However, both chambers will need to negotiate a compromise bill before it reaches President Biden's desk.
. The good news: The U.S. House of Representatives has passed a bill that allocates nearly $300 billion to technological investments to give a desperately needed boost to American semiconductor manufacturing. The bad news: This legislation is almost guaranteed to never see the light of day — at least in its current state.
Among its long list of provisions include $52 billion in grants to subsidize American design and production of chips as well as another $45 billion to strengthen the nation’s supply chain infrastructure for critical items. The legislation would also support welfare programs geared toward workforce development and take a top-down approach to bolstering domestic research efforts in many areas, such as by increasing funds for the National Science Foundation and STEM education programs.
At a Friday press conference, House Speaker Nancy Pelosi said the bill “will ensure that America is preeminent in manufacturing, innovation and economic strength and can outcompete any nation.” Representative Madeleine Dean, a Democrat from Pennsylvania, described the COMPETES Act in aas an “opportunity to revitalize communities across our nation that have suffered substantial manufacturing job losses for decades.
If enacted, the legislation would represent America’s most far-reaching attempt yet to compete with China’s technological dominance on the global stage. That being said, though, any hopes of this bill making it to President Joe Biden’s desk are practically zero if lawmakers can’t arrive at a compromise. As
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