Advanced Research Agency Created to Develop Clean Energy Technologies

President Bush signed the America COMPETES ACT -- which authorizes funding for certain high-risk, high-reward research -- into law today. The law creates a new Advanced Research Projects Administration for Energy (ARPA-E) with three overriding goals: reduce foreign energy imports, reduce greenhouse gas and other emissions, and improve energy efficiency.

ARPA-E is also tasked with "identifying and promoting revolutionary advances in fundamental sciences" and "translating scientific discoveries and cutting-edge inventions into technological innovations." This will allow ARPA-E, with its initial $300 million authorization, to translate important research findings that the energy industry writes off as too early-stage or financially risky.

House Speaker Nancy Pelosi (D-CA) hailed this signing as another step forward in the Democrats' "New Direction for America".

President Bush also praised its passage, but took a few shots at Congress in the process.

These are important steps forward, and so I'm going to sign the bill. I'm looking forward to it. Yet the bill Congress sent to my desk leaves some of the key priorities unfulfilled, and authorizes unnecessary and duplicative programs. I will continue to focus my budget requests on the key priorities in the bill I outlined, and will work with Congress to focus its spending on those programs that will be most effective.

I will continue to press Congress to approve the remaining measures of the American Competitiveness Initiative. These measures include the Adjunct Teacher Corps program to encourage math and science professionals to take time out of their lives and teach in our schools, and to inspire the youth to become more interested in math and science. I believe Congress ought to make the research and development tax credit a permanent part of the tax code, to encourage investment.

Making the research and development tax credit permanent shouldn't present a problem for the Democratic members of Congress, as a few Democratic Presidential candidates are pushing for that as well.

This is a good step, but funds for the programs outlined in the "America Competes Act" were only authorized -- not appropriated. The appropriations battle will begin after Congress returns from their August recess.

President Bush Discusses American Competitiveness Initiative During Press Conference [press release]