Washington, D.C. – U.S. Senator Pat Toomey (R-Pa.) issued the following statement regarding his opposition to the United States Innovation and Competition Act:
“This flawed bill is based on the premise that American economic competitiveness depends on government-directed spending on research and industrial policy. It spends over $200 billion on the already mature semiconductor industry and on research grants that will often be allocated based on political and parochial considerations, rather than intellectual merit. I do support the crackdown on Chinese-sponsored cyber-attacks and intellectual property theft. But maintaining our technological superiority over China requires punishing bad Chinese behavior and relying on the natural innovative entrepreneurship of America’s market economy, not by imitating Chinese central planning.”