Latest News > Business Roundtable Praises House Appropriators for Fully Funding Key Basic Research Programs

June 30, 2006

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Business Roundtable Praises House Appropriators for Fully Funding Key Basic Research Programs

Cites Passage of FY 2007 Science Appropriations Bill as Evidence of Growing Congressional Commitment to U.S. Innovation

WASHINGTON, DC - Business Roundtable commended the U.S. House Appropriations Committee for approving full funding for the basic research components of President Bush's American Competitiveness Initiative (ACI) in the Science/State/Justice/Commerce Appropriations Bill. As passed, the bill provides $6 billion for the National Science Foundation (NSF) and $627 million for the National Institute for Standards and Technology (NIST), both of which are central to America's ability to forge ahead on new technological and innovative frontiers.

"By funding basic research and critical science initiatives, House appropriators have shown their strong support for keeping America on the cutting edge of innovation," said Business Roundtable President John J. Castellani. "Federal research and science programs have served as a launching pad for innumerable technologies today, and we are grateful to Chairman Lewis and Chairman Wolf for their leading efforts to ensure that these programs continue to foster the technologies of tomorrow."

"While U.S. science and technology capabilities are strong today, we must continue to make strategic investments in programs that will keep America competitive through the 21st century and beyond," added Castellani. "This funding is precisely the type of smart investment that will enhance our nation's competitive edge while continuing to foster a strong economy."

Business Roundtable is at the forefront of the business community's efforts to make improved math and science capabilities a national and legislative priority this year. Since the July 2005 release of the "Tapping America's Potential" report, the Roundtable has met with policymakers at all levels of government to urge for full funding of programs designed to boost U.S. science and technology leadership, particularly those in the President's ACI. This week, the Roundtable helped bring the U.S. business community together with public and private stakeholders at the TAP "Math and Science Fair" to urge policymakers to pass innovation-friendly policies this year.

"Earlier this week, the U.S. business community came together on Capitol Hill to urge policymakers to make U.S. competitiveness a priority this year," continued Castellani. "House appropriators' actions yesterday on basic research and science are a step in the right direction for the future growth and stability of our nation."

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Business Roundtable (www.businessroundtable.org) is an association of chief executive officers of leading U.S. companies with over $4.5 trillion in annual revenues and more than 10 million employees. Member companies comprise nearly a third of the total value of the U.S. stock market and represent nearly a third of all corporate income taxes paid to the federal government. Collectively, they returned more than $110 billion in dividends to shareholders and the economy in 2005.

Roundtable companies give more than $7 billion a year in combined charitable contributions, representing nearly 60 percent of total corporate giving. They are technology innovation leaders, with $86 billion in annual research and development spending - nearly half of the total private R&D spending in the U.S.