Us House of Representatives introduced US Competition Act of 2022

The U.S. House of Representatives introduced the text of a package of legislation on January 25th evening aimed at strengthening U.S. competitiveness against China. House Speaker Nancy Pelosi called the bill, known simply as the 2022 America Compets Act, “bold” legislation. President Biden later issued a statement saying the bill will set the United States up to compete with China and other nations for decades to come. He also said that with bipartisan efforts in Congress, the United States has an opportunity to show the world that the 21st century will be America’s century.

The House of Representatives introduced its own version Tuesday after the U.S. Senate passed the $250 billion, bipartisan U.S. Innovation and Competition Act in June last year as a comprehensive counterweight to China. The bill is called the America Creating Opportunities for Manufacturing Act of 2022. Pre-eminence in Technology and Economic Strength Act of 2022, or the America COMPETES Act of 2022.

Nearly 3,000 pages long, the bill is a synthesis of previous bills, they include the Ensuring American Global Leadership and Engagement Act, known as the EAGLE Act, introduced by Gregory W. Meeks, the Democratic chairman of the House Foreign Relations Committee Engagement Act) and the CHIPS for America Act, introduced by Representative Michael McCaul, the ranking Republican member of the House Foreign Relations Committee.

Under the bill, the United States will create the American Chip Fund, allocating $52 billion to encourage private sector investment in semiconductor production, among other things; Authorize $45 billion to improve America’s supply chain, strengthen manufacturing, prevent shortages of critical items and ensure that more of them are made in the United States; Advancing American scientific research and technological innovation, and ensuring U.S. global competitiveness and leadership through economic development, diplomacy, human rights, and alliances.