Budget Supports Department of Commerce’s Investments in Supporting Economic Growth and Making Communities More Climate Resilient
The Biden-Harris Administration today submitted to Congress the President’s Budget for fiscal year 2023. The President’s 2023 Budget for the Department of Commerce makes historic investments to strengthen domestic supply chains through domestic manufacturing, help distressed communities recover from the COVID-19 pandemic, uplift minority-owned enterprises, and ensure that we have the tools needed to combat the climate crisis. These critical resources will also complement major investments in broadband internet access and climate resilience being made thanks to President Biden’s Bipartisan Infrastructure Law.
In particular, this budget requests $11.7 billion in discretionary funding to support key Commerce Department priorities, including $372 million for the National Institutes of Standards and Technology’s (NIST) manufacturing programs, more than $150 million in new funding to the Economic Development Administration (EDA) to create jobs and drive growth in economically distressed communities, $110 million to increase services for minority-owned enterprises at the Minority Business Development Agency, and nearly $7 billion in funding for National Oceanic and Atmospheric Administration (NOAA to catalyze wind energy, restore habitats, protect the oceans and coasts, and improve NOAA’s ability to predict extreme weather associated with climate change).
“The President’s budget for the new fiscal year reflects the administration’s unwavering commitment to building a better America,” said Commerce Secretary Gina Raimondo. “These historic investments, including $372 million to enhance the Commerce Department’s manufacturing programs and make America’s small and medium manufacturers more competitive, will help to create jobs, build a more resilient workforce and supply chains in the wake of the COVID-19 pandemic, and increase American competitiveness in a 21st century global economy.”
“We welcome these new investments to create more targeted advancements in equity and innovation across all sectors of our economy,” said Deputy Commerce Secretary Don Graves. “For example, the Commerce Department’s newly authorized Minority Business Development Agency now has the consequential investments it needs to provide specialized opportunities for businesses and communities that are overlooked far too often. These same communities, which often find themselves on the front lines in dealing with the impacts of climate change, will also benefit greatly from the billions of dollars being provided to NOAA to increase climate resiliency and help us plan for extreme weather events.”
The Budget makes critical investments in the American people that will help lay a stronger foundation for shared growth and prosperity for generations to come. At the Commerce Department, the Budget would:
- Strengthens the Nation’s Supply Chains through Domestic Manufacturing. To help ignite a resurgence of American manufacturing, the Budget provides $372 million, an increase of $206 million from the 2021 enacted level, …….
