Sean Patrick Maloney: “I rise in favor of H.R. 2086. Investment in long-term fundamental information technology research is critical to the…”

“I rise in favor of H.R. 2086. Investment in long-term fundamental information technology research is critical to the continued evolution of the Internet and to the economy of New York City and the country. I believe this investment in IT research will benefit the country many times over. As the economy becomes increasingly global in nature, the U.S. must continue to invest in developing safer and faster information technology. While the press has largely concentrated on the incredible wealth that has accumulated in high-tech stocks, the most substantial impact of IT on the economy can be measured in productivity gains and in job growth. In New York City, the power of IT as a job creator has been stunning. According to a November report in Craine's New York Business, New York's Silicon Alley has created 56,000 jobs since 1994. When peripheral jobs that work with Silicon Alley companies are included, the total is well over 100,000 jobs, twice the number that neighboring Wall Street has added during the unprecedented Bull market.”