Industrial Sovereignty Council

(a) Establishment There is established within the executive office of the President the Industrial Sovereignty Council (hereinafter in this Act referred to as the Council), which shall be composed of— (1) the Secretary of Commerce and the Secretary of the Treasury, who shall serve as co-Chairs of the Council; (2) the Director of the National Economic Council, who shall serve as vice-Chair of the Council; (3) a representative from the Departments of Defense, Energy, Labor, and State; and (4) the Chair of the Board of Governors of the Fund. (b) Duties The Council shall— (1) integrate the manufacturing investment decisions of the Fund with broader U.S. economic, national security, energy, and labor strategies; (2) advise on national priorities for the industrial policy of the Fund; (3) review investments of the Fund for alignment with— (A) supply chain security; (B) climate and energy strategy; and (C) workforce and regional equity goals; (4) develop a 5-year policy roadmap, to be known as the Industrial Sovereignty Strategy, that identifies— (A) critical and emerging industries (e.g., semiconductors, batteries, defense supply chains, precision tools, robotics); (B) workforce and training needs; (C) regional manufacturing hubs for targeted growth; and (D) domestic content, sustainability, and energy standards; (5) ensure that the Fund’s portfolio aligns with the Industrial Sovereignty Strategy; (6) review all major Fund investment plans for strategic consistency (but shall not review the approval of individual investments); (7) coordinate between the Departments of Commerce, Defense, Energy, Labor, and the Treasury and the Office of the United States Trade Representative on overlapping industrial policies; (8) prevent duplicate or contradictory industrial policy programs across agencies; (9) evaluate investments made by the Fund and partnerships entered into by the Fund for national security implications, including supply chain vulnerability, foreign dependency, and dual-use technologies; (10) coordinate with the National Security Council and the Committee on Foreign Investment in the United States to ensure industrial investments of the United States enhance sovereignty and not foreign leverage; (11) advise the Board of Governors of the Fund on strategic risks, including geopolitical concentration (e.g., China-dependent sectors); (12) recommend new industrial standards, procurement rules, and trade policies to complement the Fund’s investments; (13) ensure consistent environmental, labor, and wage standards across Federal programs; (14) advise Congress on legislative needs related to domestic manufacturing, technology transfer, or export controls; (15) publish an annual report, to be known as the Industrial Sovereignty Report, summarizing— (A) sectoral investment patterns; (B) supply chain dependencies; (C) regional manufacturing health; and (D) policy recommendations for the next fiscal cycle; and (16) brief Congress and the President on industrial progress, risks, and opportunities.