Sens. Mitt Romney, R-Utah, and Jeanne Shaheen, D-N.H., have introduced bipartisan legislation that would strengthen the Department of Defense’s Office of Strategic Capital’s authority to boost investment in defense and national security technologies.
The Investing in Our Defense Act of 2024 would give OSC the authority to make limited equity investments in key technologies, grant the office hiring and pay authorities to develop its workforce and expand DOD’s critical technology areas to include critical minerals, Romney’s office said Tuesday.
The provision to include critical minerals as a key technology priority aligns with Romney’s measure in the 2024 National Defense Authorization Act to achieve critical mineral supply chain independence from adversaries such as Russia and China.
“Our legislation will enhance the Department of Defense’s ability to invest in key technologies and would strengthen our national security and help us remain globally competitive with China,” Romney said.
DOD established OSC in December 2022 to help technology developers raise capital to develop platforms for the military and national security markets.