Senate Passes Industrial Policy Bill to Counter China

“The Senate on Wednesday passed an expansive $280 billion bill aimed at building up America’s manufacturing and technological edge to counter China, embracing in an overwhelming bipartisan vote the most significant government intervention in industrial policy in decades,” the New York Times reports.

“The legislation reflected a remarkable and rare consensus in an otherwise polarized Congress in favor of forging a long-term strategy to address the nation’s intensifying geopolitical rivalry with Beijing.”

CNBC: “The bill will now head to the House, where lawmakers hope to pass it and send it to the White House for President Joe Biden’s signature before Congress leaves town.”