President Reagan will ask Congress to establish monetary awards, which could be in the millions of dollars, for inventions and other technological innovations, the White House announced Wednesday.
Presidential spokesman Marlin Fitzwater said the proposed Thomas A. Edison Prize would be included in the budget the President is scheduled to send to Congress on Feb. 18. He said the award would be available to citizens of the United States.
Fitzwater said the plan calls for a panel of 15 people to be appointed by the President for five-year terms. Each year, the panel would adopt up to three goals for the award and specify the cash prize.