Too many tax-payer funded technologies are being taken by China or other countries, Sen. Jim Webb, D-Va., says, and on Friday he reintroduced a bill to stop the flow.
In order to operate in China, for example, American companies are often forced to hand over their intellectual property and proprietary. Many of those technologies are developed using taxpayer money through grant, loans, or other incentives, Webb said in a statement.
"If taxpayers supported the development of the technology, they own a piece of it and it can't just be given away," Webb said. "Federal dollars that go toward R&D funding, loan guarantees, and public-private partnerships in order to help develop the next generation of technologies here are supposed to be making American businesses competitive and generate American jobs -- not to help develop other industries, such as those in China."
Webb's bill would prohibit companies from transferring technology to countries that require such transfers as a cost of doing business.
"The transfer of publicly supported proprietary technologies by American firms to China -- and potentially other countries -- clearly and unequivocally places the competitive advantage of the American economy at risk," Webb said.
Don't Miss Today's Top Stories
Rick, Executive Director for Policy
Concise coverage of everything I wish I had hours to read about."
Chuck, Graduate Student
The day's action in one quick read."
Stacy, Director of Communications
I find them informative and appreciate the daily news updates and enjoy the humor as well."
Richard, VP of Government Affairs
Chock full of usable information on today's issues. "
Michael, Executive Director