S. 1956 would require the National Institute of Standards and Technology (NIST) to identify and maintain a database of domestic manufacturers that commercialize products and services developed from federally funded research. The bill also would require NIST to report to the Congress on the commercialization of federal research by domestic manufacturers within 18 months of enactment. Additionally, the bill would require NIST to coordinate with federal agencies and industry organizations to identify domestic manufacturers to develop commercial products and work with the Small Business Administration to identify domestic investors to support commercial product development.

Finally, the bill would require federal agencies to report annually on the commercialization efforts of nonprofit organizations or small businesses that elect to retain title to inventions that resulted from federal funding.

Based on the cost of similar activities, CBO expects that NIST would need three people, at an average cost of about $225,000 per person in 2025, to implement the requirements in the bill. Based on the cost of similar activities, CBO estimates that implementing the other reporting requirements would cost less than $500,000 over the 2024-2029 period. On that basis, CBO estimates that implementing S. 1956 would cost $3 million over the 2024-2029 period. Any related spending would be subject to the availability of appropriated funds.