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TEG Working Group News Roundup March 3-10

TEG Working Group News Roundup March 3-10
Fri, 04/07/2023 – 16:22
This week, Russia fired six hypersonic missiles against targets in Ukraine, the German government launches a security review of its telecommunications networks, and the Biden administration proposes a 3.2 percent increase to the FY 2024 defense budget. Additionally, the cost of cyber insurance is rising while coverage becomes more limited, and researchers have found that established tech hubs grow at faster rates than new centers of innovation, even when talent moves away.

Industrial Policy & International Security

Biden proposes Pentagon spending increase with industrial base focus | DefenseNews

The Biden administration has proposed an $842 billion defense budget for fiscal year 2024, representing a 3.2 percent increase. The budget proposal includes $9.1 billion for the Pacific Deterrence Initiative to boost the US military’s presence in the region amid rising tensions with China, and $37.7 billion to continue modernizing the nuclear arsenal. Specific references are made to bolstering the ballistic submarine fleet, the submarine industrial base, and naval shipbuilding and carrier maintenance. The administration also seeks to invest in key technologies and sectors of the US industrial base including microelectronics, munitions production, and biomanufacturing. Notably, $6 billion is pledged to …read more

Source:: Hoover Institution


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