May 24, 2022

VIDEO: Young Joins Bloomberg to Discuss China Competitiveness Bill, Baby Formula Shortage

WASHINGTON – Today, Senator Todd Young (R-Ind.) joined David Westin on Bloomberg’sBalance of Power to discuss the status of his U.S. Innovation and Competition Act (USICA) to outcompete the Chinese Communist Party and the baby formula shortage affecting Hoosier families.

Young on USICA: “[USICA would] train our people for good paying jobs, invest in national security research, and prepare us to lead in the 21st century and make sure our values prevail, and not those of the Chinese Communist Party.”


Young on the status of USICA conference committee: “We’re going to make sure that this is a priority, even during an election year. And I believe it will happen because you know what? It has to happen. The Chinese Communist Party is not waiting. They continue to invest in outcompeting us. We know we have a better system. We have more talented people, creative people. If we invest in our people, if we invest in the research, we will win this race to develop the best 21st century national security technology in the world. And that will keep us safe and secure.”


Young on impact of USICA if passed: “Within the next couple of years, we’d start to hear about some of the breakthroughs that have occurred as a result of this 21st century investment. You’d also have a lot of workers across the heartland, in places like Indiana, who can sleep at ease knowing that the computer chips they put into automobiles, to make our economy work, will be made here in the United States of America, not in Taiwan. Or South Korea. Or Communist China. There are things that have to be done now so that within a couple of years we know that they’re on track to ensure that our economic security is taken care of.”


Young on the Chinese Communist Party stealing U.S. intellectual property: “One of the reasons the Chinese are making advancements in technology, is not just the fact that they’re investing all kinds of money in research, it’s also they’re stealing our research. One of the key features of this legislation – the U.S. Innovation and Competition Act – is we propose cracking down on a lot of that theft of intellectual property and research findings in the university environment, at the Department of Energy, and in other settings so that they can stop stealing our stuff.”


Young on the baby formula shortage: “I’m hearing from all kinds of constituents, even some of my neighbors, that this baby formula shortage has really caused them problems, a lot of anxiety, a lot of stress. For mothers in particular, but also fathers, as they try and get this formula for their kids. Listen, it never had to be this way. Unfortunately, the administration shut down the major production facility up in Michigan some months ago and waited until the last minute to identify that there was a problem here, that there were going to be supply chain challenges related to baby formula shortage. I do commend them for responding now in a bold way by flying that shipment into Indianapolis and also reducing some of the barriers to getting formula approved through the FDA. So those are positive steps and I look forward to working with them moving forward.”


Watch the full interview here.