Chairman Davis, Congressman Waxman, Members of the Committee, I'm pleased to have this opportunity to discuss American competitiveness.
With your permission, I'd like to make a brief opening statement and submit my written testimony for the record.
Let me say at the outset that American companies and American workers are the most competitive and innovative in the world: The challenge is this: How do we maintain our leadership role as the most competitive economy in the world? In his State of the Union address, President Bush announced an ambitious American Competitiveness Initiative (ACI).
The centerpiece is the President's commitment to doubling funding for federal R&D in the physical sciences and engineering over the next ten years.
To maintain our economic leadership, we need to generate new technologies. We need to continue to invent the future.
The ACI calls for a 24 percent increase in funding for our world-class laboratories at the National Institute of Standards and Technology (NIST).
This funding will allow scientists at NIST, who have won three Nobel Prizes, to advance research in such promising fields as nanotechnology, hydrogen and quantum information.
This could lead to new cancer therapies, fuel cells to power pollution-free cars and unbreakable codes to protect electronic financial transactions among other innovations.
Research on nanotechnology data alone is crucial to the private sector's success in a market that could reach $1 trillion dollars over the next decade.
The second major component of ACI is investing in human capital. President Bush is proposing investing $380 million in FY 07 to improve math and science skills in K-12 schools.
His plan also provides for job training; supporting universities that offer world-class education and research opportunities; and attracting and retaining the best and brightest high-skilled workers from around the world by supporting comprehensive immigration reform.
Hand in hand with ACI, is the President's pro-growth economic agenda. This is geared toward creating a business environment that encourages entrepreneurship and risk taking.
What makes an environment innovation-friendly? President Bush's American Competitiveness Initiative encourages American innovation and strengthens our nation's ability to compete in the global economy.
When we open our markets to 3 billion new consumers, we also open up to 3 billion new competitors. To thrive in an open world, economies like ours compete on the basis of innovation, talent and business environment.
Mr. Chairman, the President, the Commerce Department and this Administration are committed to maintaining America's leadership and competitiveness in today's dynamic global economy to raise standards of living and create new American jobs.
I want to thank you and the members of this Committee for your support.
I welcome your comments and suggestions and would be pleased to take your questions….
Source: U.S. Department of Commerce
