Press Release
☷President Biden s Fiscal Year 2025 Budget Would Strengthen Commerce Department s Mission to Boost American Innovation and Competitiveness
U.S. Department of Commerce ( By Press Release office)
Mar 14,2024
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President Biden ' s budget for Fiscal Year 2025 is focused on boosting American innovation and competitiveness . It supports initiatives like promoting artificial intelligence export and investment , improving ICT supply chain infrastructure , and investing in communities and workers . The budget also aims to foster the growth of minority - owned businesses . The proposed budget aligns with the Biden - Harris Administration ' s goal of increasing access to good jobs and strengthening competitiveness in the 21st century . It requests $11 . 4 billion in discretionary funding and $4 billion in mandatory funding for key priorities within the Commerce Department . These investments will support American competitiveness , expand workforce training opportunities , and drive innovation . U . S . Secretary of Commerce Gina Raimondo emphasized that the budget aligns with President Biden ' s agenda and will create economic opportunities , protect national security , and promote renewable energy and conservation efforts . Additionally , the budget includes $4 billion in mandatory funds for the U . S . Economic Development Administration ' s Regional Technology and Innovation Hubs Program to encourage technological development and innovation nationwide . The Budget also sets aside $41 million for smaller grants that support tech and innovation growth in underrepresented areas , helping EDA establish regional technology hubs and create jobs in underserved communities . Additionally , $437 million is allocated to EDA for grants to boost innovation and economic development nationwide , with a significant increase under the Biden - Harris Administration . This includes funding for programs like the Recompete Pilot Program and the Good Jobs Challenge . The Budget also invests $65 million in Commerce to promote responsible AI development and protect against risks , including funding for the U . S . AI Safety Institute . Furthermore , $223 million is provided to the Bureau of Industry and Security to safeguard U . S . technologies and capital . With technology advancing rapidly , China and Russia engaging in questionable activities , and the need for increased export enforcement and cooperation , these resources would help BIS expand its operations and improve its ability to control sensitive technologies . Additionally , the Budget allocates funds to the International Trade Administration to effectively implement new requirements and minimize risks to US investments . In order to address racial wealth gaps , the Budget provides additional funding to support minority - owned businesses and foster economic resiliency . Furthermore , the Budget supports offshore wind energy and climate resilience efforts , as well as the advancement of weather satellites for improved forecasting . This investment will help keep our weather forecasting satellites up to date and improve our ability to predict extreme weather events caused by climate change . The budget also includes funding to protect marine sanctuaries , support hatcheries in the Columbia River Basin , upgrade research facilities , and improve economic data collection . For more details on the President ' s budget for 2025 , visit whitehouse . gov/omb/budget . Just some government agencies and programs like the Census Bureau , Economic Development Administration , International Trade Administration , and more . Also , stuff like broadband , climate change , and national security . Just your typical President ' s Budget stuff .
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