Ns News Online Desk: United States lawmakers voted on Friday in favor of a multibillion-dollar bill aimed at jumpstarting high-tech research and manufacturing, countering China’s growing influence and easing a global shortage of computer chips.
The House Democrats’ America Competes bill, their version of the Senate, passed the $250 billion U.S. Innovation and Competition Act, which was approved in a 222-210 vote in the lower chamber.
The legislative push comes after the U.S. Commerce Department warned that companies have an average of less than five days’ worth of semiconductor chips on hand, leaving them vulnerable to shutdowns.
U.S. President Joe Biden wants to invest $52 billion in domestic research and production and, after sitting on the bill since June, House Speaker Nancy Pelosi recently listed the $350 billion package as a top priority.
“Together, we have an opportunity to show China and the rest of the world that the 21st century will be the American century – forged by the ingenuity and hard work of our innovators, workers, and businesses,” Biden said in a late January endorsement of the legislation.
Its passage into law would mark a win that Biden would love to be able to trumpet at his State of the Union address on March 1, although it will need to be married with the Senate version, which could take several weeks. The White House sees the initiative as the main legislative tool to combat China’s growing prowess.
Senior administration officials, including Commerce Secretary Gina Raimondo, have been pushing the House behind the scenes to move it quickly.
