U.S. House to hold procedural vote on China competition bill on Wednesday-source

Author of the article: WASHINGTON — The U.S. House of Representatives plans a procedural vote on Wednesday on a bill https://www.reuters.com/business/us-house-leaders-set-unveil-chips-china-competition-bill-2022-01-25 aimed at increasing U.S. competitiveness with China and supporting the U.S. chip industry, according to a source familiar with the decision. President Joe Biden’s administration is pushing to persuade Congress to approve the bill,…
U.S. House to hold procedural vote on China competition bill on Wednesday-source

Author of the article:

WASHINGTON — The U.S. House of Representatives plans a procedural vote on Wednesday on a bill https://www.reuters.com/business/us-house-leaders-set-unveil-chips-china-competition-bill-2022-01-25 aimed at increasing U.S. competitiveness with China and supporting the U.S. chip industry, according to a source familiar with the decision.

President Joe Biden’s administration is pushing to persuade Congress to approve the bill, which includes $52 billion to subsidize semiconductor manufacturing and research, as shortages of the key components used in autos and computers have exacerbated supply chain bottlenecks.

If the procedural vote succeeds in the narrowly Democratic-controlled House, the full chamber would aim to vote on the full bill on Friday.

House Speaker Nancy Pelosi last week said the 2,900-page bill, called the “America Competes” act, would “supercharge” investment in chips and boost U.S. manufacturing and research capacity, as well as advancing U.S. competitiveness and leadership.

The Senate passed the U.S. Innovation and Competition Act last year, which includes $52 billion to increase U.S. semiconductor production and authorizes $190 billion to strengthen U.S. technology and research to compete with China.

The House bill has key differences with the Senate version. It does not contain the $190 billion for technology and research, but does include $45 billion to support supply chain resilience and manufacturing of critical goods, industrial equipment and manufacturing technology. (Reporting by Patricia Zengerle, writing by Scott Malone; editing by Richard Pullin)

Financial Post Top Stories

Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.

By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails. Postmedia Network Inc. | 365 Bloor Street East, Toronto, Ontario, M4W 3L4 | 416-383-2300

Read More

Total
0
Shares
Leave a Reply

Your email address will not be published.

Related Posts
Sonoco Participates in European Recycling Trials That Show Digital Watermarking Yields Accurate Container Sortation Results
Read More

Sonoco Participates in European Recycling Trials That Show Digital Watermarking Yields Accurate Container Sortation Results

Author of the article: Digital Watermarks Initiative HolyGrail 2.0 has the goal of assessing whether the digital watermarks technology can enable better sorting and higher-quality recycling rates for packaging in the EU GNW HARTSVILLE, S.C., June 20, 2022 (GLOBE NEWSWIRE) — The first HolyGrail 2.0 sorting prototype was successfully validated in March this year following…
Biden to Spur Renewables Projects Stalled by Solar Trade Probe
Read More

Biden to Spur Renewables Projects Stalled by Solar Trade Probe

Author of the article: Bloomberg News Jennifer A. Dlouhy (Bloomberg) — The White House is preparing executive action to blunt the impact of a trade dispute that has paralyzed US renewable power projects by taking steps to boost domestic manufacturing of solar panels, according to people familiar with the matter. President Joe Biden plans to…
Global regulators going ‘full steam’ to tame crypto currencies
Read More

Global regulators going ‘full steam’ to tame crypto currencies

Author of the article: LONDON — Regulators came late to the fast evolving cross-border world of cryptoassets but they could come up with their first global framework of rules within months, a senior official said on Wednesday. The Financial Stability Board, which groups regulators, central banks and finance ministry officials from the G20 economies, is…
U.S. Bill Puts Mexico Electric Car Investments at Risk: Minister
Read More

U.S. Bill Puts Mexico Electric Car Investments at Risk: Minister

Author of the article: Bloomberg News Nacha Cattan and Maya Averbuch (Bloomberg) — Investments in Mexico are being put at risk by a U.S. bill offering tax credits for electric vehicles built with domestic labor, Economy Minister Tatiana Clouthier said in an interview. At least two EV investments may not close in Mexico and eight…