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A bipartisan bill aimed at boosting America's technological advancements and increasing domestic semiconductor manufacturing has made it through one chamber of the Legislative Branch by passing in the U.S. Senate.
The United States Innovation and Competition Act (USICA) was approved with a 68-32 vote on June 8 and also included the Creating Helpful Incentives to Produce Semiconductors (CHIPS) for America Act.
"I was pleased to see funding for the CHIPS for America Act included in the bill passed today by the Senate," Rep. Michael McCaul (R-TX 10th District) wrote in a tweet.
Senate Majority Leader Chuck Schumer (D-NY) called it the "largest investment" in scientific research in a long time and one that sets America up to be an industry leader in the future.
"This legislation addresses key elements that were included in my American Jobs Plan, and I am encouraged by this bipartisan effort to advance those elements separately through this bill," Biden said in a statement responding to the bill's passage. "It is long past time that we invest in American workers and American innovation."
The USICA is intended to boost the country's technological profile in an effort to counter China. The U.S. House of Representatives currently has the bill for discussion.
"If Congress wants to appropriately counter the #CCP threat, @SpeakerPelosi must conduct a bipartisan process in the House," McCaul tweeted.
The funding included for CHIPS seeks to promote American science and technological leadership and set aside $52 billion in federal dollars to help fund the research, design and manufacturing of semiconductors in the United States.
The future of the bill in the U.S. House of Representatives is unclear, since there's already a similar bill pending in that chamber.
The world has been at the mercy of a semiconductor shortage which is expected to last well into next year. The shortage presents an opportunity for the creation of fake semiconductors.