US Senate Passes Major Bipartisan Bill to Thwart China’s Economic Growth
- The US Senate passed a cardinal bipartisan bill called the US Innovation and Competition Act
- Bill favoured by 68 votes against 32 rejections
- Aimed at countering CCPs growing influence globally
Washington: The US Senate passed a bipartisan bill on Tuesday targeting China’s growing influence by investing more than $200 billion in American technology, science, and research.
The bill scored a 68 against 32 votes. Independent Sen. Bernie Sanders of Vermont was the only member of the Democratic quorum to vote against the bill. Nineteen Senate Republicans joined Democrats voting for passage.
The US Innovation and Competition Act is considered a major victory by Senate Majority Leader Chuck Schummer who co-wrote the passage. As per the act the funds solidify the United States leadership in scientific and technological innovation critical to national security and economic competitiveness.
The Act aims to confront China’s influence on multiple fronts and “will supercharge American innovation and preserve our competitive edge for generations to come,” Schumer said. The Bill will strengthen the security of essential supply chains, and US ability to solve supply-chain disruptions during crises. Additionally, the bill increases funding for National Science Foundation activities.
The bill underwent several amendments after the voting took place late in the evening. The bill serves multiple purposes for the White House, which has sought to ramp up economic ability in the face of a rising and increasingly competitive China. It serves as a vehicle for a significant plank on research and development and on manufacturing from Biden’s sweeping $4 trillion legislative priorities.