The US House of Representatives has passed a competitiveness bill that allocates $300 billion for semiconductor manufacturing

2022-06-09 0 By

The US House of Representatives on Wednesday narrowly passed a bill worth hundreds of billions of dollars aimed at boosting US competitiveness and boosting semiconductor manufacturing, despite opposition from Republicans.According to Reuters, The Democratic-controlled House of Representatives passed The America Compete Act of 2022 by 222 votes to 210, almost entirely along party lines,Only one Republican joined Democrats in voting yes, and one Democrat voted no.The bill passed the House of Representatives, paving the way for negotiations with the Senate on a compromise version of the bill.The compromise version must pass the House and Senate before it can be sent to the White House for President Joe Biden’s signature.The negotiations could take weeks or months, and Mr. Biden, in a statement, urged swift action while heaping praise on what he called “vital” legislation.The House bill authorizes nearly $300 billion for research and development, including $52 billion to subsidize semiconductor manufacturing and research into key components for cars and computers, and $45 billion over six years to ease supply chain problems that exacerbate shortages.In addition to improving America’s competitiveness, the bill also calls for $4 billion to help communities with higher unemployment than the national level, $10.5 billion for states to stockpile drugs and medical devices, and $8 billion to help developing countries cope with climate change.(The US House of Representatives has passed a competitiveness bill that allocates $300 billion for semiconductor manufacturing.)