The legislation put forward by House Democrats — called the America COMPETES Act of 2022 — addresses pressing economic issues facing the Biden administration, including supply chain disruptions and a global shortage of semiconductor chips, which are essential for the production of smartphones, medical equipment and cars. Additionally, the bill calls for a number of changes to US trade rules, aiming to level the playing field for American businesses and combat China’s market-distorting trade practices.
The Senate passed its own legislation last year aimed at countering China’s influence by investing in American technology, science and research — with bipartisan support. While the House bill also seeks to increase US competitiveness abroad, it is not an identical piece of legislation.
An aide for the majority staff of the House Science Committee told CNN the expectation is that differences between the House and Senate legislation will ultimately be reconciled in order to get a bill to the President’s desk as soon as possible.