This bill establishes a nonprofit Foundation for Standards and Metrology under the National Institute of Standards and Technology to accelerate innovation and competitiveness in the United States. The Foundation will partner with researchers, universities, industry, and philanthropic organizations to advance measurement science, develop technical standards, improve research facilities, support technology commercialization, and provide fellowships and professional development for NIST researchers. The Foundation will be governed by an 11-member board appointed from diverse sectors including academia, private industry, and nonprofits, along with four ex officio members from NIST leadership, and will operate as an independent nonprofit with tax-exempt status rather than as a federal agency. The bill authorizes $1.5 million annually for fiscal years 2025 through 2029 to support the Foundation's operations, and requires the Foundation to submit a strategic plan within one year detailing how it will become financially self-sustaining and undergo an independent evaluation by the Government Accountability Office after five years.
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