Technology is changing the way we live our daily lives. Across age groups, businesses, and a wide array of industries, people around the world are harnessing the power of innovation.

More and more of us read tweets and use apps on our smartphones and tablets. Meanwhile, Fitbits track our exercise, and before we know it, similar technology will be monitoring the health of cattle roaming across the American heartland. If there’s not an “app” for something already, someone is likely developing one somewhere at this very moment.

In today’s world, the next new idea is just around the corner. But as innovation flourishes, our government must stand back to encourage entrepreneurs and developers.

America’s potential for growth, innovation, and opportunity largely depends on the policies adopted by our government. Unfortunately, outdated regulations and stale federal policies have not kept pace with the rapid development of new technologies. To remain competitive in the digital era, we must promote flexibility when streamlining and modernizing redundant regulations.

I have met with many technology businesses and organizations in Nebraska and across the country to discuss these issues. Many of them have shared their support for modernizing obsolete rules and adopting a regulatory framework that reduces uncertainty.

With that in mind, I introduced bipartisan legislation, known as the E-Warranty Act, in May with Senator Bill Nelson of Florida, the ranking member of the Senate Commerce Committee. Our goal was to modernize warranty requirements, which would allow manufacturers to save paper and printing costs by posting their warranties online. Prior to this proposal, Federal Trade Commission rules were unclear as to whether manufacturers could meet these requirements in any other way. The option to post warranty information online has the potential to provide relief for manufacturers and sellers, boost consumer access to warranty information, and promote responsible environmental stewardship by reducing waste.

Our E-Warranty Act unanimously passed the Senate in July, and it was signed into law by the president last month. This bipartisan effort was a success because it was based on finding common-sense solutions to outdated rules.

The principles of the E-Warranty Act mirror those of a similar bill, known as the Enhance Labeling, Accessing, and Branding of Electronic Licenses (E-LABEL) Act, that I introduced last Congress. This bill, which was signed into law last year, has a simple goal: ease regulatory requirements for technology products like phones, computers, and other electronic devices. By giving manufacturers the option to label their product digitally, this law increases options and lowers costs. It also makes the required regulatory information more easily accessible to consumers.

There are endless opportunities for integrating the physical world with new technology. This phenomenon is commonly referred to as the “Internet of Things.” As a world leader in technology, the United States needs to capitalize on the economic potential of new innovations. To embolden this process, I led a bipartisan coalition of senators this year to pass a resolution that commits our nation to a strategy for the Internet of Things.

Our resolution incentivizes the use of new technologies with the goal of maximizing consumer opportunity and economic growth. It successfully passed the Senate in March, and it is an important first step toward promoting new ideas and innovations for years to come.

Our world is changing. Technology is getting smaller, faster, and more efficient. Our laws must follow suit. Going forward, I will continue to pursue opportunities like these to bring the federal government’s policies into the 21st Century so we can boost innovation and economic growth.

Thank you for participating in the democratic process. I look forward to visiting with you again next week.