WASHINGTON- TheUS House of Representatives on Wednesday advanced a multibillion-dollar bill aimed at increasing American competitiveness with China and boosting US semiconductor manufacturing, teeing up the legislation for full approval by the chamber this week.
Democratic President Joe Biden’s administration has been working 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 been exacerbated by supply chain bottlenecks.
The Democratic-controlled House approved the rule for the “America Competes Act” by 219 to 203, largely along party lines. House aides said they expected a vote to pass the full measure on Friday, after considering a number of amendments.
The bill has several trade provisions and would also authorize $8 billion in US contributions to the Green Climate Fund, established by the Paris Agreement to combat climate change, to help developing countries cope. – Reuters
