Economic Development Revitalization Act of 2011

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Mr. WYDEN. Mr. President, I want to take a few minutes to discuss the underlying legislation, the Economic Development Administration bill, because I think, with the new numbers about the American economy--the joblessness and the trends--we are all looking for ways to encourage investment in the United States, and we are looking for ways to promote new industries that will create family wage jobs.

The Economic Development Administration has helped to do that in my home State and in other parts of the country. I want to take a few minutes and discuss that. I see the chairman of the Finance Committee. We may have gotten a little backed up, and I am anxious to hear from the chairman of the Finance Committee.

The area I want to talk about with respect to the Economic Development Administration involves nanotechnology. This is, in effect, the science of small stuff. We are seeing it pay off big in a whole host of energy-related applications, and in health care particularly, in terms of drugs and new medical devices. It has made a big difference at the Pentagon in terms of their looking at and adding carbon nanotubes to a number of the products we need to protect our warfighters.

The fact is, when we talk about this agency, we are seeing that a small public investment can leverage very substantial private sector investment in a way that is going to encourage jobs in the United States, and particularly in what I call the sunrise industries. It is sure making a difference.

For example, Wired magazine recently talked about growth in a number of key sectors. They said nanotechnology, between 2006 and 2010, grew more than 18 percent--one of our leading growth industries with jobs in the United States.

I, for one, thought we were going to see growth in a number of instances. We have seen bipartisan support for congressional efforts. The 21st century nanotechnology legislation in particular, signed by George W. Bush, is one piece of legislation I was especially proud of being part of because it encouraged research in this exciting field and had bipartisan support. It laid the groundwork for the next steps.

The next steps in particular involve using at EDA some modest public investments to leverage very substantial private investments in innovation. In my State, ONAMI, the Oregon Nanoscience and Microtechnologies Institute, is on the cutting edge of nanotechnology research and application. It has been helped by the EDA agency.

Participants in ONAMI include Oregon's four largest public research universities, the National Science Foundation, the Departments of Defense, Energy, Commerce, and major corporations as well. What we have sought to do is to make sure in this extraordinarily exciting field we don't fall behind China and other global competitors. So there is huge potential. Federal efforts can support private sector initiatives in the nanotechnology field and together leverage U.S. advantages in innovation and technology and particularly facilitate job growth.

The Chair knows of Intel, which is a large employer in his State as in mine. That is the kind of company we are looking at for the future, where they pay good wages. We are seeing substantial growth, and they are looking to try to target nanotechnology in particular as a sunrise industry, as an area that is going to facilitate an opportunity for our country to lead.

America is in a fight for the future of nanotechnology. We are seeing China and a lot of our global competitors making major investments in this area. Our private sector is stepping up, but we ought to have the government partner as well. That is why EDA's support of nanotechnology and the innovation economy is so critical. They have partnered with the National Science Foundation and the National Institutes of Health to promote innovative approaches in health and science.

I am proud to say, as part of a major economic challenge grant, the Oregon Innovation Cluster, of which ONAMI is a part, was one of the award winners. My State is not the only place where nanotechnology investments are being made. The Economic Development Administration has invested in nanotechnology throughout the country--in Colorado, the Mid-Atlantic Nanotechnology Alliance; in Tennessee and in South Carolina with the Clemson University Research Foundation. These are just a few examples, from Oregon all the way to the east coast of the United States, where the Economic Development Administration has helped entrepreneurs work to create jobs in exciting fields such as nanotechnology and helped us commercialize leading-edge technologies.

I hope my colleagues will support this bill. I particularly commend the chairman of the committee, Senator Boxer. Nanotechnology and EDA are a partnership where high-tech industries can help create good, high-paying jobs in America. I hope we will support this particular legislation.

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