The bill has not yet been voted on in the House. Here’s what we know so far:
Invest in semiconductor manufacturing
Boost the National Science Foundation, research and development
The legislation would create a new technology and innovation directorate within the National Science Foundation, a government agency that supports research and education. About $ 81 billion would be allocated to the National Science Foundation, including $ 29 billion over five years for the new leadership, which would establish 10 focus areas, including artificial intelligence, robotics and biotechnology.
An additional $ 10 billion would go to university technology centers and innovation institutes to conduct research in key areas of focus. The Department of Energy is reportedly getting nearly $ 17 billion for research and development for energy-related supply chain activities.
Creation of regional technological centers
The bill would provide $ 10 billion over five years to the Commerce Department to create regional technology hub programs. A third of the hubs should be located in rural areas.
Stimulate 5G innovation
The bill would provide $ 1.5 billion to help spur innovation in advanced wireless technologies.
Buy US requirements
The legislation would require that iron, steel, manufactured goods and building materials used in federally funded infrastructure projects be produced in the United States. Currently, some federal projects do not require the materials to be made in the United States.
This would require government agencies to offer contracts lasting at least two years when purchasing personal protective equipment, in an effort to encourage companies to manufacture such supplies in the United States.
Countering China’s State-Led Economic Policies
The American business community has long accused China of engaging in unfair trade practices such as intellectual property theft and forced technology transfers.
The bill directs the US secretary of state to publish a list of all state-owned enterprises in China that have used either of these tactics. It is also taking steps to strengthen America’s partnership with allies in the region, such as Japan and Australia, to stop the importation of goods made with stolen intellectual property.
The law directs the president to use the full range of his powers to impose sanctions against persons or entities who have stolen or benefited from such theft of U.S. trade secrets, as well as sanctions against foreign entities or individuals. who have supported or carried out cyber attacks or otherwise undermined U.S. cybersecurity on behalf of China.
It would create an interagency task force to combat manipulation of the Chinese market in the United States and authorize spending to support independent media in China.
Support space exploration
The legislation would provide additional funding for NASA, in part to carry out its Human Landing System program that aims to transport Americans to the moon. It would also extend the authorization of the International Space Station until 2030 and ask NASA to come up with a plan to develop space suits ready for deep space exploration.
CNN’s Ali Zaslav contributed reporting.