S.Amdt. 2045

SA 2045. Mr. COONS submitted an amendment intended to be proposed to
amendment SA 1502 proposed by Mr. Schumer to the bill S. 1260, to
establish a new Directorate for Technology and Innovation in the
National Science Foundation, to establish a regional technology hub
program, to require a strategy and report on economic security,
science, research, innovation, manufacturing, and job creation, to
establish a critical supply chain resiliency program, and for other
purposes; which was ordered to lie on the table; as follows:

At the appropriate place, insert the following:

SEC. ___. U.S. DEVELOPMENT CORPORATION.

(a) Statement of Policy.--It is the policy of the United
States to--
(1) support the growth of sectors most critical to the
economic security and competitiveness of the United States;
(2) help vital technologies make the transition from
universities and labs to commercial success, including--
(A) those technologies that are civilian in nature,
including microelectronics, nanotechnology biotechnology,
advanced manufacturing;
(B) those technologies with military implications,
including hypersonic flight, quantum computing, and
artificial intelligence; and
(C) other technologies that could enhance the soft power of
the United States and be exported to allies of the United
States;
(3) restore the entrepreneurial dynamism of the United
States economy, by supporting the growth of small
businesses--
(A) of any variety that support, or are capable of
supporting, the growth of technology-focused enterprises
described above as contractors or as customers;
(B) with innovative potential, whose success has the
potential to increase the productivity and economic
development of the United States; and
(C) in regions of the country or owned by individuals of
demographic groups with historically low access to capital;
and
(4) fill gaps in private sector financing and correct for
underinvestment in key areas with a longer-time horizon by--
(A) making direct loans and equity investments;
(B) drawing financing from multiple sources, including the
banking system, institutional investors, and others; and
(C) scaling up promising investment and lending methods,
including revenue-based lending, equity-loan hybrid lending,
tech-based lending, lending by community development
financial institutions, and lending by local investment
funds.
(b) Report to Congress.--
(1) In general.--Not later than 180 days after enactment,
the Secretary of Treasury, in consultation with the Secretary
of Commerce, shall submit to Congress a report advising on
the design of a United States Government-owned corporation,
known as the U.S. Development Corporation, charged with
supporting the policies described in subsection (a).
(2) Contents.--The report required under paragraph (1)
shall include an assessment of--
(A) potential financing authorities of the U.S. Development
Corporation, including direct loans, guarantees, equity
investments, and appropriate terms and conditions for each;
(B) ways in which the U.S. Development Corporation could
utilize expertise across the United States Government and the
private sector to evaluate global technological progress and
market trends to inform the identification of priority
technologies, with both near- and long-term time horizons;
and
(C) the necessary initial and ongoing investment of the
Federal Government to achieve the policies described in
subsection (a).
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