A bipartisan bill sponsored on Sept. 12 by U.S. Rep. Bill Johnson (R-OH) would require the U.S. Commerce Department to lead a study on the impact of technology startup companies on the United States economy.
“We’ve seen firsthand how dependent America is on other countries for products and technology. The bottom line: we’re vulnerable, and this must change,” Rep. Johnson said. “It’s critical that we support American innovators, entrepreneurs, and other job creators. And in order to do that, we need to identify unnecessary barriers and remove them.”
Under the Advancing Tech Startups Act, H.R. 5398, which is cosponsored by U.S. Rep. Dean Phillips (D-MN), the study would identify and implement a plan to promote the growth of these companies and encourage the development of policies that influence the creation and growth of such startups across the country, according to a bill summary provided by Rep. Johnson’s staff.
Specifically, H.R. 5398 would require that the study include a survey to identify which federal agencies have jurisdiction over the creation, development, and growth of tech startups, in addition to identifying relevant interagency activities and federal rules and regulations, the summary says.
Additionally, the study would have to include a survey on relevant marketplaces and supply chains that impact the creation and growth of technology startups.
The legislation also would require the Commerce Department to report to Congress on any federal rules or regulations acting as barriers to the creation, development, and growth of technology startup companies, states the summary.
“America was built upon hard work and ingenuity, and we must nurture innovation and growth in all regions of the United States, not just in traditional tech start-up areas,” said Rep. Johnson. “Tapping into this wealth of American talent and intellectual capital across the country will make us more economically self-sufficient in critical areas and ensure our supply chains will be more resilient in this global economy.”
H.R. 5398 has been referred to the U.S. House Energy and Commerce Committee for consideration.
“This legislation will help cultivate entrepreneurship in all areas of the country and ensure the United States remains the best place in the world to start a new business,” added. Rep. Phillips.