04/21/2021 | Press release | Distributed by Public on 04/22/2021 14:51
Bloomberg, April 21, 2021
By Daniel Flatley
The panel's action came shortly after Majority Leader Chuck Schumer and Republican Senator Todd Young formally introduced their Endless Frontier Act that, among other things, would authorize $100 billion over five years to strengthen research and development in technology, computing, artificial intelligence, manufacturing and other areas.
Industry groups applauded the introduction of the legislation.
'At a time when global competitors are seeking advantages through increased investments in R&D, it's a critical time for the US to update its strategy to ensure it retains its lead,' said Craig Albright, the vice president for legislative strategy at BSA | The Software Alliance, which includes Microsoft Corp., Intel Corp. and IBM Corp. 'The Endless Frontier Act takes a forward-looking approach to help ensure the US remains the global hub for innovation.