The U.S. Congress is moving with increasing urgency on bipartisan legislation to confront China and bolster competitiveness in technology and critical manufacturing, with the Senate poised to act within weeks on a package of bills.
As part of the package, Sen. John Cornyn, a Texas Republican, plans to push for incentives to strengthen domestic semiconductor manufacturing through his CHIPS for America legislation, according to a person familiar with the matter. The bill became law earlier this year but was never funded. President Joe Biden has called for as much as $50 billion for the initiative.
Cornyn and other lawmakers want what Congress has already passed to be fully funded.