Yellen To Tout Biden Technology Investments At Virginia Business Incubator

Yellen To Tout Biden Technology Investments At Virginia Business Incubator

David Lauder

WASHINGTON (Reuters) – Treasury Secretary Janet Yellen is preparing to revitalize her campaign to advance President Joe Biden's economic initiatives on Friday with a visit to an incubator in Virginia to boost U.S. investment in research, semiconductors, clean energy and other technologies.

The Treasury Department said Yellen will deliver a speech and meet with entrepreneurs at the Virginia Innovation Partnership Foundation (VIPC) in Herndon, Virginia, a growing Washington suburb near Dulles International Airport.

Yellen gave a series of other campaign-style speeches ahead of the November 8 congressional elections, promoting legislation passed last year, including a $1.2 trillion infrastructure investment package, the Chips and Science Act, which also includes support for semiconductor manufacturing, and for example, research providing the so-called Inflation Reduction Act, which includes significant tax incentives for investing in clean energy.

Yellen gave a similar speech last month, highlighting investments in infrastructure and electric vehicles in Detroit, and visited a North Carolina solar developer. Herndon's speech will focus on technology, research, and innovation that the Treasury Department says are "creating well-paying jobs, increasing America's competitiveness and accelerating the transition to clean energy" and bringing economic benefits to previously neglected cities. attention.

A Treasury official said Yellen would join Senator Tim Kaine and Representative Jerry Connolly, both Democrats, in a roundtable meeting with local entrepreneurs and academics on semiconductors, advanced manufacturing and other technologies.

VIPC is a federally funded, nonprofit seed marketing and economic development group in the Commonwealth of Virginia that leads financing, infrastructure, and policy initiatives to support entrepreneurs and start-ups.

Recent projects include a partnership with Quantum Computing Inc. in Leesburg, Virginia, to develop optimal flight paths for drones, and life science investment company Evizia, which is developing tools to help researchers visualize the human genome.

The Herndon VIPC facility is located on The Dulles Tech Corridor, formerly known as the birthplace of the pioneering Internet telephony company America Online, which employed thousands before AOL's fortunes took a hit in the early 2000s.

The region is now known for its diverse mix of software, defense and other technology companies, including cloud software company Appian Corp and cybersecurity firm Mandiant Inc. And Washington's public transit system will soon be opening its next stop on the Dulles Line, called Innovation. middle.

(Reporting by David Lauder; Editing by Chizu Nomiyama)

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