{"id":269733,"date":"2021-06-09T01:38:00","date_gmt":"2021-06-08T22:38:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/senate-passes-bill-that-targets-china-and-chips-in-68-32-vote\/"},"modified":"2021-06-09T01:38:00","modified_gmt":"2021-06-08T22:38:00","slug":"senate-passes-bill-that-targets-china-and-chips-in-68-32-vote","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/senate-passes-bill-that-targets-china-and-chips-in-68-32-vote\/","title":{"rendered":"#\n  Senate passes bill that targets China and chips in 68-32 vote"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a4087024a120\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a4087024a120\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/senate-passes-bill-that-targets-china-and-chips-in-68-32-vote\/#Analysts_say_path_in_House_isnt_clear_and_bill_ultimately_could_become_part_of_infrastructure_package\" >Analysts say path in House isn\u2019t clear, and bill ultimately could become part of infrastructure package<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/senate-passes-bill-that-targets-china-and-chips-in-68-32-vote\/#Victor_Reklaitis\" >Victor Reklaitis<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong>#<br \/>\n  Senate passes bill that targets China and chips in 68-32 vote<br \/>\n<\/strong>&#8221;<\/p>\n<h2 class=\"article__subhead\" itemprop=\"alternativeHeadline\"><span class=\"ez-toc-section\" id=\"Analysts_say_path_in_House_isnt_clear_and_bill_ultimately_could_become_part_of_infrastructure_package\"><\/span>\n  Analysts say path in House isn\u2019t clear, and bill ultimately could become part of infrastructure package<br \/>\n<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><\/p>\n<div class=\"column column--full article__content\">\n<div class=\"article__side\">\n<div class=\"container--sticky not-active\">\n<div id=\"cx-next\">\n              <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div id=\"js-article__body\" class=\"article__body article-wrap at16-col16 barrons-article-wrap\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0000277176\">\n<div class=\"barrons-article-ad-wrapper\">\n<div data-track=\"barrons-article-ad-wrap\" class=\"barrons-article-ad sticky_item\">\n<div class=\"barrons-main-article-ad-target sticky_target body_ad\" aria-hidden=\"true\"><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>       The Democratic-run Senate, with some Republican support, passed legislation on Tuesday that targets China and aims to support the American semiconductor industry, in a sign there\u2019s bipartisan agreement on how to <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>roach Beijing and a key U.S. sector.<\/p>\n<p> The wide-ranging U.S. Innovation and Competition Act was approved by a 68-32 vote. <\/p>\n<div class=\"paywall\">\n       The measure, which incorporates an earlier bill known as the Endless Frontier Act, would provide $52 billion in emergency supplemental appropriations for semiconductor programs and $120 billion for the National <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/sciencee\/\" data-internallinksmanager029f6b8e52c=\"5\" title=\"Science\" target=\"_blank\" rel=\"noopener\">Science<\/a> Foundation, NASA and the departments of commerce and energy, according to <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.schumer.senate.gov\/newsroom\/press-releases\/with-the-finish-line-in-sight-schumer-leads-bipartisan-plan-to-bolster-rochester-finger-lakes-tech-economy-andpreserve-us-innovation-and-leadership-in-the-21st-century-schumer-plan-includes-52-billion-investment-in-domestic-semiconductor-manufacturing-and-rd-putting-region-on-the-frontlines-of-the-global-tech-race\" class=\"icon none\">Senate Majority Leader Chuck Schumer\u2019s office<\/a>.<\/p>\n<p>\u201cWe should \u2014 and we will \u2014 pass this historic bill today,\u201d Schumer said in a floor speech on Tuesday before the vote. <\/p>\n<p>\u201c<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">Technology<\/a> firms<br \/>\n        IXN,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/206818927\/composite\" class=\"negative\">-0.12%<\/bg-quote><br \/>\n       currently make up a quarter \u2014 a quarter \u2014 of the global stock market<br \/>\n        VT,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/202040789\/composite\" class=\"negative\">-0.03%<\/bg-quote><span>.<\/span><br \/>\n       Whoever wins the race to the technologies of the future is going to be the global economic leader, with profound consequences for foreign policy and national security as well,\u201d he added.<\/p>\n<p>The New York Democrat had pushed for the Senate to pass the legislation this week after earlier trying to get it approved by the end of May. Analysts expected the Senate would give its OK, but they have suggested the bill\u2019s fate after that isn\u2019t as clear.<\/p>\n<p>\u201cThe larger question is what happens in the House after Senate passage. There is no apples-to-apples companion bill in the House yet,\u201d said analysts at Capital Alpha Partners in a recent note.<\/p>\n<p>\u201cWe expect that the administration\u2019s infrastructure plan would be the ultimate vehicle,\u201d the analysts added. <\/p>\n<p>President Joe Biden\u2019s administration and a group of Republican senators led by West Virginia\u2019s Shelley Moore Capito are no longer negotiating on a possible infrastructure<br \/>\n        PAVE,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/200238288\/composite\" class=\"positive\">+0.95%<\/bg-quote><br \/>\n       package, though Biden is still aiming to reach a deal on the issue with a different group that includes GOP senators.<\/p>\n<p>The president\u2019s initial infrastructure proposal, with a price tag of $2.3 trillion, had called for $50 billion in aid for the U.S. chip industry amid an ongoing shortage<br \/>\n        SMH,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/200571902\/composite\" class=\"negative\">-0.82%<\/bg-quote><\/p>\n<p>        SOXX,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209255350\/composite\" class=\"negative\">-0.57%<\/bg-quote><span>,<\/span><br \/>\n       but then the White House trimmed its package to $1.7 trillion, in part by shifting some of the spending to other pieces of legislation such as the U.S. Innovation and Competition Act. Most recently, Biden last week reportedly said he could accept <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.wsj.com\/articles\/bidens-latest-infrastructure-offer-1-trillion-11622725783\" class=\"icon none\">$1 trillion in new spending<\/a>. <\/p>\n<div id=\"cx-membership-tile\"><\/div>\n<p>The U.S. Innovation and Competition Act has drawn flak for being a sprawling bill that has been targeted successfully by lobbyists. <\/p>\n<p>Capital Alpha\u2019s analysts noted the measure \u201cnow has provisions on China relations, other international diplomacy matters, spaceflight, 5G wireless, Buy American, cybersecurity and artificial intelligence, drones, medical research, and antitrust filing fees (among many other subtopics).\u201d<\/p>\n<p>\u201cOur favorite extraneous items are country of origin labeling for king crab and tanner crab and a drinking water well replacement for Chincoteague, Virginia,\u201d the analysts said.<\/p>\n<p><strong>Related:<\/strong> Did Trump drain the swamp? Watchdog gives him an F, while Biden starts with a C<\/p>\n<p>An <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.heritage.org\/asia\/report\/the-united-states-innovation-and-competition-act\" class=\"icon none\">analysis from the conservative Heritage Foundation<\/a> said the U.S. Innovation and Competition Act \u201chas many positive elements, but it is weighed down by massive, unnecessary spending mandates, as well as domestic political issues having nothing to do with China,\u201d so the bill \u201cneeds a great deal of revision.\u201d<\/p>\n<p>Sen. Todd Young of Indiana is among the Republicans pushing for the Endless Frontier Act. He said in <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/video.foxbusiness.com\/v\/6255257298001#sp=show-clips\" class=\"icon none\">a Fox Business interview last month<\/a> that the Senate is \u201cconsidering multiple pieces of legislation with our Endless Frontier Act as the base bill.\u201d<\/p>\n<p>\u201cThis is our opportunity to play offense against the Chinese,\u201d Young said. \u201cThe Endless Frontier Act, by making these bold investments, will send a very strong message, if we can get this passed out of the Senate floor in the next couple of weeks \u2014 which I believe we will, in addition to some other pieces of legislation also pertaining to China and countering China\u2019s malign behavior.\u201d<\/p>\n<p>Meanwhile, Senate Minority Leader Mitch McConnell, the Kentucky Republican, said in a floor speech on Tuesday that the U.S. Innovation and Competition Act has \u201cseveral smart, targeted measures,\u201d but it \u201ccannot be the Senate\u2019s final word on our competition with China.\u201d<\/p>\n<p>Biden administration officials are \u201cstrong supporters\u201d of the Endless Frontier Act, White House press secretary Jen Psaki told reporters last month, adding that they hope that it gets signed into law. <\/p>\n<p><em>This is an updated version of a report first published on May 20, 2021.<\/em><\/p><\/div>\n<\/div><\/div>\n<p><\/p>\n<div class=\"byline article__byline\">\n<p>      <span>By<\/span><\/p>\n<div class=\"author  hasMenu\" data-scrim='{\"type\":\"author\",\"header\":\"Victor Reklaitis\",\"subhead\":\"The Wall Street Journal\",\"list\":[]}' itemscope itemprop=\"author\" itemtype=\"http:\/\/schema.org\/Person\">\n<h4 itemprop=\"name\"><span class=\"ez-toc-section\" id=\"Victor_Reklaitis\"><\/span>Victor Reklaitis<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/p><\/div>\n<\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"http:\/\/www.marketwatch.com\/news\/story.asp?guid=%7B20C05575-04D4-B545-743A-B8BFD351CF91%7D&#038;siteid=rss&#038;rss=1\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Senate passes bill that targets China and chips in 68-32 vote &#8221; Analysts say path in House isn\u2019t clear, and bill ultimately could become part of infrastructure package The Democratic-run Senate, with some Republican support, passed legislation on Tuesday that targets China and aims to support the American semiconductor industry, in a sign there\u2019s&#8230;<\/p>\n","protected":false},"author":1,"featured_media":269734,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[],"class_list":["post-269733","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/269733","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=269733"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/269733\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/269734"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=269733"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=269733"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=269733"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}