• This measure represents a significant effort by the government to shore up private sector and university research efforts in advanced technologies with federal funding
A legislation seeking $100 billion in government spending over the period of five years on basic and advanced technology research and science was introduced by a bipartisan group of US lawmakers in order to take on the rising competitive pressure from China.
Sponsored by Senate Democratic Leader Chuck Schumer, Republican Senator Todd Young and others, this bill called the “Endless Frontier Act” would also authorise additional $10 billion to designate a minimum of 10 regional technology hubs and create a supply chain crisis response program.
This measure represents a significant effort by the government to shore up private sector and university research efforts in advanced technologies with federal funding.
Talking about this bill, Schumer said “There is a bipartisan consensus that the United States must invest in the technologies of the future to out-compete China, and whichever nation develops new technologies first – be they democratic or authoritarian – will set the terms for their use.” He further said separately he will push for “emergency spending” to implement the semiconductor manufacturing provisions in last year’s defense bill.
US superiority in science and technology “is at risk said Republican Representative Mike Gallagher. Gallagher further said “The Chinese Communist Party has used decades of intellectual property theft and industrial espionage to close this technological gap in a way that threatens not only our economic security, but also our way of life.”