[KHTS] – A bill sponsored by Congressman Steve Knight aimed at improving private investment in the aerospace industry passed 18-13 in the Science, Space, and Technology Committee in the House recently.

U.S. Rep. Steve Knight

Knight saw the bill as a way to promote innovation, safety and standards to keep America on the vanguard of the private space industry.

“The commercial space industry is essential to advancing our nation’s space program,” Knight said. “This bill will give businesses the regulatory certainty they need to innovate and grow. I’m pleased to join my colleagues on this effort to strengthen our nation’s space policy and bring space-related jobs to our communities.”

HR 2262, or the SPACE Act, is aimed at (Spurring Private Aerospace Competitiveness and Entrepreneurship, or SPACE Act of 2015, facilitates a pro-growth environment for the commercial aerospace sector,” said committee Chairman Lamar Smith, R-Houston. “It creates more stable regulatory conditions and improves safety, which in turn attracts private investment.”

In addition to calling for standardized practices expected to increase investment into the

The bill calls for the federal government to approve — in concert with an advisory committee, progress of the commercial space transportation standards, best practices and regulations.

The first draft of the bill, which is currently being amended, also calls for the creation of independent, technical assistance organization or standards development organization, by 2023.

The hope is such an act “secures American leadership in space,” Smith said, “and fosters the development of advanced space technologies.”