This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Rep. Fattah Introduces Bill To Spur Innovation Through Federally-Funded Scientific Research

WASHINGTON, Feb. 12, 2013 /PRNewswire-USNewswire/ -- Congressman Chaka Fattah (D-PA-02) says the U.S. government, which spends $130 billion a year in basic research, needs to recoup some of that investment when the research leads to commercially successful applications – and it should require that those new products be "made in America."

To accomplish these goals and focus the spotlight on government research, Fattah today introduced the American Discoveries American Jobs Commission Act. The bill looks at ways the federal government can leverage its sponsorship of basic research to expand support for that research, grow manufacturing jobs and recoup a portion of its investment.

"The Federal government should be able to claim royalties from its own investment in early research, then reinvest those royalties in science, technology, engineering and math education and future federal research," Fattah said. "If new or improved products are on the commercial market because of federal research dollars then they should be stamped 'Made in America.'"

The Philadelphia Congressman said, "Federally funded research is a quiet success story that immeasurably improves our way of life. Every day, taxpayers are contributing to the foundational research that is necessary for the new discoveries that improve people's lives. They deserve to know that their hard earned tax dollars have been put to work, and they deserve to know they are contributing to the economic growth arising from research investments."

The Fattah bill establishes a commission to assess the benefits of collecting royalties from government subsidized research that has led to commercialized products. The fees would be reinvested in further research for future discoveries. The commission is further directed to make certain that products developed with federal research funds are manufactured in the United States. This would not only produce jobs but guarantee broader benefits from initial investments.

Over the years, the $130 billion that the federal government spends annually on research and development has led to new products and processes such as antibiotics, plastics, airplanes, computers, microwaves, and bioengineered drugs. These types of innovations are responsible for up to one-half the growth of the U.S. economy and are the principal driving force in the nation's long-term economic prosperity.

The Commission that Fattah proposes would have nine members, three appointed by the President and six by Congress. It would report its findings to Congress, with the ultimate goal of inspiring legislation to accomplish the stated goals regarding innovation, research, royalties and job creation.

1 of 2

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,053.71 +23.50 0.13%
S&P 500 2,088.77 +6.89 0.33%
NASDAQ 4,806.8590 +33.3870 0.70%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs