0
SPACE Act
1/11/2024, 8:30 PM
Summary of Bill S 1483
The SPACE Act aims to streamline the regulatory process for commercial space activities, making it easier for companies to obtain licenses and permits for launching rockets and satellites. This would help to encourage innovation and investment in the space industry, creating new opportunities for economic growth and job creation.
Additionally, the SPACE Act includes provisions to protect US national security interests in space, by ensuring that commercial space activities do not pose a threat to national security. The bill also seeks to promote international cooperation in space exploration, by encouraging collaboration with other countries on space missions and research projects. Overall, the SPACE Act is designed to support the growth of the commercial space industry in the United States, while also safeguarding national security interests and promoting international cooperation in space exploration. If passed, this legislation could have a significant impact on the future of the US space industry.
Congressional Summary of S 1483
Space Protection of American Command and Enterprise Act or the SPACE Act
This bill prohibits the purchase of certain telecommunications or aerospace equipment and services from China and requires reporting on investment by foreign entities in U.S. space companies.
The National Space Council shall submit a specified report to Congress on space investment competition from China and Russia.
No funds made available to the Department of Commerce or the National Aeronautics and Space Administration (NASA) may be used to purchase or lease telecommunications or aerospace goods or services from any telecommunications or aerospace corporation, subsidiary, or affiliate associated with China or the Communist Party of China.
The bill requires foreign entities to submit certain reports to the Securities and Exchange Commission if they acquire more than 2% of shares in a U.S. space company.
The Department of Defense, in coordination with Commerce and the Department of the Treasury, shall submit annual reports to Congress on investment by foreign entities in activities conducted in the United States or conducted by U.S. entities related to exploration, manufacturing, telecommunications, or national security activities involving space.
