Lautenberg pitches ‘innovation bank’ for tech sector

The senator said his bill, the “America Innovates Act,” would help universities, researchers and private companies turn discoveries into marketable products.

The measure would establish an "American Innovation Bank" and create fellowship programs for graduate students to perform research at companies.

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Lautenberg announced the legislation at a roundtable discussion with FCC Chairman Julius Genachowski. The event with representatives from colleges and universities was focused on growing the mobile app business in New Jersey.