Sen. Marsha Blackburn, R-Tenn., along with Sens. Ted Budd, R-N.C., and Pete Ricketts, R-Neb., introduced legislation to make President Donald Trump's Investment Accelerator permanent, aiming to strengthen America's position as the top destination for investment, Breitbart reported.
Senate Republicans, led by Blackburn, introduced the Investment Accelerator Act on Tuesday.
The accelerator, which facilitates investments of more than $1 billion into the United States, has already helped the country secure trillions of dollars in manufacturing and production investments during Trump's current term.
"President Trump's Investment Accelerator is supercharging capital investment in the United States, and he has already secured trillions of dollars in private investments during his second term," Blackburn said in a written statement.
"Our bill would make President Trump's United States Investment Accelerator permanent by codifying his Executive Order into law, helping to secure our economic future, slash bureaucratic red tape, and make certain America remains the top destination for foreign and domestic investment," she continued.
The legislation is designed to eliminate barriers to investment and streamline regulatory processes.
"For far too long bureaucratic hurdles have limited our economic potential. Instead, we need to reduce regulatory barriers to facilitate and accelerate investment here at home. That's why I am proud to stand with Senator Blackburn in introducing the Investment Accelerator Act. This bill will unleash economic prosperity by streamlining processes for foreign and domestic investment in the United States," Budd said.
According to a press release from Blackburn's office, the Investment Accelerator Act would:
- Work with state governments in all 50 states to lower regulatory barriers;
- Oversee the activity of the CHIPS Program Office;
- Reduce regulatory burdens;
- Identify additional opportunities to assist both foreign and domestic investors;
- Speed up permitting;
- Coordinate responses to investor issues across federal agencies;
- Increase access to national resources of the United States;
- Facilitate research collaborations with national laboratories.
Ricketts also strongly supported the proposal: "President Trump wants to make America prosperous again. The Investment Accelerator Act will help him accomplish that goal. This legislation will cut bureaucratic red tape. It will support American workers and businesses that want to invest in our country."
Jim Thomas ✉
Jim Thomas is a writer based in Indiana. He holds a bachelor's degree in Political Science, a law degree from U.I.C. Law School, and has practiced law for more than 20 years.
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