Biden Encourages House to Pass Technology Innovation Funding Bill
The United States Innovation and Competition Act would, among other things, plow money into semiconductor research and development.
WASHINGTON, January 25, 2022 – President Joe Biden on Friday encouraged the House of Representatives to push through Senate-passed legislation that would plow more federal money into technological innovation in the country.
The United States Innovation and Competition Act, which was introduced by Chuck Schumer, D-New York and passed the Senate in June by a 68-32 margin, will put billions toward domestic research and development and manufacturing for products including semiconductors and alleviating the supply chain concerns that have hampered critical industries in recent months.
“The Biden-Harris Administration has been working around the clock with Congress, our international allies and partners, and the private sector to expand U.S. chip manufacturing capacity, bring back critical American manufacturing jobs, address the chip shortage, and ensure we are not exposed to these disruptions again,” said a White House statement on Friday, adding chip maker Intel announced a $20 billion factory outside Columbus, Ohio.
“To accelerate this progress, the President is urging Congress to pass legislation to strengthen U.S. research and development and manufacturing for critical supply chains, including semiconductors,” the statement said, adding it “would make generational investments in research and development and advanced manufacturing to help us grow critical industries and win the jobs of the future.”
The legislation, which would leverage $52 billion to entice private companies to invest in technological leadership, will also focus on developing and building new technologies in the United States, including artificial intelligence, computer chips, and lithium batteries for smart devices and electric vehicles.
The House of Representatives has passed alternative legislation, such as NSF for the Future Act and The Department of Energy Sciences for the Future Act, which together would provide funding for semiconductor manufacturing, invest $50 billion over five years in the Department of Energy’s Office of Science and National Labs, invest in the development of domestic sciences, and invest in renewable energy and research on emergent technology.
