John Danforth: “We have been asleep at the switch. This is nothing new; just a continuation of past programs; the same old thing. I…”

“We have been asleep at the switch. This is nothing new; just a continuation of past programs; the same old thing. I would respectfully call the attention of the Senate to the fact that it is not the same old thing; that this is a new venture into Government spending for the purpose of industrial policy, a quantum leap forward into something entirely new. He said that the Senate has passed similar legislation. Well, in June of 1992, the Senate passed something called S. 1330, the Manufacturing Strategy Act. That authorized $280 million over 3 years. This bill authorizes $2.8 billion over 2 years. There is a significant difference, I would submit, between $280 million spread over 3 years and $2.8 billion spread over 2 years. This creates a pilot program for SBA. This is the venture capital initiative. It is a new initiative. It is not something old, it is not something we have approved in the past, voted for in the past. It is something entirely new and different.”