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Amazing step forward it seems, but not without it's issues.

I'm cautiously optimistic, but we need to see a finalized version of this bill before we get excited or disappointed.

I'm not optimistic about an anti-science administration remaking the NSF
This is a proposed bill by 2 US senators. I'll worry about that if it passes Congress and the president has to decide whether to veto it (his 2020 budget proposal cut NSF's budget by 6-7%).
I honestly like the sound of a technology directorate. I'd love to see some basic research into new computing technology, based on topological insulators or optics.
Many academic leaders are praising the legislation, which was spearheaded by the Senate’s top Democrat, Chuck Schumer (NY), and co-sponsored by Senator Todd Young (R–IN) [...]

The real news, I'd say.

Senators are basically always more competent / practical than Presidents. It's basically why the Senate exists.
The entire point of the Congress is compromise.

Whenever I see joint legislation like this it gives me hope that despite our hyper partisan climate, there is at least some collaboration still happening.

Me too, though I'm still stinging a bit from Bayh-Dole. Sometimes reaching across the aisle is a great way to produce something awful.
As someone who was often distracted from grad school research to work on grant applications this is great news. I would caution against making the NSF more like DARPA though. DARPA definitely breathes down your neck asking for monthly updates that hinders research/ideas that take longer to develop.

Federal research funding should be directed towards developing big, long-term ideas rather than short-term research tech companies can and do focus on.