McCormick, Hickenlooper Announce Formation of Senate Bipartisan Science and Innovation Caucus

WASHINGTON — Today, U.S. Senators Dave McCormick (R-PA) and John Hickenlooper (D-CO) announced the formation of the U.S. Senate Bipartisan Science and Innovation Caucus to highlight and elevate American scientific research and the application of those discoveries to promote innovation. Caucus members will work together with industry leaders and the research community to develop policies that promote U.S. leadership in science. “America’s economic strength and national security have always been powered by our ability to innovate, and that begins with world-class scientific research,” said Senator McCormick . “As we compete to maintain America’s position as the world’s leading superpower, this bipartisan caucus will help unleash the ingenuity of our scientists, entrepreneurs, and innovators to drive economic growth, create opportunity, and strengthen our nation.” “Science propels our economy, saves lives, and solves the problems that once seemed unsolvable,” said Senator Hickenlooper . “This caucus exists for one reason: to make sure Congress is fighting as hard for American innovation as our scientists and researchers are. The stakes are too high for anything less.” The United States has been a global economic leader for the past 50 years because of our dedication to science, technology, and innovation. Federally-funded research led to the invention of optical fibers, microchips, personal computers, mobile phones, robotics, cutting-edge medicine, and more. Jobs in science, technology, engineering, math, and medicine make up 34% of the U.S. workforce. Economic activity from these fields generates 39% of U.S. GDP – over $10 trillion dollars. The United States spends only 3% of its GDP on research and development (R&D) and innovation. Federally funded R&D dollars are doubled in returns: every $1 invested generates nearly $2 in economic output. This is substantially higher than the returns on other forms of federal investment. China is overtaking the United States in R&D funding, graduating more PhDs in STEM programs, filing more international patents than the U.S., and narrowing the gap on venture capital investment. The Bipartisan Science and Innovation Caucus plans to host briefings, engage in roundtables and other conversations about existing and new policies, and provide a venue for discourse about new legislation to boost American scientific research and our STEM workforce. A kickoff event celebrating the caucus will be held on Monday, September 14th at the United States Capitol. ###