Breaking News
0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Top U.S. Senate Democrat directs lawmakers to craft bill to counter China

WorldFeb 23, 2021 05:40PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. Impeachment trial of former U.S. President Donald Trump continues in Washington

By Richard Cowan and Alexandra Alper

WASHINGTON (Reuters) - U.S. Senate Majority Leader Chuck Schumer said on Tuesday he has directed lawmakers to craft a package of measures to counter China's rise, capitalizing on bipartisan hardline sentiment on Beijing in Congress to strengthen the U.S. tech sector and counter unfair practices.

Schumer said at a weekly press conference that he has directed committees to craft a bipartisan bill based on legislation he proposed last year seeking funding of $100 billion to spur research in key tech areas, from artificial intelligence to quantum computing and semiconductors.

This year's package would target investment in U.S. manufacturing, science and technology, supply chains and semiconductors, Schumer said, adding he intends to have a bill on the Senate floor by "this spring".

"Today on our caucus call I directed the chairs and members of our relevant committees to start drafting a legislative package to out-compete China and create new American jobs," Schumer said at the press conference.

As part of the package, senators are also looking at providing emergency funding to implement bipartisan semiconductor programs included in last year's National Defense Authorization Act, which sets overall U.S. military spending and the Pentagon policies backed up by that spending.

"I want this bill to address America's short-term and long-term plan to protect our semiconductor supply chain and keep us No. 1 in AI (artificial intelligence), 5G (next generation communications network), quantum computing, biomedical research, storage, all of these things are part of the bill," Schumer said.

The legislative drive comes as Republican China hawks have stepped up pressure on Democratic President Joe Biden to stick to his Republican predecessor Donald Trump's hardline policies on Beijing.

The Biden administration has said it is conducting a review of China programs and promised a tough but more multilateral approach to Beijing.

The announcement also comes as some U.S. automakers have slowed production due to a shortage of semiconductor chips, scarce in part due to a pandemic-era boom in consumer appetite for more cell phones and computers.

The Semiconductor Industry Association welcomed Schumer's announcement and urged Biden and Congress to invest "boldly" in domestic semiconductor manufacturing and research.

"Doing so will help keep the United States on top in this foundational technology, while also strengthening America's economy, job creation, national security, and critical infrastructure," SIA CEO John Neuffer said in a statement.

Under the prior legislation that the bill would be modeled on, the $100 billion in funding would be funneled over 5 years through a new technology directorate to be installed at the National Science Foundation. Under that proposal, an additional $10 billion would be set aside for technology hubs.

A bipartisan group of U.S. lawmakers plans to meet with Biden at the White House on Wednesday to discuss supply chain issues, including semiconductor chips, Reuters reported.

Top U.S. Senate Democrat directs lawmakers to craft bill to counter China
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email