The following text is from this Forbes magazine article.
As researchers around the world gain faster and more complete access to the work of their colleagues, the pace of scientific progress will increase and so will the benefits to society in areas like the economy, healthcare, and energy. It’s also clear to us that taxpayers, scientists or not, deserve access to the information their support has generated.
Research universities applaud the new policy and are actively involved in devising ways to comply. A group of academic organizations (the Association of American Universities, the Association of Public and Land-Grant Universities, and the Association of Research Libraries) has proposed a system in which “universities will collaborate with the federal government and others to host cross-institutional digital repositories” of research publications.
More information about the Shared Access Research Ecosystem can be found in this PDF document.