What does Build America Buy America compliance mean?

The U.S. Infrastructure Investment & Jobs Act of 2021 provides $284 Billion in new spending for transportation infrastructure in the United States of America. Projects using government funding are required to invoke the Buy America Act. The OMB has tried to clarify and added the name Build America Buy America with the clarification that for manufactured goods they must be both Made in the USA and pass the Cost of Components Test (COCT). Yet, with many competing and spurious claims on this subject, what exactly does Build America Buy America compliance mean?

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