Washington, D.C. – TechNet, the national, bipartisan network of innovation economy CEOs and senior executives, today released the following statement, attributable to TechNet President and CEO Linda Moore, following the announcement from Senate Majority Leader Chuck Schumer (D-NY) that he’s directed Senate Chairs to draft bipartisan legislation that strengthens American global competitiveness, advances our national security, and helps us compete against China.

“The United States is in a global race with China to win the next era of innovation. They’re making generational investments to overtake the U.S. in innovation leadership, and we have no time to lose. A recent study shows China has taken the lead over the U.S. in 37 of 44 technologies, from defense and energy to artificial intelligence and quantum computing. China has set itself up to excel not just in current technological development, but in future technologies that don’t yet exist.

“Leader Schumer deserves tremendous credit for shepherding through the bipartisan CHIPS and Science Act last year. To beat China, we must build on that foundation and increase investments in American innovation, STEM education, our workforce, and research and development. Congress must finish the job and fund the heart of the bill, the Regional Technology and Innovation Hubs Program, which will catalyze startup ecosystems, inspire a new generation of innovators, create jobs, and reignite local economies in communities across the country as they build the world’s leading centers for critical and emerging technologies.

“America’s semiconductor manufacturers say they’ll need at least 50,000 new semiconductor engineers over the next five years and 90,000 skilled technicians by 2030 to staff all of the new factories and research labs that will be built with CHIPS Act subsidies – numbers far exceeding current STEM graduation rates nationwide. To fill these vacancies, Congress must increase high-skilled immigration to protect our economic competitiveness and national security interests.

“We applaud Senator Schumer’s efforts to strengthen American innovation and our global competitiveness, and look forward to working with him and all members of Congress on policies that ensure the U.S. wins the next era of innovation, which is both an economic and national security imperative.”