Lamar Smith: “I thank the majority leader for yielding me time. And I also want to thank the majority leader, Kevin McCarthy, an…”

“I thank the majority leader for yielding me time. And I also want to thank the majority leader, Kevin McCarthy, an honorary member of the Science, Space, and Technology Committee, for sponsoring this important legislation. This bill encourages the private sector to launch rockets, take risks, and shoot for the stars. H.R. 2262, the SPACE Act, facilitates a pro-growth environment for the developing commercial space sector. It creates more stable regulatory conditions and improves safety, which, in turn, attracts private investment. This bill secures American leadership in space and fosters the development of advanced space technologies. It preserves the Federal Aviation Administration's ability to regulate commercial human spaceflight in order to protect national security, public health, and safety. It also preserves the FAA's ability to regulate spaceflight participants and crew safety in the event of an accident. The SPACE Act allows the commercial space industry to develop standards and coordinate with the FAA so the industry can grow in a stable regulatory environment without the threat of arbitrary regulations that would adversely impact their ability to innovate. International law places liability for damages that result from space accidents on the launching country. All spacefaring nations require some form of third-party liability insurance for launching entities. The current U.S. risk-sharing structure expires in 2016.…”