Funding

(a) Initial funding (1) In general There is appropriated to the Fund, out of any funds in the Treasury not otherwise appropriated, to remain available until expended— (A) on the date of enactment of this Act, $100,000,000,000; (B) for the first fiscal year beginning after the date of enactment of this Act, $65,000,000,000; (C) for the second fiscal year beginning after the date of enactment of this Act, $40,000,000,000; (D) for the third fiscal year beginning after the date of enactment of this Act, $35,000,000,000; (E) for the fourth fiscal year beginning after the date of enactment of this Act, $20,000,000,000; (F) for the fifth fiscal year beginning after the date of enactment of this Act, $15,000,000,000; (G) for the sixth fiscal year beginning after the date of enactment of this Act, $12,000,000,000; (H) for the seventh fiscal year beginning after the date of enactment of this Act, $10,000,000,000; (I) for the eighth fiscal year beginning after the date of enactment of this Act, $8,000,000,000; and (J) for the ninth fiscal year beginning after the date of enactment of this Act, $5,000,000,000. (2) Decrease in appropriations over time (A) Certification At the end of each 2-fiscal year period beginning with the first fiscal year beginning after the date of enactment of this Act, the Chair of the Board of Governors shall certify to the Congress whether or not the Fund is earning revenues that equal or exceed the amount of appropriations received by the Fund during the previous fiscal year and whether or not such revenues can sustain the operations of the Fund. (B) Decrease Notwithstanding paragraph (1), each time the Chair of the Board of Governors certifies under subparagraph (A) that the Fund is earning revenues that equal or exceed the amount of appropriations received by the Fund during the previous fiscal year and that such revenues can sustain the operations of the Fund, the amount specified under paragraph (1) applicable to each following fiscal year shall be reduced by 20 percent. (b) Use of investment proceeds Except as provided in section 6, all proceeds from Fund investments, including interest, dividends, and proceeds from the sale of investments, shall be retained by the Fund and used, without further appropriation, to carry out this Act. (c) Funding from automobile tariffs and antidumping and countervailing duties Beginning with the first fiscal year beginning after the date of enactment of this Act— (1) all duties collected pursuant to an investigation under section 232 of the Trade Expansion Act of 1964 (19 U.S.C. 1862) or section 301 of the Trade Act of 1974 (19 U.S.C. 2411) with respect to automobiles shall be transferred to the Fund and made available without further appropriation to carry out this Act; and (2) all duties collected pursuant to an antidumping order or countervailing duty order under title VII of the Tariff Act of 1930 (19 U.S.C. 1671 et seq.) shall be transferred to the Fund and made available without further appropriation to carry out this Act. (d) Mergers and acquisitions fee (1) In general With respect to any covered transaction with a transaction value of over $1,000,000,000, the person making the acquisition shall pay a fee to the Fund in an amount equal to 1 percent of the transaction value and such amount shall be made available without further appropriation, to carry out this Act. In the event that a covered transaction does not have a single party making an acquisition, the Fund shall determine which parties to the transaction are subject to this paragraph and, if more than one, how the fee required under this paragraph is divided among the parties. The Board of Governors of the Fund shall assess the impact of covered transactions on workers in the applicable industry, and ensure covered transactions advance the Fund’s objective to create and retain high-quality jobs. (2) Definitions In this subsection: (A) Covered transaction (i) In general The term covered transaction — (I) means any acquisition, directly or indirectly, by any person of— (aa) voting securities of an issuer; (bb) non-corporate interests in any unincorporated entity, including partnerships, limited liability companies, or similar entities; and (cc) assets of any person; and (II) includes— (aa) any merger, consolidation, tender offer, or similar business combination; (bb) any acquisition of a controlling or non-controlling interest; (cc) the formation of a joint venture or other combination of assets or businesses; and (dd) any series of transactions that are part of a common plan or arrangement. (ii) Aggregation and anti-avoidance In this subparagraph, transactions shall be aggregated and treated as a single covered transaction if the transactions— (I) are between the same or related persons; and (II) occur within a 24-month period, or as part of a common plan. (iii) Common plan doctrine In this subparagraph, transactions shall be treated as part of a common plan where they are— (I) commercially interdependent; (II) negotiated in connection with one another; or (III) structured to avoid the application of this Act. (B) Transaction value (i) In general The term transaction value means the total value of all consideration paid or payable, directly or indirectly, in connection with a covered transaction, including— (I) cash and cash equivalents; (II) the fair market value of voting securities, non-corporate interests, or other ownership interests transferred; (III) the fair market value of assets transferred; (IV) liabilities assumed, including indebtedness; and (V) contingent, deferred, or earnout payments. (ii) Determination A transaction value shall be determined based on— (I) the fair market value of the consideration as of the date of closing; or (II) if greater, the total consideration agreed to by the parties. (iii) Special rules For purposes of determining a transaction value of a covered transaction, the Board of Governors shall issue rules for— (I) valuing contingent or deferred consideration; (II) valuing partial acquisitions; and (III) determining value in asset transactions. (e) Stock trading fee on high-Volume traders The Securities and Exchange Commission shall— (1) issue rules to require each person who sells an equity security, if the person has already sold more than $1,000,000 worth of equity securities in the same calendar year, to pay a fee to the Commission in an amount equal to 0.1 percent of the value of the sale; and (2) transfer such amounts to the Fund to be used, without further appropriation, to carry out this Act. (f) Stock buyback fee The Securities and Exchange Commission shall— (1) issue rules to require each issuer that purchases an equity security issued by such issuer to pay a fee of $100 to the Commission for each such purchase; and (2) transfer such amounts to the Fund to be used, without further appropriation, to carry out this Act. (g) Production offshoring fee (1) In general Any company that carries out manufacturing in the sectors described in section 3(b)(1), as such sectors may have been modified pursuant to section 3(b)(2), with annual revenue of more than $250,000,000 shall pay a fee to the Fund any time the company carries out offshoring. (2) Fee calculation (A) In general The Board of Governors shall determine the amount of a fee under paragraph (1) by calculating the sum of— (i) the labor cost differential between United States and offshore production multiplied by the number of units that have been offshored; and (ii) the sum of past Federal tax credits, subsidies, and grants provided to the company prior to offshoring operations. (B) Tiered rate structure The Board of Governors shall determine a tiered rate structure for purposes of carrying out this subsection, using determinants such as non-market economy status, foreign entity of concern status, labor and child-labor abuses, emission rates, and others. (3) Offshoring defined The term offshoring means— (A) the closure or downsizing of a domestic production facility where there is reason to believe such closure or downsizing may correlate to increasing reliance on imported goods instead; (B) the shift of production capacity abroad by a company that continues selling into the United States; and (C) contracting with foreign manufacturers to produce goods when the firm previously produced such goods domestically. (h) Funding from corporate taxes (1) In general Section 11(b) of the Internal Revenue Code of 1986 is amended by striking 21 percent and inserting 22 percent. (2) Use of funds All tax imposed by reason of the amendment made by paragraph (1) shall be transferred to the Fund to be used, without further appropriation, to carry out this Act. (3) Effective date The amendment made by this subsection shall apply to taxable years beginning after December 31, 2026. (i) Coordination with other agencies The Securities and Exchange Commission, the Secretary of the Treasury, and such other Federal agencies as the Board of Governors determines appropriate, shall provide assistance to the Fund in carrying out this subsection. (j) Securities definitions In this section, the terms issuer and security have the meaning given those terms, respectively, in section 3 of the Securities Exchange Act of 1934.