By Clare Foran and Ted Barrett, CNN

The Senate voted Wednesday to cross a long-awaited bill geared toward boosting US semiconductor production in a bid to extend American competitiveness.

The measure now goes to the Home for approval earlier than it may be despatched to President Joe Biden for his anticipated signature.

The laws is geared toward addressing a semiconductor chip shortage and making the US much less reliant on different nations equivalent to China for manufacturing. Supporters say the measure is essential not just for US technological innovation, however for nationwide safety as effectively.

It units up incentives for home semiconductor manufacturing in addition to analysis and improvement and contains greater than $50 billion in funding for that purpose. It contains a variety of provisions geared toward bolstering scientific analysis, together with authorizing billions of {dollars} for the Nationwide Science Basis, the Division of Commerce and the Nationwide Institute of Requirements and Expertise.

Senate Majority Chief Chuck Schumer has praised the invoice as a serious bipartisan achievement and touted it as extremely consequential.

“It’s a serious step for our financial safety, our nationwide safety, our provide chains and for America’s future,” Schumer stated of the laws in remarks on the Senate ground this week.

Schumer described the invoice as “probably the most consequential bipartisan achievements of this Congress.”

“It is going to make historic investments to scientific analysis. It is going to take direct purpose at our nation’s chip disaster,” he stated.

GOP Sen. Todd Younger of Indiana, who labored carefully with Schumer and different senators over a protracted strategy of negotiations praised the invoice for “unleashing the potential of our folks in outcompeting and out innovating our world rivals who don’t share our values or financial pursuits.”

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