Washington D.C. – Today, Rep. Torres voted to pass the America COMPETES Act, a legislative package that will strengthen American manufacturing, reinforce supply chains, and further key technological research and innovation. The package incorporates Rep. Torres’ bill, H.R. 6476, which clarifies American policy on co-financing agreements with China-led multilateral banks. 

“The America COMPETES Act is a bold and comprehensive piece of bipartisan legislation that will ensure the competitiveness and security of the United States economy, especially against the People’s Republic of China” said Rep. Torres. “The Act critically supports the development and construction of technologically advanced CHIPS within the United States, creating opportunities for investment into technological innovation and the growth of small businesses and the U.S. economy.”

The America COMPETES Act includes strategic and transformative investments to power the success of America’s workers, businesses, and economy and is informed by several bi-partisan bills– many of which have already passed the House– including:

• Supercharging investments in semiconductor chips: with $52 billion to support U.S. production of semiconductors — a key component in consumer electronics, cars, defense systems and other key products — address supply chain disruptions that push up costs for families, bring back chips production to America and ensure that the U.S. leads the way on semiconductor fabrication.
• Strengthening supply chains and manufacturing at home: with $45 billion to support the manufacture and acquisition of critical goods or industrial equipment that are essential for national security and economic vitality – including public health and biological preparedness, information and communications technology, the energy and transportation sector’s industrial base, and agricultural commodities and food product supply chains.  COMPETES reduces our reliance on critical goods from countries of concern and encourages the relocation of manufacturing facilities out of these countries.
• Advancing American scientific research and innovation excellence: ensure that we lead the technologies of the future with a suite of bipartisan science, research and technology bills to turbocharge American innovation, focused squarely on producing solutions and results. COMPETES also maximizes the American talent pool by strengthening and diversifying our nation’s STEM workforce.
• Promoting U.S. global leadership: positioning the interests and values of the United States, not China, to win on the world stage, including with strong action to hold the PRC accountable for its trade abuses, which hurt U.S. workers, and for its human rights violations, including the genocide against the Uyghurs.

“While the United States has been an international leader in scientific and technological advancement for decades, the pandemic has demonstrated the importance of continued innovation and strengthening domestic supply chains. Through bipartisan contributions and key provisions from the House Financial Services Committee, the COMPETES Act will bolster the economic security of our country and the financial security of our families – ensuring that America will continue leading in the twenty-first century and beyond,” said Rep. Torres.