WASHINGTON (Pakistan Point News / Sputnik - 05th February, 2022) President Joe Biden on Friday issued a statement in which he praises the passing of a new US legislation to enable the United States to compete with China in the area of semiconductors manufacturing and research.
"The House took a critical vote today for stronger supply chains and lower prices, for more manufacturing - and good manufacturing jobs - right here in America, and for outcompeting China and the rest of the world in the 21st century," the statement said.
Biden called upon the Republicans in the House of Representatives to support the bill if they are serious about their commitment to compete with China. The US president added that he is looking forward to seeing the bill on his desk for signature after it will be passed in the Senate.
Earlier on Friday, the House of Representatives passed the measure with a 222-210 vote, sending it to the Senate for consideration.
The House legislation, named the America COMPETES Act of 2022, would seek to ease supply chain bottlenecks on items like semiconductors and bring back manufacturing jobs to the United States.
The bill would also create a $52 billion semiconductor chip fund to incentivize private-sector investments that help address supply chain disruptions and produce more semiconductors domestically.
The legislation would similarly authorize $45 billion to improve US supply chains and prevent shortages of critical goods by ensuring more critical goods are made in the country.
