America COMPETES Act v. US Innovation and Competition Act—Summary of Key Differences and Takeaways
On Friday, February 4, 2022, the House passed the America COMPETES Act on nearly a straight party line vote to, among many other priorities, fund domestic semiconductor chip manufacturing, dramatically increase scientific research and development funding, revive lapsed trade programs and re-orient the United States’ international posture towards competition with China. In taking this step, the House is catching up to the Senate, which passed the United States Innovation and Competition Act (USICA) last July on a bipartisan vote of 68-32. This alert includes side-by-side summaries comparing the two bills in each of those areas, which can be found in the previous links.
Over the coming weeks and months, leaders from the House and Senate will seek to negotiate a final bill that can meet approval of 60 Senators and a majority in the House. The bill likely represents one of the last opportunities for significant bipartisan legislative achievement this Congress. While the Biden-Harris administration and Democratic congressional leaders have a publicly stated goal of completing negotiations ahead of the State of the Union on March 1, it is far more likely that a final agreement is not reached until weeks or months after that speech. This timeline is dictated not just by the political incentives for each party, but also the wide policy gulfs that must be overcome between the two bills.
To make clear the differences between these two bills, each totaling nearly 3,000 pages, Akin Gump is creating side-by-side tables comparing the major titles of the House-passed COMPETES Act and the Senate-passed USICA. In this alert, you will find comparison tables for the titles regarding CHIPS Act funding, funding for scientific research and development, trade policy, and foreign policy. Readers can use the table of contents to jump to different subject matters to see what the bills have in common and how they differ. A future Akin Gump policy alert will deliver the side-by-sides for the remaining titles. In addition, we are planning a series of webinars to discuss the various subject matters. The first one is scheduled for Wednesday, February 23 at 3 p.m. ET and will discuss a proposed outbound investment screen and export controls. A formal invite will be circulated shortly.
The battle between the House and Senate on visions for improving America’s competitiveness is now joined, but whether a final bill will reach the President’s desk remains to be seen.
If you have any questions concerning this alert, please contact:
|Clete R. Willems
|Galen A. Roehl