Washington, D.C. – TechNet, the national, bipartisan network of innovation economy CEOs and senior executives, today sent a letter to Congressional leaders addressing several priorities to consider as the U.S. Senate and House of Representatives begin their work to reconcile the differences between the U.S. Innovation and Competition Act (USICA) and the America COMPETES Act. The following statement can be attributed to Linda Moore, TechNet President and CEO:
“America’s tech sector is vital to our country’s economy, contributing $2 trillion in economic output annually. But we can’t take this success for granted. In 2013, the U.S. ranked as the most innovative country in the world. Less than a decade later, we’ve sunk to 11th place. Given this trend, passing a global competitiveness package is the bold action needed to reclaim America’s global leadership in innovation.
“This legislation will spur private investment and innovation that will usher in a new era of exploration, invention, and opportunity in the U.S. TechNet has led industry support for provisions in the bill that will increase the domestic production of semiconductors, create regional tech hubs across the country, and attract and retain the world’s best and brightest talent. These provisions are all essential to strengthening U.S. competitiveness and our national and economic security. Congress should avoid provisions that would weaken innovation and hurt consumers, online retailers, and startups.
“We applaud Congress for coming together on this important legislation and will continue to work with members from both chambers and parties to reclaim America’s global leadership in innovation.”
Background:
In the 116th Congress, TechNet was quick to endorse the Endless Frontier Act, which served as the foundation for USICA.
TechNet applauded the Senate passage of USICA in 2021 and the passage of the America COMPETES Act in the House of Representatives earlier this year.
When the Bloomberg Innovation Index debuted in 2013, the U.S. ranked first among 50 countries. In the latest index, the U.S. has fallen to 11th place. (Bloomberg, 2021)