Nanotechnology Research And Development Act Of 2003
Mr. Chairman, I move to strike the last word. Mr. Chairman, I support the Nanotechnology Research and Development Act and applaud the gentleman from California (Mr. Honda), the gentleman from New York (Mr. Boehlert), the gentleman from…
Mr. Chairman, I move to strike the last word.
Mr. Chairman, I support the Nanotechnology Research and Development Act and applaud the gentleman from California (Mr. Honda), the gentleman from New York (Mr. Boehlert), the gentleman from Texas (Mr. Hall), and the committee for bringing this up.
This bill goes a long way with its scholarship programs, with its multidepartmental authorization, with an increase in the authorized amount to promote this really very important area of research and development.
Now, it is curious that the floor schedule here has tomorrow and Friday reserved for discussion of the economic stimulus plan. Let me suggest that they are off by at least a day. The real piece of economic stimulus legislation that will be considered this week, that will really stimulate the economy, is right here before us today.
Now, make no mistake, that investment in research and development is the single most effective way to provide for economic growth. Now, economists will argue about the amount of return on investment in research and development. They will say maybe it is 40 percent; maybe it is 60 percent. Whatever it is, it is very good. We have
all heard the figures, that half of the U.S. economic growth over the past 5 decades has been due to advances in technology. Nearly two- thirds of the papers cited in recent patents were published by researchers at organizations supported by Federal funds, and that makes the point that there really is a Federal role here; and that is why we should be doing legislation such as the nanotechnology act.
Investment in R&D has proved to be one of the very best returns that we can get on taxpayers' money. And although it is difficult to quantify the returns, we know it is good. A small investment, in this case in small technology, will lead to very big payoffs.
And nanotechnology cuts across traditional academic disciplines. That is one of the great appeals of this kind of research. Providing for a next generation of imaging devices, for sensors, for biological and chemical work, including biological and chemicals weapons work, to detect pathogens, to detect weapons that might be used against us; and smart materials that will be used in everything from the Space Shuttle to the bicycle.
In New Jersey we have recognized this, and the State and industry are making a significant investment in our nanotechnology centers which have been associated with Lucent and Bell Labs. And this bill before us today in Congress will help train the next generation of skilled workers to keep the U.S. in the forefront of technology and help stem the flow of research and development centers to overseas locations.
So as we debate this week the best way to have a strong economy, let me say this will go a lot farther than any of the tax cuts that have been proposed. This will provide real growth, growth in productivity, growth in education. This is where we should be putting our money, and I am pleased to see the committee give its support to this important technology. I think the nanotechnology bill will lead to innovation, to education, and to economic growth. We should all get behind it.
Sequential Votes Postponed in Committee of the Whole