The US Senate bill in China would create a chief manufacturing post for the research boost
© Reuters. FILE PHOTO: A handout image dated October 2019 shows a component of Google’s quantum computer in the Santa Barbara, California, USA lab. Google / Handout via REUTERS
By David Shepardson
WASHINGTON (Reuters) -US Senate Committee Chairs are considering a $ 110 billion compromise over five years for basic and advanced technology research and science and the creation of a White House Chief Manufacturing Officer Increasing competitive pressure from China drew up a copy of the 131-page bill Reuters saw on Friday.
The revised bill by the Chair of the Senate Commerce Committee, Maria Cantwell, and the committee’s senior Republican Roger Wicker, is due to be debated by the committee on Wednesday.
The bipartisan “Endless Frontier” bill would spend most of the money, $ 95 billion over five years, investing in basic and advanced research, commercialization, and education and training programs in key technology areas such as artificial intelligence, semiconductors, and quantum computers Advanced Grant Communication, Biotechnology, and Advanced Energy.
The move, sponsored by Senate Majority Leader Chuck Schumer, a Democrat, Republican Senator Todd Young, and others, would add an additional $ 10 billion to designate at least 10 regional technology centers and create a supply chain crisis response program to address them of problems like the deficit grant in semiconductor chips which are damaging the auto production.
The revised version would also create a new Senate-approved Chief Manufacturing Officer who would serve in the President’s Executive Office and head a new office for manufacturing and industrial innovation policy.
It would also instruct the Department of Commerce to put in place “a supply chain resilience and crisis management program,” including “supply chains’ ability to resist and recover in the face of shocks including pandemic and biological threats, cyberattacks, extreme weather events and terrorists.” ” and geopolitical attacks, great power conflicts and other threats. “
The bill also aims to boost basic research to accelerate innovation and advance strategies and technologies for the mining of critical minerals in order to remove “national dependency on minerals and mineral materials that are subject to disruptions in supply”.
The bill would also prevent Chinese companies from participating in the Manufacturing USA program without waiver. The program is a government and corporate-led effort to make industry more competitive, reduce energy consumption, and strengthen US national security.
Disclaimer: Fusion Media would like to remind you that the information contained on this website is not necessarily real-time or accurate. All CFDs (stocks, indices, futures) and forex prices are not provided by exchanges, but by market makers. Therefore, prices may not be accurate and may differ from the actual market price. This means that the prices are indicative and not suitable for trading purposes. Therefore, Fusion Media is not responsible for any trading losses you may incur as a result of using this data.
Fusion Media, or anyone involved with Fusion Media, assumes no liability for any loss or damage caused by reliance on the information contained on this website, such as data, offers, charts, and buy / sell signals. Please inform yourself comprehensively about the risks and costs associated with trading in the financial markets. This is one of the riskiest forms of investment possible.