financetom
Technology
financetom
/
Technology
/
US Senate advances sweeping tech bill taking aim at China
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
US Senate advances sweeping tech bill taking aim at China
May 28, 2021 7:20 AM

The US Senate on Thursday advanced a sweeping package of legislation intended to boost the country’s ability to compete with Chinese technology, as Congress increasingly seeks to take a tough line against Beijing. Senators voted 68-30 to end debate on the USD 250 billion US Innovation and Competition Act of 2021, or USICA, and move nearer to a final vote on the legislation.

The desire for a hard line in dealings with China is one of the few truly bipartisan sentiments in the deeply divided US Congress, which is narrowly controlled by President Joe Biden’s fellow Democrats.

Senate Democratic Majority Leader Chuck Schumer, who co-wrote the USICA legislation, said the United States spends less than 1 percent of gross domestic product on basic scientific research, less than half of what China does. ”We have put ourselves in a very precarious position of potentially falling behind the rest of the world in the technologies and industries that will define the next century,” he said in Senate remarks urging support for the bill.

The Chinese embassy in Washington did not immediately respond to a request for comment on the legislation.

The exact timing of a final Senate vote was not clear, as lawmakers continued to debate next steps behind closed doors on Thursday evening. Once it passes the Senate, the bill must also pass the House of Representatives to be sent to the White House for Biden to sign into law.

The measure authorizes about USD 190 billion for provisions to strengthen US technology in general, plus USD 54 billion specifically to increase production of semiconductors, microchips and telecommunication equipment.

Also Read

: Senate eyes R&D bill to counter China, bolster manufacturing

The legislation also seeks to counter Beijing’s growing global influence through diplomacy, by working with allies and increasing US involvement in international organizations after former Republican President Donald Trump pulled Washington out as part of his ”America First” agenda.

Also Read: Social spending, business tax hike drive $6 trillion Biden budget

As it considered the legislation, the Senate approved by 91-4 an amendment backed by Republican Senator Mike Crapo and Democratic Senator Ron Wyden to retaliate against what they consider China’s anti-competitive trade practices and bar products determined to have been produced using forced labor.

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 >
The Future of the CIO: Jordi Damià, CEO of Grupo Setesca, to Speak at Info-Tech LIVE 2025 in Barcelona
The Future of the CIO: Jordi Damià, CEO of Grupo Setesca, to Speak at Info-Tech LIVE 2025 in Barcelona
Oct 20, 2025
Info-Tech Research Group has announced Jordi Damià, CEO of Grupo Setesca and Professor of Strategic Management, as a featured speaker for Info-Tech LIVE 2025 in Barcelona. At the event, taking place October 21–22 at the SLS Barcelona, Damià will deliver his session, The Future of the CIO: What Companies Expect from IT Departments. TORONTO, Oct. 20, 2025 /PRNewswire/ - Info-Tech...
PortX Closes Strategic Growth Round Backed by Allied Solutions and the American Bankers Association
PortX Closes Strategic Growth Round Backed by Allied Solutions and the American Bankers Association
Oct 20, 2025
MERCER ISLAND, Wash.--(BUSINESS WIRE)-- PortX, the AI-powered data integration platform built for banks and credit unions, today announced the close of a strategic growth round backed by Allied Solutions and the American Bankers Association (ABA). This latest round brings two of the most respected names in financial services and includes renewed participation from existing backers—BankTech Ventures, Curql Collective, BTech Consortium,...
Don MacFarland Assumes Executive Leadership Role at CastleBay Companies
Don MacFarland Assumes Executive Leadership Role at CastleBay Companies
Oct 20, 2025
SARASOTA, Fla., Oct. 20, 2025 (GLOBE NEWSWIRE) -- CastleBay Companies (CastleBay or CBC), parent company of CastleBay Consulting, CB Technology Services, and CastleBay Infotech, specialists in high-impact, business-technology advisory and implementation services for the insurance industry, is pleased to announce the promotion of Don MacFarland to the position of Chief Operating Officer. “People who know Don, and there are many...
Avensure Announces CEO Chris Garner Named Among UK’s Top 50 Most Ambitious Business Leaders
Avensure Announces CEO Chris Garner Named Among UK’s Top 50 Most Ambitious Business Leaders
Oct 20, 2025
Manchester, Manchester , Oct. 20, 2025 (GLOBE NEWSWIRE) -- Avensure, a leading provider of HR, employment law, and health & safety outsourcing services, today announced that its Founder and CEO, Chris Garner, has been named one of the LDC Top 50 Most Ambitious Business Leaders for 2025. The programme, developed by LDC (part of Lloyds Banking Group) in partnership with...
Copyright 2023-2026 - www.financetom.com All Rights Reserved