[Congressional Record Volume 167, Number 92 (Wednesday, May 26, 2021)]
[Senate]
[Page S3516]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 2045. Mr. COONS submitted an amendment intended to be proposed to 
amendment SA 1502 proposed by Mr. Schumer to the bill S. 1260, to 
establish a new Directorate for Technology and Innovation in the 
National Science Foundation, to establish a regional technology hub 
program, to require a strategy and report on economic security, 
science, research, innovation, manufacturing, and job creation, to 
establish a critical supply chain resiliency program, and for other 
purposes; which was ordered to lie on the table; as follows:

        At the appropriate place, insert the following:

     SEC. ___. U.S. DEVELOPMENT CORPORATION.

       (a) Statement of Policy.--It is the policy of the United 
     States to--
       (1) support the growth of sectors most critical to the 
     economic security and competitiveness of the United States;
       (2) help vital technologies make the transition from 
     universities and labs to commercial success, including--
       (A) those technologies that are civilian in nature, 
     including microelectronics, nanotechnology biotechnology, 
     advanced manufacturing;
       (B) those technologies with military implications, 
     including hypersonic flight, quantum computing, and 
     artificial intelligence; and
       (C) other technologies that could enhance the soft power of 
     the United States and be exported to allies of the United 
     States;
       (3) restore the entrepreneurial dynamism of the United 
     States economy, by supporting the growth of small 
     businesses--
       (A) of any variety that support, or are capable of 
     supporting, the growth of technology-focused enterprises 
     described above as contractors or as customers;
       (B) with innovative potential, whose success has the 
     potential to increase the productivity and economic 
     development of the United States; and
       (C) in regions of the country or owned by individuals of 
     demographic groups with historically low access to capital; 
     and
       (4) fill gaps in private sector financing and correct for 
     underinvestment in key areas with a longer-time horizon by--
       (A) making direct loans and equity investments;
       (B) drawing financing from multiple sources, including the 
     banking system, institutional investors, and others; and
       (C) scaling up promising investment and lending methods, 
     including revenue-based lending, equity-loan hybrid lending, 
     tech-based lending, lending by community development 
     financial institutions, and lending by local investment 
     funds.
       (b) Report to Congress.--
       (1) In general.--Not later than 180 days after enactment, 
     the Secretary of Treasury, in consultation with the Secretary 
     of Commerce, shall submit to Congress a report advising on 
     the design of a United States Government-owned corporation, 
     known as the U.S. Development Corporation, charged with 
     supporting the policies described in subsection (a).
       (2) Contents.--The report required under paragraph (1) 
     shall include an assessment of--
       (A) potential financing authorities of the U.S. Development 
     Corporation, including direct loans, guarantees, equity 
     investments, and appropriate terms and conditions for each;
       (B) ways in which the U.S. Development Corporation could 
     utilize expertise across the United States Government and the 
     private sector to evaluate global technological progress and 
     market trends to inform the identification of priority 
     technologies, with both near- and long-term time horizons; 
     and
       (C) the necessary initial and ongoing investment of the 
     Federal Government to achieve the policies described in 
     subsection (a).
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