© BloombergAn employee wearing a cleanroom suit walks through the thin film bay inside the GlobalFoundries semiconductor manufacturing facility in Malta, New York, U.S., on Tuesday, March 16, 2021. Production plants for semiconductors have become a focal point as the economic recovery from the pandemic is held back in areas by a shortage of some of the critical electronic components necessary.
(Bloomberg) -- A Senate approach to counter China is taking shape with a bill introduced Thursday directing the U.S. government to adopt a policy of "strategic competition" with China to "protect and promote our vital interests and values."
The 283-page bill crafted by the Senate Foreign Relations Committee is part of a push by Majority Leader Chuck Schumer to vote this spring on a broad, bipartisan package designed to confront China's economic and geopolitical power. The measure seeks infrastructure investment and technology developments to compete with China on global supply chains, science and technology.
"The United States government must be clear-eyed and sober about Beijing's intentions and actions, and calibrate our policy and strategy accordingly," Senate Foreign Relations Chairman Bob Menendez said in a statement. "That is the only way we will get the China challenge right -- a bipartisan commitment to mutual trust and good-faith compromise, balancing pragmatism and idealism, and a shared dedication to finally solving" one of the toughest challenges facing the nation.
© BloombergEmployees wearing cleanroom suits walk through bay 1 inside the GlobalFoundries semiconductor manufacturing facility in Malta, New York, U.S., on Tuesday, March 16, 2021. Production plants for semiconductors have become a focal point as the economic recovery from the pandemic is held back in areas by a shortage of some of the critical electronic components necessary.
The bill would strengthen arms-control measures with allies and require reports on Chinese weapons and space systems. It would also bolster alliances and multilateral institutions to defend human rights in China and address Beijing's advances in Asia and around the world. It contains provisions to defend intellectual property, enforce export controls and follow Chinese firms that are listed in the U.S.
"The introduction of this legislation is one important step towards ensuring the United States is postured to compete with China for decades to come," said Senator Jim Risch, an Idaho Republican and the ranking member of the committee. "I look forward to a robust and inclusive amendment process for all the members of our committee when it marks up this legislation."
In addition to Menendez's legislation introduced Thursday, the centerpiece of Schumer's broader plan is the Endless Frontier Act, a bill to boost U.S. semiconductor development, which he introduced last year with Indiana Republican Todd Young. The Senate Commerce Committee will hold a hearing on that proposal on April 14. The Foreign Relations panel is scheduled to act on its bill the same day.
Pieces of the total package will be considered by eight different committees, involving both new proposals and some that were introduced in previous sessions of Congress.
Read More: Congress Weighs Countering China on Chips, GOP Wary of Cost
The Foreign Relations bill, called the Strategic Competition Act, is the product of a weeks-long attempt by Republicans and Democrats to compromise on different proposals from the two parties.
Menendez said he has "committed to continue working together in common cause so this major piece of legislation is enacted swiftly and through regular order" with his Republican colleagues.
"The scope, scale and urgency of the China challenge demands nothing less," Menendez said.
(Updates with Menendez quote and bill details beginning in the third paragraph.)
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