On Thursday, the Senate rolled out a bipartisan bill that would bolster U.S. technology and scientific advances in a bid to compete with China.
The Innovation and Competition Act 2021, led by Senate Majority Leader Chuck Schumer, is just one of the anti-China bills in Congress.
Senators pushed to end discussions on the roughly $ 250 billion law with 68-30 votes after the Schumer Group’s move on Thursday.
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“We have put ourselves in an extremely precarious position that could fall behind the rest of the world in the technology and industry that will shape the next century,”; Schumer said of the Senate floor.
The legislation includes $ 190 billion in U.S. technology development efforts, along with $ 54 billion in separate measures to support the production of semiconductors, microchips and telecommunications equipment.
Countering China’s growing global reach is one of the few agendas that lawmakers have crossed the party line to support. But the multi-billion package seemed unlikely to pass before the eleventh-hour deal struck early Thursday.
Schumer agrees with the vote to include trade-related amendments coordinated by Senator Mike Crepe R-Idaho and Senate Finance Committee Chair Ron Waiden – a move that has proven to have a “positive impact on the matter.” Of utmost importance for not only GOP Senators, but so are Democrats.
The revision was passed with overwhelming bipartisan support, with 91-4 votes.
The law will now include measures against China’s trade practices and barring the import of slavery-produced goods.
It is not clear when the Senate will last vote on a bipartisan ensemble – although the majority leader said he wants it to complete by Friday.
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“We’ll finish this week,” Schumer told reporters earlier this week. “We are very bipartisan. I’ve never seen anything like it in the years that McConnell led we were open to this process.”
Once the law is passed, the Senate will head to the House to vote.