U.S. Reps. Bill Johnson (R-OH) and Dean Phillips (D-MN) have introduced legislation would require the Department of Commerce to study the impact of technology startup companies on the economy.
The Advancing Tech Startups Act, H.R. 5398, also would implement a plan to promote the growth of these companies and encourage policies that influence their creation and growth across the country.
“I reintroduced this important legislation because 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. 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. 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,” Johnson said.
Specifically, the bill would require the Commerce Department to conduct a survey to identify which federal agencies have jurisdiction over the creation, development, and growth of tech startups. It would also identify relevant interagency activities and federal rules and regulations.
In addition, it calls for a survey on relevant marketplaces and supply chains that impact the creation and growth of technology startups.
“Minnesota’s Third Congressional District is home to a vibrant ecosystem of technology startups, which drive our economy forward through innovation and ingenuity,” Phillips said. “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.”
Finally, the legislation would also require the Department of Commerce to report to Congress on any federal rules or regulations acting as barriers to the creation, development, and growth of technology startup companies.