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America COMPETES Act of 2022 introduced in US House of Representatives

04 Feb '22
2 min read
Nancy Pelosi Pic: Speaker of the House
Nancy Pelosi Pic: Speaker of the House

Democrats in the US House of Representatives recently introduced the America Creating Opportunities for Manufacturing Pre-Eminence in Technology and Economic Strength (America COMPETES) Act of 2022. The $250-billion legislative package is aimed at investing in domestic research and manufacturing to enhance the country’s competitiveness. It incorporates several bipartisan provisions that have already passed the House as standalone measures.

The America COMPETES Act is a counterproposal from House Democrats to the Senate-passed, bipartisan US Innovation and Competition Act (USICA). The America COMPETES Act does contain companion measures to several in USICA.

The bill’s introduction follows a November 17, 2021, agreement announced by House speaker Nancy Pelosi and Senate majority leader Chuck Schumer that the chambers would eventually conference the two proposals to generate a newly negotiated compromise package.

"The America COMPETES Act reflects a whole-of-House effort, involving the deep expertise of Chairs, Members and staff across our Committees to produce a historic bill that will be most effective at strengthening our competitiveness at home and abroad.  Now is the time to recommit to boldly and strategically investing in our nation’s future, and to do so in a way that strengthens the supply chain, lowers costs and ensures that America can out-compete any nation, today and for decades to come,” Pelosi said in a statement.

Fibre2Fashion News Desk (DS)

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