Free Trial

Senate Cloture Vote On 'America Competes' Bill Today

US

17:30 ET 21:30 GMT A cloture vote is schedule to take place in the US Senate on (H.R.4521) America COMPETES Act.

  • If the cloture vote passes Senate Majority Leader Chuck Schumer (D-NY) will then begin a House-Senate conference to resolve the two bills.
  • The USD$250 billion bill 'covers scientific research, economic competitiveness, and various other matters' in order to stimulate the domestic tech sector and mitigate geopolitical risk associated with overdependence on China.
  • Both the Senate and House versions of the bill would make available USD$52 billion for semiconductor manufacturing and research and development. Superconductor shortage has been regularly cited by President Biden as a key driver of inflation.
  • America COMPETES has been criticised by Republicans for being unfocused, creating unnecessary federal departments, and heavy government spending during a period of high inflation.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.