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America COMPETES Act of 2022

January 25, 2022

Video: U.S. House passes America Competes Act, vote finishes 222-210

1. Key Points:

Key Points:

• The House will consider H.R. 4521, the America Creating Opportunities for Manufacturing Pre-Eminence in Technology and Economic Strength (America COMPETES) Act of 2022 – a bold legislative package that makes transformational new investments in research, innovation and American manufacturing that will ensure that America can outcompete any nation in the world, now and for decades to come. The package will accelerate U.S. production of critical semiconductor chips, strengthen the supply chain to make more goods in America, turbocharge our research capacity to lead the technologies of the future, and advance our global competitiveness, while supporting strong labor standards and human rights, among other key provisions.

• The legislation reflects bipartisan work across committees: its major components include many bills that have already passed the House by strong bipartisan votes or have bipartisan cosponsors.

• The America COMPETES Act of 2022 is a bold, comprehensive package to strengthen America’s competitiveness, including:

  • Creating the CHIPS for America Fund Includes $52 billion for CHIPS for America Act which will incentivize private-sector investments and continued American leadership in semiconductor fabrication and will help address supply chain disruptions and ensure that more semiconductors are produced here at home.

  • Strengthening the Supply Chain & American Manufacturing Authorizes $45 billion to improve our nation’s supply chains and strengthen our economy and national security by preventing shortages of critical goods and ensuring that more of these goods are made right here in the United States.

  • Advancing American Scientific Research, Technology & Innovation Excellence Makes major new solutions-driven investments in every aspect of innovation and scientific research, making the kind of investments that will lead to breakthrough discoveries.

  • Securing America’s Global Competitiveness & Leadership Through Economic Development; Diplomacy, Human Rights & Alliances Includes numerous provisions to strengthen and promote America’s leadership around the globe, including in such areas as investing in partnerships and alliances, investing in standing up for America’s values, expanding our investments in diplomacy, and promoting human rights.

• The United States has long been a beacon of excellence in science and technology in the world. Since the last major investment in innovation and competitiveness, the original COMPETES Act, was passed nearly 15 years ago, America has fallen behind in terms of global science and innovation leadership. The need to reinvest in and reimagine our approach to science and innovation has become a national imperative.

• Now is the time to recommit to boldly and strategically investing in our nation’s future – to promote America’s economic strength, the well-being of our communities, our national security and our leadership in the world. This transformative legislation will ensure that America can out-compete any nation, for decades to come.