Sec. 101. Findings
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/bill/117/s/2662/is/section-101·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Congress finds the following: The COVID–19 pandemic exposed long-existing vulnerabilities and harmful concentration in supply chains, as demonstrated by the semiconductor shortage and the reverberating effects of that shortage on the production capabilities of industries within the United States. Vulnerable or concentrated supply chains have harmful implications for the national security of the United States, including by— creating bottlenecks and delays for goods and innovations necessary to military preparedness; increasing economic and political leverage for adversarial nations in international negotiations; and providing leverage for adversarial nations to use their supply chain dominance to exert economic pressure or destabilize the defense capabilities of the United States.
To promote the national defense and national security of the United States, the Federal Government must provide investment to ensure that certain goods and innovations are produced in the United States. Vulnerable supply chains also have harmful economic repercussions for the United States, including by— weakening the ability of the United States to lead commercial development of the technological frontier; limiting the availability of financing and investment for businesses in the United States; and causing higher prices for consumers and businesses in the United States.
In order for the United States to remain the economic leader of the world, it is critical for the Federal Government to ensure that the United States leads the development, furtherance, and commercialization of the technological frontier through investments in manufacturing and fields and technologies with and without military applications, including— nanotechnology; biotechnology; advanced manufacturing; quantum computing; advanced communications; advanced energy; semiconductors; advanced computing; cybersecurity; artificial intelligence; green manufacturing; and other fields with high potential to contribute to the economic and national security of the United States that may lack sufficient private sector investment.
Historically, the Federal Government has used public funds to fill gaps in private sector investment, often without sharing in the potential benefits. When the Federal Government invests in high-risk, high-reward industries, the taxpayers of the United States should share in the potential benefits and not just the risks of the investment. It is in the economic interest of the United States to ensure that resilient supply chains remain economically competitive. Accordingly, it is crucial— for the Federal Government to invest in building and retaining a vibrant manufacturing sector; for the Federal Government to invest in manufacturing and production that leads to good jobs for workers in the United States; and that investments in manufacturers in the United States lead to good jobs for workers in the United States.
All too often, excessive short-termism precludes companies in the United States from accessing investment capital. It is in the interest of the Federal Government to ensure that patient capital (or capital with an investment horizon of not less than 7 years) is available to boost supply chains and manufacturing in the United States. Innovative industries, including industries described in, or that produce the products described in, paragraph (5), suffer from limited access to patient capital.