Passage is a victory for Majority Leader Chuck Schumer, a New York Democrat who co-wrote and strongly backed the measure, and for President Joe Biden, who made reaching across the aisle a central promise of his governing strategy, although he has faced criticism for moving unilaterally on his largest agenda items to this point.
The sweeping legislation -- called the US Innovation and Competition Act -- aims to confront China's influence on multiple fronts and "will supercharge American innovation and preserve our competitive edge for generations to come," Schumer said. The bill still needs to pass the House before going to Biden's desk. The House Foreign Affairs Chairman Gregory Meeks introduced a corresponding bill in the House last month but it's not clear when that legislation will get a vote.
