U.S. Sen. Todd Young, R-IN, is leading the charge on the bipartisan America COMPETES Act, which is now headed for a conference session where House and Senate leaders are collaborating on a final version. The proposed legislation – co-authored by Young and Sen. Chuck Schumer, D-NY – would give a big boost to the state and national tech and manufacturing sectors.
The COMPETES Act is designed to lower costs by making it easier to produce critical technologies in the U.S. – including semiconductors and microchips. The legislation is intended to bring manufacturing back from overseas and fuel another generation of American innovation. Spurring the creation of new technologies in the U.S., of course, is a big part of the proposal.
The bill has a number of provisions, including $52 billion for semiconductor manufacturing, $45 billion to improve supply chains for critical items and $160 billion for scientific research and innovation.
Young recently penned an op-ed in The Hill, stating “This is a hinge point in history. We must be clear eyed about the threats China and Russia pose to America and its allies.”
The technological advances in the COMPETES Act will have a major impact on U.S. military capabilities, stresses Young, a member of the Senate Foreign Relations and Commerce committees.
“Throughout our nation’s history, Republicans and Democrats have worked together on critical national security issues. In that tradition … the Senate followed regular order and an open process to pass the (America COMPETES) Act with strong bipartisan support,” Young noted in a recent press release.
Even though it has support on both sides of the aisle, it’s far from a done deal. And some fear if it is not passed by the end of August, all or parts of the legislation could stall.
There is some concern the bill could undermine U.S. corporations by instituting new taxes on Chinese goods and a system of government reviews of American investments in China.
But Young thinks there’s urgency to passing the bill.
“A great power struggle is underway. If we fail to prepare for it or build a plan to win it, America will forfeit the future,” he says in his recent op-ed. “A world led by superpowers who do not share our values or value human dignity is a dangerous one.
“When it comes to deterring our global adversaries, it is time for the United States to unleash private sector innovation while significantly boosting federal national security investments,” Young continues. “America remains a leader in some of these fields but is losing ground fast.”
Young points out that China has made considerable advances in technology over the last 20 years, evidenced by increased patent publications in (artificial intelligence), gold medals at international science competitions and Chinese universities producing four times as many STEM graduates as those in the U.S.
“The (Chinese Communist Party) has wisely bet that technological superiority equals global supremacy,” Young states. “Our new arsenal of democracy must be built to outcompete and out-innovate our global rivals economically and militarily.”
The COMPETES Act would increase American research and development in domestic semiconductors, artificial intelligence, quantum computing, robotics, cybersecurity and hypersonic technology. It would also create tech hubs across the country.
Indiana tech experts think the state is well positioned to become one of those strategic tech hubs and take advantage of other parts of this bill. For instance, Purdue University is already becoming established for its hypersonics prowess, and school officials think West Lafayette and possibly the state are poised to become a hypersonics epicenter (as we featured in the last Tech Talk).
Not surprisingly, the Chinese government has lobbied against this bipartisan bill.
Undaunted, Young states: “The House and Senate are now working on a final version of the legislation, which my colleagues understand must resemble the strongly bipartisan Senate approach. President Joe Biden has signaled his willingness to sign it once it reaches his desk.
“This is a call to action for those of us who are charged with keeping the American people safe and secure. Prior generations have answered this call, and if we fail to do so in the critical moment, America will surrender our position of global leadership,” Young concludes.
