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The Issue
On May 17, 2021, the U.S. Senate began debate on the United States Innovation and Competition Act. The bill is a legislative package combining six proposals that Senate Majority Leader Chuck Schumer (D–NY) tasked committees with developing back in February, ostensibly to deal with the competitive challenge from China. The constituent parts of the bill currently include the Endless Frontier Act, the Strategic Competition Act, the Meeting the China Challenge Act, a group of proposals from the Homeland Security and Government Affairs Committee, and language from both the Judiciary Committee and the Committee on Health, Education, Labor and Pensions. It is an enormous bill in both length and price, and it is certain to get bigger as Senators offer amendments.