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29 April 2021

Akin Gump Strauss Hauer & Feld LLP

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On April 9, 2021, the Office of Management and Budget (OMB)submitted President Biden's discretionary funding request (the "Request") to Congressfor Fiscal Year (FY) 2022. The Request lays out the President'sdiscretionary funding recommendations across a wide range of policyareas, including a strategy for investing in emerging technologyareas, maintaining economic competitiveness and national securityand positioning the U.S. to out-compete China. The Request ishigh-level and did not include proposed legislative text.

The President's Request recommends:

On April 21, 2021, a group of bipartisan lawmakers reintroducedthe Endless Frontier Act (H.R.2731 and S.1260) to establish a new Directorate forTechnology (the "Directorate") at the NSF, a regionaltechnology hub program and require a strategy and report oneconomic security, research, innovation, manufacturing and jobcreation. The bill would authorize $100 billion over five years forthe Directorate to strengthen U.S. leadership in criticaltechnology areas through innovation, research, commercializationand education and ensure that the U.S. maintains its competitiveedge in technologies of the future.

The legislation identifies ten initial technology domains forthe new NSF Directorate to fund research, including AI and machinelearning, semiconductors, quantum computing, advancedcommunications technology, cybersecurity and synthetic biology.

Additionally, the Directorate is authorized to:

The Endless Frontier Act also establishes a novel Supply ChainResiliency and Crisis Response Program at the Department ofCommerce. The new program would monitor supply chainvulnerabilities and provide investments to diversify supply chainsfor products critical to national security. Lastly, the billproposes a $2.4 billion investment to enhance and expand theManufacturing USA network.

On April 21, 2021, Rep. Maxine Waters (D-CA), Chair of the HouseFinancial Services Committee, renewed the Committee's AI TaskForce. The Task Force was created during the 116th Congress toensure the responsible use of emerging and predictive technologiesin the financial sector. Rep. Bill Foster (D-IL) will continueleading the Task Force's work to examine whether emergingtechnologies in the financial services and housing industries servethe needs of consumers, investors, small businesses and thepublic.

Congress and the Biden-Harris administration continue to takeaction to ensure the U.S. maintains its global leadership intechnologies of the future, including AI. Additional investmentsand a new approach to accelerate U.S. science and technologydevelopments are beginning to materialize in light of growingconcerns that other countries are ready to challenge America'sposition on the innovation stage. The Akin Gump cross-practice AIteam continues to monitor forthcoming congressional, administrativeand private-stakeholder initiatives related to AI.

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