Center for American Entrepreneurship Applauds Endless Frontier Act by Senators Charles Schumer (D-NY) & Todd Young (R-IN) & Reps. Ro Khanna (D-CA) & Mike Gallagher (R-WI)

WASHINGTON, June 3, 2020 /PRNewswire-PRWeb/ -- Center for American Entrepreneurship Applauds Introduction of the Endless Frontier Act by Senators Charles Schumer (D-NY) and Todd Young (R-IN), and Reps. Ro Khanna (D-CA) and Mike Gallagher (R-WI)
June 3, 2020

John R. Dearie, President of the Center for American Entrepreneurship, today issued the following statement regarding the introduction by Senators Charles Schumer (D-NY) and Todd Young (R-IN), along with Reps. Ro Khanna (D-CA) and Mike Gallagher (R-WI) of the Endless Frontier Act ? bipartisan, bicameral legislation intended to enhance U.S. leadership in science and technology.

"The Center for American Entrepreneurship (CAE) applauds the introduction of the Endless Frontier Act, critically important legislation that will dramatically enhance the nation's innovative capacity at a time when the Covid-19 emergency has inflicted unprecedented damage to the U.S. economy, labor markets, businesses, and families.

Scientific and technological innovations drive gains in productivity, which in turn drive economic growth, job creation, and expanding opportunity. Unfortunately, over recent decades U.S. government investment in research and development as a percent of gross domestic product has fallen near historic lows. Meanwhile, other nations ? China in particular ? have dramatically increased their investments in scientific discovery and technology. To remain a global innovation leader in an increasingly competitive world economy ? and to accelerate the economic recovery from the Covid-19 crisis ? the United States must renew its longstanding commitment to science- and technology-driven innovation.

The Endless Frontier Act will address this national priority in several important ways. The Act would expand the National Science Foundation (NSF), to be renamed the National Science and Technology Foundation (NTSF); establish a new Technology Directorate within the NTSF; authorize $100 billion for the new Directorate to reinvigorate American leadership in the discovery and application of ten key technology areas that will define global competitiveness; authorize an additional $10 billion for the Commerce Department to designate at least 10 regional technology hubs, awarding funds to position regions across the country as global centers for research, development, and manufacturing; and fund programs to accelerate the transfer of new technologies from the lab to the marketplace, including expanding access to investment capital.

Importantly, the new Directorate would also be authorized to coordinate with the Department of Commerce and other federal departments and agencies on initiatives to connect disadvantaged populations and locations to new job and business opportunities developing key technologies.

CAE thanks Senators Schumer and Young, and Reps. Khanna and Gallagher for their leadership on this critical issue. We look forward to working with them, their Congressional colleagues, and the Administration to see the Endless Frontier Act swiftly enacted into law."

About the Center for American Entrepreneurship (CAE)
The Center for American Entrepreneurship (CAE) is a nonpartisan research, policy, and advocacy organization whose mission is to engage and educate policymakers in Washington, and at state and local levels across the nation, regarding the critical importance of entrepreneurs and startups to innovation, economic growth, and job creation ? and to pursue a comprehensive policy agenda intended to significantly enhance policy circumstances for new business formation, survival, and growth.

For more information, visit StartupsUSA.org

Follow CAE on Twitter: @startupsUSAorg

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SOURCE Center for American Entrepreneurship