BUFFALO (WBEN) - Senator Chuck Schumer held a press conference at the new M&T Technology Hub at Seneca One Tower Wednesday morning to discuss the Endless Frontiers Act, which is now known as the U.S. Innovation and Competition Act.
"It's a $250 billion act that would invest in three main areas: advanced manufacturing here in the United States of semiconductors and other critical tech, research development and workforce training, and investments in regional technology hubs like Western New York so we can become global centers," said Schumer.
Schumer says this funding will be critically important if the United States wants to remain competitive in the technology industry compared to other rapidly growing countries across the world, and he expects the bill will pass with bipartisan support early next week.
"We still are leading, but the gap is closing, and countries like China have begun to close the gap with heavy investment in the key scientific areas," Schumer continued. "If we fail to respond, if we let other countries, whether it's China, or Korea, or Germany, or any other overtake us in our scientific and innovation superiority, our economy will fall, our national security will fall, and we will no longer be the greatest country and greatest economic leader in the world - it's that important."
The Senator also noted another key aspect of the bill that would go a long way in making Buffalo a leader in technology development.
"We put in $10 billion to foster the development of 10 tech hubs around the country, and I'm going to use my clout as majority leader to make Western New York one of those 10 hubs," said Schumer.
The decisions on the locations of these tech hubs will be made by the Secretary of Commerce, Gina Raimondo, and local officials believe Buffalo and Western New York possesses the needed infrastructure to make the region a strong candidate.
"This opportunity for Western New York, which you've heard Senator Schumer say, is ours to lose," said Dottie Gallagher, President/CEO Buffalo-Niagara Partnership. "We will be ready; we will compete, and darn it, we are worthy.
"Look at the investment M&T Bank has made in this region; look at the talent we have at the University at Buffalo," she continued. "This is our opportunity and I think really could be a huge difference maker for a community like Western New York as opposed to the Silicon Valley. This will really change our community and the face of our community for years to come."
