“The House took an important step forward today in advancing legislation that will make our supply chains stronger and reinvigorate the innovation engine of our economy to outcompete China and the rest of the world for decades to come,” President Joe Biden said in a statement on Tuesday evening.
The legislation, named The America COMPETES Act of 2022, would attempt to ease supply chain bottlenecks on products like semiconductors and bring back manufacturing jobs to the United States, Biden said.
The legislation calls for assessments of China’s relationships and influence around the world, including a six-month review of China’s cooperation with Iran and Russia in an array of areas such as energy, banking, space and defense. The bill also calls for a six-month review of China’s influence in the Middle East and Africa in terms of military cooperation.
The America COMPETES Act would elevate US leadership in international forums and on global issues to counter China’s efforts to undermine global rules, House Foreign Affairs Committee Chairman Gregory Meeks also said in a press release.
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.
The bill would direct the US administration to submit a six-month review identifying areas of potential dialogue between the Chinese and US governments on ballistic, hypersonic glide, cruise missiles, conventional forces, nuclear, space and cyberspace issues.
In addition, the legislation would direct the US administration to develop a concrete plan to engage in arms control talks with China, and alternative plans to address arms control concerns with China should efforts to enter negotiations with Beijing fail.
Moreover, the legislation would invite Chinese government officials, including officials from each of the UN Security Council member states, to observe a US-Russian New START Treaty on-site inspection to demonstrate the "security benefits" of transparency into strategic nuclear forces.
To address China's presence in the Arctic, the bill would call on states in the region to reach an agreement to maintain peace and stability in the Arctic region and counter China's Polar Silk Road initiative, among other initiatives.
In addition, the legislation would direct the US administration to develop a concrete plan to engage in arms control talks with China, and alternative plans to address arms control concerns with China should efforts to enter negotiations with Beijing fail.
Moreover, the legislation would invite Chinese government officials, including officials from each of the UN Security Council member states, to observe a US-Russian New START Treaty on-site inspection to demonstrate the "security benefits" of transparency into strategic nuclear forces.
To address China's presence in the Arctic, the bill would call on states in the region to reach an agreement to maintain peace and stability in the Arctic region and counter China's Polar Silk Road initiative, among other initiatives.