[Asia Economy Reporter Yujin Cho] Bloomberg News reported on the 26th (local time) that the U.S. Senate has postponed the review of a bipartisan technology promotion bill aimed at countering China in the fields of basic science and innovative technology.
The bill, introduced under the name "Endless Frontier Act," aims to invest $100 billion over the next decade in ten core industries, including artificial intelligence (AI), semiconductors, quantum computing, and biotechnology.
It also includes provisions to designate at least ten regions across the U.S. as "technology hubs" and approve an additional $10 billion in funding for these areas.
The bill represents a bipartisan consensus that future technologies must be invested in to win the technological competition with China. It was first introduced in May last year but was deprioritized ahead of the U.S. presidential election and was not processed before the session ended.
Republican Senator Roger Wicker stated, "It takes time to form an agreement (on the bill)," adding, "Discussion on the bill will be possible in the May session." Wicker also mentioned that over 200 amendments have been submitted to Congress regarding this bill.
Aside from the difficulties in handling numerous proposals and amendments to the bill, Republican senators have raised concerns about the essence of the legislation. In particular, many express skepticism about the bill's funding methods.
Bloomberg predicted that the delay in discussing the bill would also affect funding for the development of the U.S. semiconductor industry.
Earlier, the Joe Biden administration announced plans to invest $50 billion in semiconductor production facilities, research and development, and incentives, including the establishment of the National Semiconductor Technology Center (NSTC), as part of efforts to foster the semiconductor industry.
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