The United States has long thrived as a result of its ability to manufacture goods and sell them to global markets. Manufacturing activity has supported its economic growth, leading the Nation's exports and employing millions of Americans. The manufacturing sector has also driven knowledge production and innovation in the United States, by supporting two-thirds of private sector research and development and by employing scientists, engineers, and technicians to invent new products and introduce innovations in existing industries. The Nation's historic leadership in manufacturing, however, is at risk. Manufacturing as a share of national income has declined, as has manufacturing employment, and its leadership in producing and exporting manufactured goods is in question. The loss of U.S. leadership in manufacturing, moreover, is not limited to low-wage jobs in low-tech industries, nor is it limited to its status relative to low-wage nations. The United States is lagging behind in innovation in its manufacturing sector relative to high-wage nations such as Germany and Japan, and has relinquished leadership in high-tech industries that employ highly-skilled workers. This report provides a strategy and specific recommendations for revitalizing the Nation's leadership in advanced manufacturing. The key recommendation in this report is that the Federal Government launch an Advanced Manufacturing Initiative (AMI). This report recommends that AMI be a concerted, whole-of-government effort, spearheaded by the Department of Commerce, Department of Defense, and Department of Energy and coordinated by the Executive Office of the President (EOP), either through the Office of Science and Technology Policy, National Economic Council, or the office of the Assistant to the President for Manufacturing Policy. The Secretaries of Commerce, Defense, and Energy should assign lead responsibility to an appropriate agency or agencies within the Department--such as National Institute of Standards and Technology (NIST) at Commerce, DARPA at Defense, and ARPA-E or EERE at Energy. It is crucial that this whole-of-government effort be complemented by parallel initiatives in the industry and academia. AMI should develop mechanisms to involve these sectors and to draw on their expertise in identifying technological opportunities. An external advisory board that has access to advanced manufacturing expertise should help guide this work. Appended are: (1) Advanced Manufacturing Provisions in America Competes Act; and (2) President Obama's Strategy for American Innovation and the FY 2012 Budget Request: Implications for Advanced Manufacturing. (Contains 2 boxes and 69 footnotes.)