President Joe Biden’s fiscal year 2023 budget supports the U.S. Department of Commerce’s investments supporting economic growth and making communities more climate resilient.
The budget reflects the administration’s unwavering commitment to building a better America, Commerce Secretary Gina Raimondo said in a March 28 Department of Commerce release.
“These historic investments, including $372 million to enhance the Commerce Department’s manufacturing programs and make America’s small and medium manufacturers more competitive, will help to create jobs, build a more resilient workforce and supply chains in the wake of the COVID-19 pandemic and increase American competitiveness in a 21st century global economy,” she said, according to the release.
Critical investments in the American people that will build a stronger foundation for shared growth and prosperity were part of the budget, the release reported.
“We welcome these new investments to create more targeted advancements in equity and innovation across all sectors of our economy,” Deputy Commerce Secretary Don Graves said, according to the release.
The National Institutes of Standards and Technology’s manufacturing programs would get $372 million, an increase of $206 million from 2021. This would fund five manufacturing innovation institutes in 2023. By expanding the Manufacturing Expansion Partnership by $125 million, the department could help make America’s small and medium manufacturers more competitive, the release said.
Other budget investments include funding to revitalize coal communities and other economically distressed communities, supporting minority-owned business, expanding economic engagement abroad and increasing the National Oceanic and Atmospheric Administration’s budget by $1.4 billion to respond to the impacts of climate change and extreme weather, according to the release.
