Amid increasing competition from global markets, high-tech trade and policy groups are urging the government to create a new federal agency dedicated to boosting U.S. innovation.

In a recent study, the Information Technology and Innovation Foundation, a Washington-based think tank, and the Brookings Institute, a public policy group, proposed launching a publicly funded national innovation foundation. The agency, modeled after the National Science Foundation and the Corporation for Public Broadcasting, would oversee industry-university research partnerships, research grants, best practice processes, and other measures aimed at encouraging the development and adoption of technology among U.S. businesses.

The agency, which would act as a point of contact for all innovation-related issues, would run out of the Commerce Department, the study said. The two groups say they hope to press the issue with Senate lawmakers in the months ahead.