Roughly two weeks after Minnesota Senator Amy Klobuchar addressed hundreds of local business leaders at an “Innovation Summit” at the University of Minnesota, she's announced new legislation that aims to revitalize the country's innovative edge.

Klobuchar, along with Massachusetts Senator Scott Brown, announced Monday the introduction of a bill-called the “Innovate America Act”-that would bolster American small businesses innovation, and thus help them better compete on a global scale, according to the senators.

According to Klobuchar, in the nation's research and development efforts, America is “resting on our laurels at a time when other countries, including China and India, are moving full-steam ahead.”

The legislation purports that it will “cut red tape to help businesses utilize research and development for new products, target successful education programs, and promote U.S. exports in new markets to strengthen America's ability to innovate and compete in the global economy.”

To do so, the legislation aims to turn research and new technologies created at universities into products-and promote and reward schools that emphasize science, technology, and math.

The bill hopes to expand an existing research tax credit to include all industry-funded university research, allow companies to take a 30 percent tax credit for donating certain equipment to colleges, and “remove regulatory barriers for the top 20 exporting industries,” among other measures.

“Innovation has always been a catalyzing force in Minnesota's economy,” Klobuchar said in a news release. “By cutting red tape for businesses and focusing on science, technology, engineering, and math education, we can help our businesses attract and retain our country's brightest scientists, engineers, and researchers.”

Klobuchar has been very vocal about issues surrounding innovation. She serves on the Senate Commerce Committee; chairs the Subcommittee on Innovation, Competitiveness, and Export Promotion; and recently held an “Innovation Summit” at the University of Minnesota, during which she shared her ideas regarding how the public and private sectors can work to strengthen the economy and promote products internationally.