financetom
Technology
financetom
/
Technology
/
Sweeping bill to address China tech threat likely to take weeks in US House
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Sweeping bill to address China tech threat likely to take weeks in US House
Jun 16, 2021 5:58 AM

A highly touted bill to boost the United States’ ability to compete with Chinese technology could take weeks to get through Congress, as US House of Representatives lawmakers planned to write their own legislation, which must then be combined with what was approved by the Senate this month.

House Democratic Majority Leader Steny Hoyer said House committees were working on their legislation, which he hoped would pass with support from Republicans as well as Democrats. ”I think the House committee – or committees – have views that they want to express,” Hoyer told reporters. ”… I don’t think there’s anything nefarious about it. I hope that we will move forward with a bill.”

Once the House passes its bill, negotiators from both chambers would work out differences and agree on a final version in the conference. The House and Senate would both have to pass that final measure before it could be sent to the White House for President Joe Biden to sign into law.

”Hopefully we can work that out so that the best of both bills will be available to us, so that we can ensure our competitive status vis-a-vis China in particular and also dealing with some of the nefarious things that China does to pursue unfair trade tactics with our country, including intellectual property theft,” Hoyer said.

House Science Committee Chairwoman Eddie Bernice Johnson said on Tuesday she favored an approach based on the current capabilities of the National Science Foundation and Department of Energy, in contrast to the approach outlined in the Senate bill.

”If we are to remain the world leader in science and technology, we need to act now. But we shouldn’t act rashly,” Johnson said as the committee considered two bills that would be part of the House bill.

”Instead of trying to copy the efforts of our emerging competitors, we should be doubling down on the proven innovation engines we have at the National Science Foundation and the Department of Energy,” she said.

The US Senate on June 8 backed by a strong bipartisan 68-32 majority the ”US Innovation and Competition Act,” or USICA, which authorizes about USD 190 billion for provisions to strengthen US technology and research, and approved USD 54 billion to increase US production and research into semiconductors and telecommunications equipment.

It was not immediately clear how the House bill might differ from the Senate’s approach on semiconductors. A global shortage of chips that has slowed production in the automobile and tech industries has added fuel to calls for the United States to rely less on China.

China’s parliament expressed ”strong indignation and resolute opposition” to the Senate bill, which was praised in Washington as a rare example of bipartisan action by the deeply divided US Congress.

Biden’s fellow Democrats control both the House and Senate, but only by narrow margins. However, the desire for a hard line in dealings with Beijing is a rare bipartisan sentiment in the deeply divided Congress.

First Published:Jun 16, 2021 2:58 PM IST

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
A Closer Look at 8 Analyst Recommendations For Five9
A Closer Look at 8 Analyst Recommendations For Five9
Mar 15, 2024
Five9 ( FIVN ) has been analyzed by 8 analysts in the last three months, revealing a diverse range of perspectives from bullish to bearish. The table below offers a condensed view of their recent ratings, showcasing the changing sentiments over the past 30 days and comparing them to the preceding months. Bullish Somewhat Bullish Indifferent Somewhat Bearish Bearish Total...
Where UiPath Stands With Analysts
Where UiPath Stands With Analysts
Mar 15, 2024
Analysts' ratings for UiPath ( PATH ) over the last quarter vary from bullish to bearish, as provided by 14 analysts. The following table summarizes their recent ratings, shedding light on the changing sentiments within the past 30 days and comparing them to the preceding months. Bullish Somewhat Bullish Indifferent Somewhat Bearish Bearish Total Ratings 2 2 10 0 0...
Wall St futures mixed as inflation woes weigh
Wall St futures mixed as inflation woes weigh
Mar 15, 2024
(Reuters) -U.S. stock index futures struggled for direction on Friday after hotter-than-expected inflation data roiled rate-sensitive stocks in the previous session, leaving investors on edge ahead of the Federal Reserve's meeting next week. Indexes closed lower on Thursday after producer prices data was stronger than expected, adding to concerns around inflation and sending the yield on the 10-year note to...
Honda And Nissan Forge Alliance To Boost Electric Car Tech
Honda And Nissan Forge Alliance To Boost Electric Car Tech
Mar 15, 2024
Nissan Motor Co., Ltd ( NSANF ) and Honda Motor Co., Ltd ( HMC ) have entered into a memorandum of understanding for a strategic partnership in vehicle electrification and intelligence. The scope of the feasibility study includes automotive software platforms, core components related to EVs, and complementary products. The companies will channelize their efforts to strengthen environmental and electrification...
Copyright 2023-2026 - www.financetom.com All Rights Reserved