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Rubio, Khanna Team Up On Bill To Rebuild Critical American Industries

Dec 13, 2022 | Press Releases

For decades, the United States has enjoyed the strongest and most innovative economy in the world. However, America’s industrial base continues to dwindle, exposing major vulnerabilities to our economic resilience and national security. 
 
U.S. Senator Marco Rubio (R-FL) and U.S. Representative Ro Khanna (D-CA) introduced the National Development Strategy and Coordination Act to rebuild critical industries in the United States by increasing strategic coordination amongst federal finance programs. 

  • “From the loss of good jobs, to a weakened industrial base, to shortages of basic grocery and pharmaceutical items, Americans are suffering from decades of misguided offshoring to countries like China. If we want to be a strong nation, we have to rebuild and invest in critical industries at home. This bill lays the groundwork by creating the roadmap, using existing tools within our government, to focus on and invest in things that actually matter.” – Senator Rubio
  • “For decades, we watched as American industry went offshore, and the federal government has only offered a Band-Aid to communities that have been left behind. What we need now is a national project to restore our nation’s manufacturing leadership and unify Americans around a shared purpose. I’m proud to introduce this bicameral, bipartisan bill with Senator Rubio to help fix our supply chain issues in the long term and invest in critical industries and good paying jobs at home.” – Representative Khanna

Background. The bill would authorize $20 billion over 10 years to “supercharge” loans made by other federal financing facilities. The funding, controlled by the Department of Treasury’s Federal Financing Bank, would be directed by a new executive committee of cabinet-level agency heads, including the Secretaries of Treasury, Defense, Commerce, and the Administrator of the Small Business Administration, among others. 
 
This committee would be charged with developing a National Development Strategy every four years. To execute that plan, it would further be authorized to direct agencies with existing direct loan and loan guarantee programs to set priorities for those programs consistent with the National Development Strategy. 
 
Want more information? Click here for a one-pager on the bill and here for the full bill text.