Semiconductor Bill Headed To The House

The Innovation and Competition Act could reach the House as early as next week. The bill seeks to boost federal spending on semiconductors to challenge Chinese supremacy in the industry.

• Joe Biden said: ‘I want to see Congress pass this bill right away and get it to my desk (…) let’s do it for the sake of our economic competitiveness and our national security.’
• The bill provides for a UD$52 billion increase to US semiconductor production and another USD$190 billion to bolster technology and research to compete with China.
• The bill passed the Senate in June last year with bipartisan support.
• The bill demonstrates an awareness in Washington that economic competitiveness with China in strategically important sectors will be an increasingly important part of the national security agenda in the future.