(Bloomberg) — The U.S. House of Representatives is preparing to move forward on a China competitiveness bill that would authorize billions of dollars in funding to boost U.S. research and development as well as aid for the domestic semiconductor industry, according to a leadership aide.
The move comes after Senate Majority Leader Chuck Schumer and House Speaker Nancy Pelosi announced in November a deal to find a way to get the U.S. Innovation and Competition Act through Congress after the Senate passed it in June of last year. The legislation, which has bipartisan support, is a major legislative priority for Schumer and the Biden administration.
The administration has been pressing House leadership to take action on the measure, including the nearly $52 billion in grants and incentives it would provide for the semiconductor industry amid a global chip shortage.
Commerce Secretary Gina Raimondo and President Joe Biden were expected to reach out to Pelosi directly on the package, according to Senator John Cornyn, a Texas Republican and sponsor of the semiconductor provision, who said he spoke to Raimondo about the matter.
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