Henrico Times

WASHINGTON, D.C. – Congressman Rob Wittman (VA-01) today introduced legislation to authorize the Office of Strategic Capital (OSC) at the Department of Defense (DoD), which will foster partnerships with private capital providers to support the advancement of critical technologies in the military. This builds on the congressman’s commitment to fostering defense innovation to give the U.S. Armed Forces a technological advantage and qualitative edge.

“As we witness increasing aggression from the Chinese Communist Party, we must ensure the U.S. military is equipped with cutting-edge technologies that will allow our troops to carry out their mission in a high-end conflict,” Rep. Wittman said. “By authorizing the Office of Strategic Capital, we are utilizing America’s private sector innovation to develop these critical technologies that will help the United States prevail in this era of great power competition.”

While the office was established in December 2022, it requires authorization from Congress in order to fulfill its functions. Similar authorizing language was included in the Senate version of the Fiscal Year 2024 (FY24) National Defense Authorization Act (NDAA). Rep. Wittman’s bill will inform the final text of the FY24 NDAA.

The OSC will:

• Identify, accelerate, and sustain the establishment, research, development, construction, procurement, leasing, consolidation, alteration, improvement, or repair of critical and emerging technologies vital to national security  
• Protect vital, critical, and emerging technologies from theft, acquisition, and transfer by foreign adversaries to the United States  
• Provide capital assistance to eligible entities engaged in eligible investments

Rep. Wittman has long championed defense innovation, including through the following provisions in the FY24 NDAA:

• Codifying the elevation of the DoD’s Defense Innovation Unit  
• Requiring the secretary of each military department to identify promising Small Business Innovation Research programs for inclusion in future budgets through the DOD Entrepreneurial Innovation Act

The bill is co-sponsored by Reps. Ro Khanna (D-CA-17) and Cory Mills (R-FL-07).

Original source can be found here.