US Innovation and Competition Act or USICA

The Senate on Tuesday voted 68-32 to approve $250 billion to beef up American technological research, development and manufacturing so the U.S. can better compete with China now and in the future.

Some House Republicans have balked at the bill, saying it isn’t tough enough on China, but the passage in the Senate on Tuesday night at least indicates an appetite is rising across both aisles to leverage the U.S. technological prowess.

This bill include:

  • provides $52 billion for domestic semiconductor manufacturing
  • USICA approval also provides $10 billion to reshape cities and regions across the US into “technology hubs,” focusing on research and development into cutting-edge industries and creating new, well-paying tech jobs outside of the coasts.It would dole out billions to regions all across the country to build out new tech hubs and encourage tech companies to find homes outside of Silicon Valley and the coasts

Whoever wins the race to the technologies of the future will be the global economic leader.We spend half as much as the Chinese community party for research … The world is more competitive now than at any time since the end of the second World War. If we do nothing our days as a dominant superpower may be ending. We don’t mean to let those days end on our watch,” Schumer said. “Passing this bill is the moment when the Senate lays the foundation for another century of American leadership (Senate Majority Leader Chuck Schumer).

Notably, the bill also calls for U.S. diplomats to boycott the Winter Olympics next year in China due to the nation’s human rights violations.

 

Why It Matters?

The Communist party of China  heavily subsidized companies are targeted global security, this approach can be a good beginning to  deter  CCP threats. If the world loses leadership of USA, the CCP would threaten the existence of human rights. The free world needs to pass more bills to chain the dragon.

Furthermore, It signals the rise of new technology hubs, many experts  believe  that the bay area is overpopulated for new founders. Where it will be the next technological hub of USA?

 

source:https://www.courthousenews.com/senate-passes-250-billion-us-china-competition-bill/

 

 

 

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