Rep. Mike Flood, U.S. Representative for Nebraska's 1st District | Rep. Mike Flood Official Headshot
Rep. Mike Flood, U.S. Representative for Nebraska's 1st District | Rep. Mike Flood Official Headshot
WASHINGTON, D.C. - A new bill introduced by U.S. Congressmen Mike Flood and Joe Neguse aims to improve efficiency for intellectual property developed by federal grantees and reduce red tape for these grantees, particularly universities. The bill, known as the Improving Efficiency to Increase Competition Act, has now received a companion bill in the Senate, introduced by Senators Chris Coons and Thom Tillis.
The Improving Efficiency to Increase Competition Act of 2024 focuses on the disclosure processes for intellectual property developed by federal grantees under the Bayh-Dole Act. To gain a better understanding of the existing barriers to efficient reporting, the bill requires the U.S. Government Accountability Office's Comptroller General to conduct a study. This study will examine how these barriers have impacted the development of new inventions and identify opportunities to improve the current reporting system. It will also consider the effects on grantees of different sizes, budgets, geographical locations, and specialties.
Congressman Flood emphasizes the importance of streamlining reporting to help researchers focus on innovation. He states, "America's research universities deliver numerous innovations every year with the help of federal funding. We need to make sure grantmaking is customer-friendly for innovators, small businesses, and research institutions to work with the federal government. The Improving Efficiency to Increase Innovation Act will provide key insights into how we can streamline reporting to help researchers focus on innovating."
The bill has received praise from the University of Nebraska System, with Chris Kabourek, Interim President, expressing appreciation for Congressman Flood's leadership in removing barriers to new inventions. Kabourek believes that the legislation will create a more efficient process for all involved, allowing talented faculty and technology transfer teams to focus on bringing their discoveries to the marketplace instead of navigating government red tape.
The full text of the bill is available for reference, providing a comprehensive overview of its provisions and objectives. With the introduction of the companion bill in the Senate, the Improving Efficiency to Increase Competition Act takes a step closer to becoming a reality, aiming to foster innovation and economic growth by streamlining the reporting process for federal grantees.
Source:
- Congressman Mike Flood
- Chris Kabourek, Interim President, University of Nebraska System
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