Keep American Jobs from Going Down the Drain Act - Amends the Safe Drinking Water Act and the Federal Water Pollution Control Act (commonly known as the Clean Water Act) to prohibit the use of funds made available from a state loan fund or a state water pollution control revolving fund, respectively, from being used for a project for the construction, alteration, maintenance, or repair of a public water system unless the steel, iron, and manufactured goods used in such project are produced in the United States. Waives such requirement when the Administrator of the Environmental Protection Agency (EPA), in consultation with the relevant governor, finds that: (1) applying such requirement would be inconsistent with the public interest; (2) such goods are not produced in the United States in sufficient and reasonably available quantities and of a satisfactory quality; or (3) inclusion of such goods will increase the cost of the overall project by more than 25%.
Requires the Administrator to: (1) provide public notice and the opportunity to comment on the Administrator's intent to issue a waiver no less than 15 days prior to waiving such requirements; and (2) publish a justification of any waiver issued.