Utah Valley Times

U.S. Senators Mitt Romney (R-UT) and Jeanne Shaheen (D-NH) have introduced the Investing in Our Defense Act of 2024, a bipartisan effort aimed at bolstering investment in technology crucial to U.S. national security. The legislation seeks to enhance the Department of Defense (DOD) Office of Strategic Capital's (OSC) authority by allowing it to make limited equity investments in essential technologies and assets, including critical minerals.

“The United States is lagging far behind China when it comes to investing in the development of innovative technology vital to our defense, in part because the Chinese Communist Party has full control of its economy,” said Senator Romney. “Our legislation will enhance the Department of Defense’s ability to invest in key technologies and would strengthen our national security and help us remain globally competitive with China.”

Senator Shaheen echoed this sentiment: “The Department of Defense’s Office of Strategic Capital works to bolster our national security and make America more globally competitive, which is why I’m proud to introduce the bipartisan Investing in Our Defense Act with Senator Romney to ensure this office has the tools it needs to invest in technologies critical to our national security.”

The OSC was established by the Secretary of Defense in 2022 with a mandate to attract and scale investment toward national security priorities, specifically targeting 14 "Critical Technology Areas." The new legislation aims to address challenges posed by China's authoritarian control over its economy, which enables it to direct companies towards developing military-focused technologies. In contrast, a free market economy like that of the U.S. may not naturally pursue such investments without strategic intervention.

The full text of the legislation can be accessed online.