The Importance of the Technology Sector to the American Economy

Statement

One bright spot for the American economy during this difficult recession has been the technology sector. Not only is this sector responsible for a considerable amount of job creation in recent years, it is also the sector that drives innovation and efficiency in other sectors. While our nation has traditionally lead the world in technological innovation, the United States now faces increasing competitive pressure from other countries: there is fierce competition to attract the world's best and brightest; theft of intellectual property remains an issue for many American companies, entrepreneurs and artists; and our country's crippling debt remains a major challenge for the future. Amidst this increasing international competition, the last thing the American economy needs is one more barrier that makes the United States a less attractive place to start a business.

This week, I explained to Federal Trade Commission Chairman Jon Leibowitz the importance of the technology sector to our economy and urged the Commission to fully consider the impact of any potential actions against technology companies. Companies have more options and choices online than ever before. Additionally, technological innovation offers entrepreneurs new tools to start new businesses, offer consumers new products and services, and ultimately put Americans back to work.

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