The ARCC Act, also known as Bill 118 hr 6377, is a piece of legislation introduced in the US Congress. The purpose of this bill is to establish the Advanced Research and Commercialization Corporation (ARCC) within the Department of Commerce. The ARCC would be responsible for promoting and supporting research and development in advanced technologies, with a focus on commercialization and economic growth.
The ARCC Act aims to enhance the competitiveness of the United States in the global market by fostering innovation and collaboration between government, industry, and academia. The bill outlines the structure and functions of the ARCC, including its board of directors, funding mechanisms, and reporting requirements.
Key provisions of the ARCC Act include the establishment of a competitive grant program to fund research projects in advanced technologies, as well as the creation of a technology transfer office to facilitate the commercialization of research outcomes. The bill also emphasizes the importance of protecting intellectual property rights and promoting diversity and inclusion in the technology sector.
Overall, the ARCC Act seeks to support the development and commercialization of cutting-edge technologies in order to drive economic growth and maintain the United States' leadership in innovation.