Technology Innovation and Manufacturing Stimulation Act of 2007

Floor Speech

TECHNOLOGY INNOVATION AND MANUFACTURING STIMULATION ACT OF 2007

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Mr. WU. Madam Chairman, on the Science and Technology Committee we are keenly aware of the importance of the biotechnology industry to our economy. We also know that the growth in our biotech industry is largely due to early Federal investment and support in this field, and I am pleased to support the gentleman from Maryland's amendment.

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Mr. WU. Mr. Speaker, we have heard much talk about the Social Security trust fund and the solvency of Social Security. But in the time that I have been here, in 8 years, the solvency of Social Security has been increased by approximately 8 years, and that increase is because of American economic growth. It was projected at 34 years of solvency. It is currently projected at 42 years of solvency, and that is based on conservative, conservative estimates. The reason why there has been that increase in the solvency period of Social Security is because of economic growth.

There is nothing more important to the American economy and our competitiveness than the legislation that we are considering today.

The motion to recommit which the gentleman offers would fundamentally gut this legislation and prevent us from investing in the most productive of technologies, a traditional role which the Federal Government has played to support research and early-stage development, not commercialization, but early-stage development. By prohibiting those activities with this cap, what in essence would happen is our rate of economic growth would be slackened, our ability to manufacture jobs would be decreased.

This is a motion to recommit which would gut the bill, and I urge its defeat.

Mr. Speaker, I yield back the balance of my time.

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