Chuck Schumer, Technological İnnovation, The Senate, China, China, American İnnovation, American İnnovation, Todd Young, Technological İnnovations, Senate Majority Leader

Chuck Schumer, Technological İnnovation

Senate passes bill to boost US science and tech innovation to compete with China

The bill would add funding for research and technology manufacturing to boost US competitiveness, strengthen national security and grow the economy.

6/9/2021 7:21:00 AM

An expansive bill aimed at reinvigorating America's technological footprint to counter China passed the Senate on Tuesday and now heads to the House, where it faces a competing bill and somewhat murky future.

The bill would add funding for research and technology manufacturing to boost US competitiveness, strengthen national security and grow the economy.

WASHINGTON – An expansive bill aimed at reinvigorating America's technological footprint to counter China passed the Senate on Tuesday and now heads to the House, where it faces a competing bill and somewhat murky future.The legislation, called the Innovation and Competition Act, largely drew bipartisan support with the promise of bolstering America's competitive edge by investing billions of dollars in scientific and technological innovations – including artificial intelligence, computer chips and robotics.

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It passed 68-to-32 after some drama a few weeks ago of hours of behind-the-scene negotiations, a flurry of last-minute amendments and an all-nighter of negotiations. Ultimately, Senate leaders canned it until the lawmakers returned from their Memorial Day recess after a compromise could not be reached.

President Joe Biden praised passage of the bill making generational investments in American workers. "This legislation addresses key elements that were included in my American Jobs Plan, and I am encouraged by this bipartisan effort to advance those elements separately through this bill," Biden said in a statement. "It is long past time that we invest in American workers and American innovation." headtopics.com

Senate Majority Leader Chuck Schumer, D-N.Y., called the bill one of the most significant pieces of legislation passed in a long time, with a huge impact on the American economy and jobs."It’s the largest investment in scientific research and technological innovation in generations," Schumer said. "It sets the United States on a path to lead the world in the industries of the future."

More:China represents 'unparalleled,' 'severe' threat, US intelligence officials warnIn April, U.S. intelligence officials cast China, the world’s second-largest economy, as an "unparalleled" security threat, warning of Beijing's increasing efforts to suppress its regional adversaries and expand its military might while racing to achieve technological superiority across the globe.

Story continuesThe Senate's action highlights a rare bipartisan consensus in Congress that the U.S. needs a more coherent strategy to respond to China's rise as a global power.The bill would boost funding for research and technology manufacturing to increase America's competitiveness, strengthen national security and grow the economy.

Sen. Todd Young, R-Ind., co-author of the legislation, singled out the bill's passage as a mark of unity."I’m proud the Senate voted to advance this bill to outcompete China and invest in the U.S.," Young said in a statement. "Let history record that, at this moment, we stood united." headtopics.com

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Schumer said Tuesday he has already spoken with House Speaker Nancy Pelosi, D-Calif., and expects to reach a compromise between the chambers to send to President Joe Biden.“I’m quite certain that we will get a really good product on the president’s desk," Biden said.

What does the Senate bill do?The legislation, spearheaded by Schumer and Young, would pump more than $200 billion into U.S. scientific and technological innovation over the next five years.The bill, which originally began as the Endless Frontier Act, was expanded and renamed the U.S. Innovation and Competition Act by Schumer in May. He joked Tuesday that the "frontier" name made it sound like "covered wagon" legislation.

The broadened bill establishes a new directorate for technology and innovation at the National Science Foundation to ensure $100 billion of funding is funneled to the development of artificial intelligences, semiconductors, robotics and high-performance computing.

Schumer said Washington has let U.S. competitiveness "lag" compared to China, particularly when it comes to technological innovation."We’ve become far too complacent, and the United States commits less than 1% of its GDP towards basic scientific research," he said. "That's the fault of government, but it's also the fault of the private sector. The world is so competitive and global competition is so severe, companies feel they can't invest as much in the kind of research that might pay off profits five or ten years down the road." headtopics.com

Read more: Yahoo News »

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