The Office of Strategic Capital (OSC) was established in December 2022 at the Department of Defense (DOD).
However, authorization by Congress is required to fulfill its functions. Similar authorizing language was in the Senate version of the Fiscal Year 2024 National Defense Authorization Act (NDAA). A bill introduced today by Congressman Rob Wittman of Virginia will inform the final text of the FY22 NDAA.
Wittman’s legislation will foster partnerships with private capital providers to support the advancement of critical technologies in the military. The bill builds on his 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,” 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.”
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
The bill is co-sponsored by Reps. Ro Khanna of California and Cory Mills of Florida.
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Rebecca Barnabi
