In this file photo taken on May 25, 2021, Senate Majority Leader Chuck Schumer speaks at a news conference following a policy luncheon meeting with other Senate Democrats on Capitol Hill on May 25, 2021, in Washington, DC. MANDEL NGAN / AFPUS Senate Majority Leader Chuck Schumer on Wednesday said he would push for rapid passage of a bill that would allocate tens of billions of dollars towards boosting American industrial and technological competitiveness, particularly against China.
With both American political parties increasingly worried about competition from Beijing, Schumer hopes he can win bipartisan passage of the US Innovation and Competition Act.The legislation “will supercharge American innovation and preserve our competitive edge not just for the next few years, but for generations to come,” Schumer said in the Senate.
An ongoing shortage of the crucial chips has forced US automakers to cut production, and the bill allocates $52 billion in funding for a previously approved plan to increase domestic manufacturing of the components.
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