Senate Passes Massive Tech, Trade Bill Aimed At China
Law360 (June 8, 2021, 9:56 PM EDT) -- The Senate on Tuesday approved a major bipartisan bill meant to fuel technological and economic competition with China with trade provisions and around $200 billion in funding for semiconductors, telecom equipment and scientific research.
Senators voted 68-32 to pass the U.S. Innovation and Competition Act. Nineteen Republicans supported the bill along with all but one member of the Democratic caucus — Sen. Bernie Sanders, I-Vt., who had sought an equity interest in companies that accept semiconductor subsidies.
The sprawling bill includes more than $50 billion in incentives for domestic semiconductor production, billions to boost research in emerging technologies through the National...
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