As the economy shifts from rescue to recovery, the importance of the government facilitating the private sector as an engine of job creation and economic growth has heightened. One area where government policy can enable economic growth is the ongoing development of the Internet ecosystem, which continues to transform markets and our society.
At this June 28 event, Lawrence Summers, Assistant to the President for Economic Policy and Director of the National Economic Council, addressed the administration's views on the importance of unleashing private investment, job creation and economic growth through ongoing technological development in the Internet ecosystem. Summers announced a new administration plan to auction off 500 megahertz of federal and commercial spectrum.
Revenue from the auctions would be spent on public safety, infrastructure investments and deficit reduction. Summer, however, stressed that while "we are mindful that there is revenue potential here.... what's most important here is to free up a resource for its best uses."
Video of the event is available above. The memorandum to all executive departments and agencies that Summers announced is attached here, while the full text of Summers' prepared remarks is posted on WhiteHouse.gov.
Summers' remarks were covered in The Associated Press, Reuters, The New York Times, The Washington Post and many more news outlets. For a complete list of the media coverage of this event click here.