Investing in Our Defense Act of 2024

This bill expands the authorities of the Office of Strategic Capital (OSC) within the Department of Defense, allowing it to make equity investments, invest in critical minerals, collect fees for capital assistance, and hire staff under special rules.

Sec. 2, Authorization to make equity investments: The OSC may, as a minority investor, purchase equity or quasi-equity securities in any entity. Support per eligible investment is capped at 20% of total equity in the project at approval time, and total OSC exposure from such support is limited to 35%. The OSC must seek to sell or liquidate support as soon as commercially feasible, create a timetable for each investment, and treat equity investments as a credit program under the Federal Credit Reform Act, with costs calculated on a net-present-value basis.

Sec. 3, Authorization to invest in critical minerals: The bill adds "critical minerals" to the list of eligible investments the OSC may support, consistent with a policy in the National Defense Authorization Act for Fiscal Year 2024.

Sec. 4, Authorization to collect fees for providing capital investments: The Director of the OSC may charge and collect fees for providing capital assistance, with amounts determined by the Director. Collected fees may only be used as provided in advance by appropriations acts.

Sec. 5, Hiring authorities: The Director selects and appoints OSC officers, employees, and agents. Up to 50 employees may be appointed, compensated, or removed without regard to standard federal hiring rules (Title 5). Upon removal (unless for cause), they may be reinstated to their prior position or a comparable one. These positions are in addition to those otherwise authorized by law, and the Director may set their pay rates without regard to General Schedule rules.