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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.
4/25/2012--Introduced. America Innovates Act of 2012 - Establishes in the executive branch an independent agency called the American Innovation Bank.
Directs the Bank to award competitive grants and loans to institutions of higher education, nonprofit research institutions, individual investigators, and private companies to develop new science and engineering discoveries into new companies, products, or jobs.
Amends the National Science Foundation Authorization Act of 2010 to require the Director of the National Science Foundation (NSF) to award competitive grants to: (1) Integrative Graduate Education and Research Traineeship program-funded institutions of higher education to support students who perform their graduate research in an industry setting, and (2) institutions of higher education to develop professional science masters programs.
Prescribes certain training requirements for students who receive funding under an NSF graduate research fellowship, a National Institutes of Health (NIH) national research service award, or any federal program that provides funding to train graduate students for careers in scientific research and development.