Senate Passes The ‘U.S. Innovation and Competition Act’ to Invest $200 Billion in Technology, Science and Research
Yesterday the U.S. Senate passed a bipartisan legislation to invest more than $200 billion in American technology, science and research. With a vote of 68-32, 19 Senate Republicans joined Democrats to approve the bill. Bernie Sanders was the only member of the Democratic caucus to vote against it. The legislation called the ‘U.S. Innovation and Competition Act’ aims to confront China’s influence on multiple fronts and according to majority leader Chuck Schumer will ‘supercharge American innovation and preserve our competitive edge for generations to come.’
Among the bills provisions, it requires iron, steel, manufactured products and construction materials used in federally funded infrastructure products to be produced in the United States. A similar bill was announced in the house last month but has not been voted upon. The ‘U.S. Innovation and Competition Act’ will now need to be passed in the House to advance to President Biden’s desk.