House Reveals New America COMPETES Act of 2022
House Reveals New America COMPETES Act of 2022
On January 25, the House of Representatives shared it’s America COMPETES Act of 2022. This bill is the House counterpart to the Senate’s U.S. Innovation and Competition Act (USICA), which passed the Senate in June 2021. The long-awaited COMPETES Act would advance U.S. innovation policy through establishing new innovation programs and authorize federal funds to carry out the initiatives.
The COMPETES Act was put forward by House Democrats and while it includes components of the Senate-passed USICA bill, there are also a number of new provisions. The new COMPETES Act focuses heavily on climate change mitigation and offers new incentives to attract and retain foreign scientists and engineers.
The COMPETES Act of 2022 authorizes $45 billion to be put towards strengthening the nation’s supply chain and American manufacturing sector. The supply chain continues to be top-of-mind among Americans as the global supply chain continues to face mounting pressure spurred by the COVID-19 pandemic. On the topic, the ASME Manufacturing Public Policy Task Force authored a white paper on the “Hazards of Global Supply Chains.” The paper discusses how factors such as offshoring and outsourcing contributed to global shortages of key supplies in the months immediately following the COVID-19 outbreak. The paper also explains the role a strong manufacturing sector can play in bolstering economies against future disruptions of similar scale, and how to establish a domestic manufacturing industry capable of such fortification.
The new COMPETES Act also takes a look at what is being dubbed the “National Institute of Standards and Technology (NIST) for the Future.” The bill authorizes a significant increase in funding and expansion of the Hollings Manufacturing Extension Partnership (MEP) program, including to address the resilience of domestic supply chains, and authorizes two new competitively awarded Manufacturing USA Institutes. ASME has been a long-time supporter of both these advanced manufacturing programs.
The COMPETES Act would expand NIST’s yearly budget from $1.4 billion to $1.8 billion over five years. In The bill also expands the National Science Foundation’s (NSF) budget capacity, raise NSF’s yearly top-line budget from $8.5 billion to $17.9 billion over five years. And while DOE’s Office of Science would increase from $7 billion to $11.1 billion over five years, it’s total funding during that time is about $1.7 billion less than that included in USICA.
Follow the links below for more information on the America Competes Act of 2022:
The COMPETES Act was put forward by House Democrats and while it includes components of the Senate-passed USICA bill, there are also a number of new provisions. The new COMPETES Act focuses heavily on climate change mitigation and offers new incentives to attract and retain foreign scientists and engineers.
The COMPETES Act of 2022 authorizes $45 billion to be put towards strengthening the nation’s supply chain and American manufacturing sector. The supply chain continues to be top-of-mind among Americans as the global supply chain continues to face mounting pressure spurred by the COVID-19 pandemic. On the topic, the ASME Manufacturing Public Policy Task Force authored a white paper on the “Hazards of Global Supply Chains.” The paper discusses how factors such as offshoring and outsourcing contributed to global shortages of key supplies in the months immediately following the COVID-19 outbreak. The paper also explains the role a strong manufacturing sector can play in bolstering economies against future disruptions of similar scale, and how to establish a domestic manufacturing industry capable of such fortification.
The new COMPETES Act also takes a look at what is being dubbed the “National Institute of Standards and Technology (NIST) for the Future.” The bill authorizes a significant increase in funding and expansion of the Hollings Manufacturing Extension Partnership (MEP) program, including to address the resilience of domestic supply chains, and authorizes two new competitively awarded Manufacturing USA Institutes. ASME has been a long-time supporter of both these advanced manufacturing programs.
The COMPETES Act would expand NIST’s yearly budget from $1.4 billion to $1.8 billion over five years. In The bill also expands the National Science Foundation’s (NSF) budget capacity, raise NSF’s yearly top-line budget from $8.5 billion to $17.9 billion over five years. And while DOE’s Office of Science would increase from $7 billion to $11.1 billion over five years, it’s total funding during that time is about $1.7 billion less than that included in USICA.
Follow the links below for more information on the America Competes Act of 2022:
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