International

CONGRESS PASSES TODD YOUNG'S CHINA COMPETITIVENESS BILL

August 02, 2022 09:00 AM

 BALBIR SINGH/INDIANAPOLIS

Last week, both the House and Senate passed Senator Todd Young's China competitiveness legislation, and it now heads to the President’s desk to be signed into law.

The Indiana Senator in a message says " his historic bill will allow America to outcompete and out-innovate China by boosting domestic semiconductor production, unleashing private sector innovation, increasing federal national security investments, and establishing regional technology hubs.

"For too long, when it comes to Chinese aggression, America has relied on a strategy of deterrence – taking steps like blocking Huawei from doing business in the U.S., tightening export controls, and improving foreign investment rules. These are important measures, but no longer enough. It’s time to go on the offensive."

The bill will positively impact Hoosiers by:

Increasing domestic production of semiconductor chips, which will help to prevent Indiana manufacturing plants, such as the GM plant in Fort Wayne and the Toyota plant in Princeton, from idling due to the current semiconductor shortage.

Creating jobs, including last week’s announcement that SkyWater Technology will build a $1.8 billion semiconductor facility in West Lafayette.

Providing $2 billion for Department of Defense semiconductors, with significant investment occurring at Naval Surface Warfare Center Crane in Southern Indiana.

Expanding STEM education and traineeships to create more Hoosier workers in critical fields.

Allowing Indiana to compete for a Regional Tech Hub designation, which would bring additional investment and jobs to our state in key national security technology areas.

Before this legislation's passage, Todd Young spoke on the Senate floor about how this landmark legislation will build a more prosperous and secure tomorrow for all Americans.

Promoting America's Digital Economy and Trade

Last week, The Indiana Senator joined with a group of colleagues to introduce a bipartisan, bicameral resolution that outlines the importance of the U.S. digital economy and the need for greater American leadership on digital trade negotiations with like-minded countries.

"In today’s hyper-connected world, digital trade is becoming the new frontier in economic strength. It is time to prioritize connectivity and the subsequent adoption of digital governance to shape regional norms and provide an alternative to restrictive policies promoted by our adversaries like China, " says Todd Young/

As the U.S. is positioned to lead in the digital space, our resolution encourages American leadership on digital trade rules in order to secure 21st century opportunities for Hoosiers, small businesses, manufacturers, and domestic service industries..

 
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