• By The Financial District

U.S. SENATE TO PASS LAW ADDRESSING CHINA’S TECH THREAT

The US Senate on Tuesday is set to approve a sweeping package of legislation intended to boost the country's ability to compete with Chinese technology, as Congress increasingly seeks to take a tough line against Beijing, David Shepardson reported for Reuters.

The nearly $250 billion bill cleared a procedural vote 68-30 in late May and is expected to win final approval after a couple of votes on outstanding issues. The desire for a hard line in dealings with China is one of the few bipartisan sentiments in the deeply divided US Congress, which is narrowly controlled by President Joe Biden's fellow Democrats.


The measure authorizes about $190 billion for provisions to strengthen US technology and research -- and would separately approve spending $54 billion to increase US production and research into semiconductors and telecommunications equipment.


All the news: Business man in suit and tie smiling and reading a newspaper near the financial district.

Commerce Secretary Gina Raimondo has said the funding could result in seven to 10 new US semiconductor plants


Senate Democratic Majority Leader Chuck Schumer, who co-sponsored the legislation, said the United States spends less than 1% of gross domestic product on basic scientific research, less than half of what China does.


"The bipartisan legislation will be the largest investment in scientific research and technological innovation in generations, setting the United States on a path to lead the world in the industries of the future," Schumer said Monday.



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