Nanotechnology is expected to have large impact on many sectors of the world's economy. A strong nanotechnology economy can lead to new products, new businesses, new jobs, and even new industries for many countries. As a result, nanotechnology funding for research is growing rapidly all over.
In 2001, President Clinton requested a major new initiative in the 2002 federal budget, called the National Nanotechnology Initiative (NNI). The budget included an increase of more than 200 million dollars for the government's investment in nanotechnology research and development. In December 2003, President Bush signed the Nanotechnology Research and Development Act, which authorized funding for nanotechnology research and development (R&D) over 4 years, starting in FY 2005. This legislation puts into law programs and activities supported by the National Nanotechnology Initiative.
The 2003 bill authorized nearly $3.7 billion for research and development programs coordinated among several federal agencies. The legislation also authorized public hearings and expert advisory panels, as well as the American Nanotechnology Preparedness Center to study the emerging technology's potential societal and ethical effects.
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