Last week, Sen. Marco Rubio and Rep. Ro Khanna introduced legislation aimed at addressing supply chain shortfalls exposed by the COVID-19 pandemic. The National Development Strategy and Coordination Act of 2022 is meant to address both long and short-term supply issues in order to prevent widespread shortages of critical supplies like baby formula or medical supplies.
Robert Hockett, professor of corporate law and financial regulation at Cornell Law School, conceived and drafted this legislation in the fall of 2020. Professor Hockett addresses why this legislation is critical to the United States and will restore “Hamiltonian America.”
"To its detriment, America has forgotten three things about economic development in recent decades - namely that it is national, that it's forever, and that it is always cross-regional and cross-sectoral in character. This legislation will rectify that.
"The National Development Strategy and Coordination Act of 2022 makes creative new use of existing (and democratically accountable) federal instrumentalities - the White House Cabinet, reconfigured into a National Development Council in analogy to the National Security Council, and the U.S. Treasury's Federal Financing Bank - to develop, regularly update, and finance the execution of a National Development Strategy.
"This creative repurposing of existing institutions will restore the Hamiltonian America that we lost sight of over three decades of misguided offshoring that hollowed-out our productive capacity, undermined our national security, and exported most of our best, most middle-class-sustaining jobs."