The current regulatory and legislative infrastructure is poorly suited to address the new challenges to U.S. leadership and innovation in key technology sectors. This paper uses the semiconductor industry as a case study to advance a proposal for a strategic approach to technology policy capable of enabling long-term leadership. This proposal, rooted in structural changes to the federal technology policymaking process, would allow the United States to respond more effectively to strategic technology policymaking of China and other rising economic competitors. Initial steps to advance strategic technology policy should aim to revitalize targeted scientific research, grow the science, technology, engineering, and math (STEM) talent development pipeline, and expand highly skilled immigration.