Biden’s bizarre plan to nationalize American innovation

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The Biden administration has unveiled a radical proposal to reshape the underpinnings of America's innovation economy.

Through the lure of federal research dollars and a sweeping reinterpretation of a 44-year-old bipartisan law, the forces of the ideological left within the administration seek to impose price controls throughout the American economy, effectively holding private industry hostage to its demands.

At the center of this power grab is a provision of the Bayh-Dole Act of 1980, pioneering legislation widely credited with launching the modern American innovation economy. Bayh-Dole ingeniously aligned the private-sector profit motive with the public good by allowing universities and small businesses to own and license patents emerging from federally funded research.

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The act's design trusted decentralized markets — not central planners — to transform patented discoveries into beneficial products. This incentive-based structure catalyzed America's scientific leadership and directly sparked bold innovations in fields as disparate as computing and agriculture to medicine and transportation.

The provision of Bayh-Dole that progressive activists have