Earlier this month, the Senate approved a bill that looks to boost the United States technological footprint in an attempt to compete with China. The 68-32 vote, with an overwhelming majority in favor, shows just how eager both parties are to give America a competitive edge in the tech space. With this approval, the bill, called the Innovation and Competition Act, heads to the House.
While the future of the bill is still unclear, if passed by the House, it would authorize $250 billion of investment money. Allocation of those dollars would be seen in a range of technologies. Seems like a lot of money, right? Well, in comparison to the trillions that Beijing puts into its technology development, it’s smart of the U.S to strengthen our own technology to compete with China, and what is outlined in the Innovation and Competition Act touts that same tune.
Supporters described it as the ‘biggest investment in scientific research that the country has seen in decades.’
Chuck Schumer (D – New York), the Senate Majority Leader, is one of the many supporters and says, “The premise is simple, if we want American workers and American companies to keep leading the world, the federal government must invest in science, basic research and innovation, just as we did decades after the Second World War," "Whoever wins the race to the technologies of the future is going to be the global economic leader with profound consequences for foreign policy and national security as well."
President Joe Biden also ‘approved’ the bill in a statement saying, “As other countries continue to invest in their own research and development, we cannot risk falling behind. America must maintain its position as the most innovative and productive nation on Earth."
There has been overwhelming support from both sides, however, not everyone agrees. Senator Rand Paul (R-Kentucky) said “Congress should be cutting the foundation's budget, not increasing it.” He called the agency, “the king of wasteful spending.”
The bill aims to compete with China, provide an opportunity to work on infrastructure issues we have in the United States, and strengthen our technology industry. If we can do that, it would give the government more leverage to confront the Chinese human rights issues and poor labor conditions in a progressive way.
Ultimately, passing this bill, that so far has shown great bipartisan support, is a win for the United States. This type of cooperation shows that that no matter how big our differences may seem, we can come together to work towards a better tomorrow by expanding economic progress.
Here at Extract Systems, we are a proud technology company that prides itself on innovation and maintaining the highest level of security possible for our clients. Strengthening the nation’s technology space as well as encouraging competition will only lead to greater innovation, both within the United States and globally. Our solutions offer workflow automation infrastructure that in turn allow for lucrative returns for our government, healthcare, and private corporation clients. If you’re interested in taking on a project that involves indexing, redacting, or classifying your documents, please reach out and we’d be happy to set up a demonstration of our software.
Sources:
https://www.congress.gov/bill/117th-congress/senate-bill/1260
About the Author: Taylor Genter
Taylor is a Marketing Manager at Extract with experience in data analytics, graphic design, and both digital and social media marketing. She earned her Bachelor of Business Administration degree in Marketing at the University of Wisconsin- Whitewater. Taylor enjoys analyzing people’s behaviors and attitudes to find out what motivates them, and then curating better ways to communicate with them.