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Senate passes bill to address China’s tech threat

Senate passes bill to address China’s tech threat

Senate passes Innovation and Competition Bill. Bipartisan Bill to counter China’s tech threat.

Where: Washington, DC

The Facts

▪ On Tuesday, the Senate voted 68-32 to approve a China-focused global competition bill.

▪ The bill will boost US semiconductor production and the development of artificial intelligence as international competition, most of it from China, grows.

▪ The bill will allow Congress to disburse $50 billion as an emergency allotment to the Commerce Department to scale up semiconductor development and manufacturing.

▪ Overall, the bill will increase spending by $250 billion, most of it in the first five years.

▪ US’s global share of semiconductor manufacturing has eroded steadily from 37% in 1990 to 12% in 2021. A chip shortage in the country has exposed the vulnerability of the American supply chain.

▪ The bill also includes billions in extra funding for the Energy Department, the Pentagon, and NASA for projects involving AI, quantum computing, robotics, and 5G.

▪ Senate Majority Leader Chuck Schumer, D-N.Y. said, “Whoever wins the race to the technologies of the future is going to be the global economic leader with profound consequences for foreign policy and national security as well.”

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