US Senate approves US innovation and Competition Act 2021, competing China's tech rise
In view of competing with Chinese technology, the United States advanced a package of legislation for boosting the technological
By : Legal Era
Update: 2021-05-29 03:30 GMT
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US Senate approves US innovation and Competition Act 2021, competing China's tech rise In view of competing with Chinese technology, the United States advanced a package of legislation for boosting the technological competency given greater global resilience, especially with China. The vote entered by Senators was 68-30. With this, it ends the $250 billion U.S. Innovation and Competition...
US Senate approves US innovation and Competition Act 2021, competing China's tech rise
In view of competing with Chinese technology, the United States advanced a package of legislation for boosting the technological competency given greater global resilience, especially with China.
The vote entered by Senators was 68-30. With this, it ends the $250 billion U.S. Innovation and Competition Act of 2021, or USICA, and moves nearer to a final vote on the legislation. Passing the Senate, the bill needs to be passed in the House of Representatives before finally sending it to the White House for Biden to sign into law.
There have been bipartisan sentiments in the U.S. Congress, having the desire for a hard feeling in dealing with China. Senate Democratic Majority Leader Chuck Schumer, who co-wrote the USICA legislation, said the United States spends less than 1% of the gross domestic product on basic scientific research, less than half of what China does. He said, "We have put ourselves in a very precarious position of potentially falling behind the rest of the world in the technologies and industries that will define the next century,"
No comment was being made by the Chinese embassy in Washington on the legislation. For strengthening the US technology in general, it authorized $190 billion for various provisions moreover; it authorized $54 billion for specifically increasing the production of semiconductors, microchips, and telecommunication equipment.
Admitting China's growth in the global market and influence through diplomacy, the legislation addresses this as well. It seeks to work more with allies which will increase the involvement of the US in multiple international organizations, which were pulled out by former President Donald Trump as his "America First" agenda.
Senate even approved an amendment by 91-4 backed by Republican Senator Mike Crapo and Democratic Senator Ron Wyden. This amendment retaliate against China's anti-competitive trade, barring products produced using forced labor