President Biden’s budget request for fiscal year (FY) 2024 released today aims to strengthen U.S. leadership in emerging technologies by offering $25 billion for CHIPS and Science Act authorized activities – an increase of about $6.5 billion from the 2023 enacted level.
The funding includes $11.3 billion at the National Science Foundation (NSF), $8.8 billion at the Department of Energy’s (DoE) Office of Science, $1 billion at the National Institute of Standards and Technology (NIST), and $4 billion at the Department of Commerce’s (DoC) Economic Development Administration (EDA).
The president signed the CHIPS and Science Act into law on August 9, 2022, which included $52 billion of CHIPS Act funding to incentivize semiconductor makers to establish new manufacturing plants in the United States. It also included $100 billion over five years for research and development activities in regional hubs around the U.S., and for NSF to establish a new technology directorate.
The budget blueprint released today includes $1.2 billion for the CHIPS and Science Act-authorized Directorate for Technology, Innovation, and Partnerships within NSF, which the White House said will “help accelerate and translate scientific research into innovations, industries, and jobs.”
“The directorate will work with programs across the agency and with other Federal and non-Federal entities to expedite technology development in emerging areas that are crucial for U.S. technological leadership,” the budget plan says.
The budget proposal also provides $300 million to invest in NSF’s Regional Innovation Engines program, aiming to spur use-inspired research, technology translation, and workforce development.
For DoE’s Office of Science, the $8.8 billion would support cutting-edge research at the national laboratories and universities, including $1 billion for fusion energy – the largest proposed amount in history.
As for the $4 billion at EDA, this funding would fund grants that enable the growth of the Regional Technology and Innovation Hubs Program, which was also enacted as part of the CHIPS and Science Act. The program is an economic development initiative that aims to drive technology and innovation across the nation, while creating jobs for underserved communities.
The White House said it hopes these investments will strengthen U.S. global leadership in emerging technologies “by accelerating the development of key technologies and establishing dynamic, collaborative networks for research and innovation.”