accountable through government-wide oversight.
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