onsdag 9. juni 2021

What's in the China competitiveness bill?

A sweeping piece of legislation countering China's growing economic influence is expected to pass the Senate this week with bipartisan support -- a rarity in Washington at the moment. President Joe Biden has expressed support for the bill, which would invest more than $200 billion into American manufacturing, technology, research and development.

If the bill does become law, it would be a major bipartisan win for the President who has made reaching across the aisle a priority. He's faced criticism for moving unilaterally on the massive Covid relief package he signed in March, which didn't receive any Republican votes, and is in deep negotiations with Senate Republicans over his massive infrastructure spending plans.

Named the US Innovation and Competition Act, the legislation was the product of multiple Senate committees, and touches on a broad range of issues. The core comes from legislation that Majority Leader Chuck Schumer and Indiana Republican Sen. Todd Young introduced together last year. The bill has yet to come up for a vote in the House. Here's what we know about it so far.