This bill establishes a new nonprofit Foundation for Standards and Metrology within the National Institute of Standards and Technology to support measurement science, technical standards, and technology development in the United States. The Foundation will be governed by an 11-member Board of Directors representing diverse sectors including academia, private industry, technical standards bodies, and philanthropy, and will be led by an Executive Director hired by the Board. The Foundation's activities include supporting international standards engagement, advancing collaboration between researchers and industry, improving NIST research facilities, commercializing federally funded research, and providing fellowships and professional support to NIST researchers and associates. The bill authorizes annual funding transfers of between $500,000 and $1.25 million to the Foundation starting in fiscal year 2025, with the Foundation expected to become financially self-sustaining within five years through private donations and gifts. The Foundation is prohibited from accepting funds from foreign countries of concern and must operate under strict conflict-of-interest standards and financial disclosure requirements, with annual audits and reports to Congress.
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