WASHINGTON – House Small Business Committee Chairman Steve Chabot (R-OH) made the following statement after the House passed a five-year reauthorization of the Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) programs as part of the 55th National Defense Authorization Act (NDAA).
“In an era of unfair global competition, making it easier for American small businesses to develop and commercialize new, innovative products is essential for both our economic and national security,” Chairman Chabot said. “SBIR and STTR are critical parts of this effort because their awards go to small innovators who have always been on the cutting edge of groundbreaking research and life-saving technology. The long-term reauthorization passed by the House today will provide certainty to thousands of small businesses who use these programs today and open doors for the inventors of tomorrow.”
“In the new Congress, the Small Business Committee will continue to work to find new ways to make these programs stronger and more effective,” Chairman Chabot added.
Small businesses applauded the House passage of the SBIR/STTR reauthorization saying it will provide them with much-needed certainty in the coming years.
“The Small Business Technology Council is incredibly appreciative to Congress and Chairman Chabot for ensuring that a 5-year SBIR/STTR reauthorization is included in the 2017 National Defense Authorization Act,” said Jere Glover, the Executive Director of the Small Business Technology Council. “SBIR companies across the country will be relieved that these vital innovation programs will be continued, and the prompt passage of SBIR/STTR reauthorization will give them the certainty and confidence that all businesses need to grow and plan for the future.”
“Without Chairman Chabot's hard work, dedication, and leadership on this issue, this never would have been possible. Our members are deeply grateful to him for and all he has done for small business over the years,” Glover added.
“As a CEO of a small business in southwest Ohio that is focused on research supporting Federal Agencies, I am deeply appreciative of Chairman Chabot’s diligent leadership of the Small Business Committee,” said Ron Shroder, the CEO and President of Frontier Technology, Inc., a small business in Beavercreek, Ohio. “Chairman Chabot’s ability to include the 5 year SBIR/STTR Reauthorization within the 2017 National Defense Authorization Act (NDAA) benefits small businesses throughout the country. With small businesses representing approximately 50% of the employment in the country, this program is very important to our future.”
- Long-term reauthorization of the SBIR and STTR programs has been a top priority for the House Small Business Committee throughout the 114th Congress.
- The Committee unanimously approved a bipartisan reauthorization measure for both programs earlier this year after a hearing series on the importance of these small business programs to the United States economy and national security.
- At those hearings, witnesses told Committee members that major innovations in recent history began with small companies using SBIR and STTR programs. The witnesses cited Sonicare toothbrushes, Roomba iRobots and 70 percent of the computer chips in today’s iPhones as a few examples of ubiquitous technology made possible by SBIR and STTR awards to small companies.
WASHINGTON—Small Business Committee Chairman Steve Chabot (R-Ohio) was elected by his House peers today to serve as Chairman of the Small Business Committee for the 115th Congress.
“I’m honored to serve a second term as Chairman of the House Small Business Committee and I’m grateful for the confidence of my colleagues as we build on the great work of all of our Committee Members from the last two years,” Chairman Chabot said. “We now have an historic opportunity to bring swift and lasting regulatory relief and certainty to the 1 out of 3 Americans who work at a small business. We will keep working for greater access to capital for our entrepreneurs, more ways to save taxpayer dollars through small business contracting, and we’ll continue to break new ground in the areas of cybersecurity and exporting opportunities to protect and create small business jobs.”
Chabot added, “Working with all of our colleagues in the House, Senate and the new Administration, I know we can make America great again one new idea, small business, and community at a time.”
See highlights of the Small Business Committee’s work HERE.
Key Small Business Committee Provisions Included in Defense Bill
WASHINGTON - House Small Business Committee Chairman Steve Chabot (R-OH) made the following statement after the House of Representatives passed the conference report of the FY17 National Defense Authorization Act (NDAA).
“The FY17 NDAA recognizes that small businesses play a vital and indispensable role in providing for the common defense,” Chairman Chabot said. “Small businesses create jobs as part of the defense industrial base, innovate new technologies for our warfighters and ensure taxpayers get the most bang for their buck through competitive contracting. I am especially proud that so many of the bipartisan contracting reforms authored by members of our Committee were included in the final NDAA.”
“These common-sense contracting and acquisition reforms will open new doors for small businesses in the coming year and set the stage for additional reforms in the new Congress,” Chairman Chabot added.
For a detailed section-by-section summary of the small business provisions in the FY2017 NDAA click HERE.
- Chairman Chabot and Rep. Steve Knight (R-CA) served as the House Small Business Committee’s conferees for this year’s NDAA.
IRS Proposes Rules on LIFO Pooling
On November 28, 2016, the Internal Revenue Service (IRS) issued proposed rules relating to the establishment of dollar-value last-in, first-out (LIFO) inventory pools by certain taxpayers that use the inventory price index computation (IPIC) pooling method. The proposed regulations provide that when the IPIC pooling method is used, purchased inventory goods and produced inventory goods may not be included in the same IPIC LIFO pool.
The Industrial Revolution, Henry Ford’s moving assembly line, the invention of flight and commercial aviation, and more recently, the creation of the Internet- have all acted as disruptive forces that have not only changed the way we live but have been engines for commerce that have offered consumers enormous freedom.
Today, we are on the verge of a new technological revolution thanks to rapid advances in processing power, the rise of “big data”, cloud computing, mobility due to increased wireless capability and advanced algorithms.
Many believe that that there may not be a single technology that will shape our world more in the next 50 years than artificial intelligence.
In fact, some have observed that as powerful and transformative as the Internet has been, it may best be remembered as the predicate for artificial intelligence and machine learning.
Artificial intelligence is at an inflection point. While the concept of artificial intelligence has been around for 60 years, more recent breakthroughs such as IBM’s chess-playing Deep Blue victory over world champion Garry Kasparov, advancements in speech recognition, the emergence of self-driving cars and IBM’s computer Watson’s victory in the TV game show “Jeopardy!” have brought artificial intelligence from mere concept to reality.
Whether we recognize it or not, artificial intelligence is already seeping into our daily lives.
In the health care sector, artificial intelligence is increasingly being used to predict diseases at an earlier stage, thereby allowing the use of preventative treatment which can help lead to better patient outcomes, faster healing and lower costs.
In transportation, artificial intelligence is not only being used in smarter traffic management applications to reduce traffic, but is also set to disrupt the automotive industry through the emergence of self driving vehicles.
Consumers can harness the power of artificial intelligence through online search engines and virtual personal assistants via smart devices such as Microsoft’s Cortana, Apple’s Siri, Amazon’s Alexa and Google Home.
Artificial intelligence also has the potential to contribute to economic growth in both the near and long term. A 2016 Accenture report predicted that artificial intelligence could double annual economic growth rates by 2035 and boost labor productivity by up to 40 percent.
Furthermore, market research firm Forrester recently predicted that there will be a greater than 300 percent increase in investment in artificial intelligence in 2017 compared to 2016.
While the emergence of artificial intelligence has the opportunity to improve our lives, it will also have vast implications for our country and the American people that Congress will need to consider moving forward.
Workplaces will encounter new opportunities thanks to productivity enhancements. As artificial intelligence becomes more pervasive, Congress will need to consider its privacy implications. There is also a growing interest in this technology from foreign governments who are looking to harness this technology to give their countries a competitive advantage on the world stage.
Today, the United States is the preeminent leader in developing artificial intelligence. But that could soon change. According to the Wall Street Journal, “the biggest buzz in China’s Internet industry isn’t about besting global tech giants by better adapting existing business models for the Chinese market. Rather, it’s about competing head-to-head with the U.S. and other tech powerhouses in the hottest area of technological innovation: artificial intelligence.”
Ceding leadership in developing artificial intelligence to China, Russia and other foreign governments will not only place the United States at a technological disadvantage but it could also have implications for national security.
We are truly living in the dawn of artificial intelligence and it is incumbent that Congress and this subcommittee being to learn about the vast implications of this emerging technology to ensure that the United States remains a global leader throughout the 21st Century.
I look forward to hearing from our expert witnesses today and will yield to our subcommittee’s ranking member Gary Peters to give an opening statement.
Good afternoon and thank you Chairman Cruz. I appreciate you calling this hearing to discuss the important topic of artificial intelligence (AI). The first thing many people think when they hear the words “artificial intelligence” is of having their own personal robot, or, that the machines are coming to get us.
Well, the machines are here, but not in the ways that most people think, and they certainly have not come to get us – at least not yet. AI has done some good things. AI has allowed better credit card fraud protection, better detection and treatment of diseases, and helps NASA explore the cosmos. AI has helped to improve the daily lives of many people in this country.
But, as the technology improves and rapidly expands, many around the country, including this senator, have real and serious concerns about how jobs might be lost to artificial intelligence. Elon Musk mentioned this dilemma recently in an interview with CNBC when he predicted robots could eventually take so many jobs away from folks that they would have to depend on the government to make ends meet. Elon used the example of truck drivers, who could be displaced in the future by autonomous vehicle advancements that allow trucks to drive themselves.
Well, nobody wants to be told they’re going to lose their job to a robot. I’m not sure even Elon himself would like the idea of a robot replacing him in the executive suite.
It’s a centuries old challenge we face - ensuring new technology doesn’t create more harm than good – in this case making sure that more jobs aren’t lost than created. That’s why we’re here today – to explore the benefits and downsides of AI and what can be done going forward to minimize the impacts to Americans whose jobs may be at risk as newer technologies emerge.
I look forward to hearing from our panel members and would like to hear from each of you on how you think the growth of AI will affect jobs.