U.S. Senate Passes Industrial Policy Bill to Compete with Beijing
Posted by John Chan | Jun 9, 2021
The United States Senate has passed a landmark, bipartisan bill to dramatically increase government spending on technological development. The bill, known as the U.S. Innovation and Competition Act, allocates $250 billion to spending in sectors deemed critical to America’s competitiveness against China. It now heads to the House, where it still must be reconciled with a bill authored by more skeptical House representatives. The Wall Street Journal’s John D. McKinnon
The legislation represents a potential landmark effort to turn the tide on several long-term trends in U.S. competitiveness. Those include eroding federal investments in research overall and a shrinking share of the world’s semiconductor manufacturing.
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