The US Senate is proposing legislation to deal with competition with China

Senate Majority Leader Chuck Schumer – Getty / Getty

The U.S. Senate on Monday voted in favor of a multi-million dollar bill to improve high-tech research and production, tackle Chinese influence and alleviate the global shortage of computer chips.

This law is the Upper House version of the House of Representatives bill that was passed by the House of Representatives in February. Congressmen are expected to begin negotiations between the two parties in the House and Senate to match different texts.

Senate Majority Leader Chuck Schumer said the long-dormant law would be “one of the most important achievements of the 117th Congress.”

“The bill, by all its rules, is really about two big things: creating more American jobs and cutting costs for American households,” he told senators. “It will help reduce costs by making it easier to manufacture important technologies at home, such as semiconductors, which will create more jobs by bringing production back.

Schumer and Senate Minority Leader Mitch McConnell discuss formal negotiations on the law in April and drafts for the start of a full referendum in May or June.

Both the House and Senate editions are considering US President Joe Biden’s goal of investing $ 52 billion in national research and production, a victory announced ahead of the midterm elections in November.

The 2,900-page edition of the House passed in often discriminatory ways, with Republicans arguing that it was not enough in China and focusing more on issues such as climate change and social inequality. That is, it is assigned to a convention committee of the Senate Republicans that has all the influence, because the final text will take 10 of them to return to the upper house.

However, Chuck Schumer said the law would encourage a new generation of American innovation. “Any country that first masters the technologies of tomorrow will rebuild the world in its image,” he pointed out on the Senate site. “The United States cannot take second place when it comes to technologies such as 5G, AI (artificial intelligence), quantum computing, semiconductors, bioengineering and many more.”

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