(TheRedAlertNews.com) – A statement released this week by the White House endorses House Democrats’ recent bill intended to challenge China’s global economic strength.
House Speaker Nancy Pelosi had unveiled the Creating Opportunities for Manufacturing, Pre-Eminence in Technology, and Economic Strength (COMPETES) Act in a statement on January 25. The Act is a response to legislation passed by the Senate in 2021.
Supporting the legislation, the White House statement championed the legislation as “an important step to strengthen our supply chains, revitalize domestic manufacturing, and reinvigorate the innovation engine of our economy,” adding that the move would “ensure that the United States remains globally competitive in the 21st century.”
The statement continued by mentioning that the COMPETES Act “aligned with the President’s vision to enhance American economic and scientific competitiveness; build a stronger, more diverse, and more inclusive innovation ecosystem; and invest in strengthening critical supply chains, our domestic industrial base, and regional economic growth and development.”
The COMPETES Act would inject billions into incentivizing the production of specific items like semiconductors, which the White House believes will promote “economic competitiveness” and “supply chain resilience,” among other economic and socio-economic advantages.
Previously, President Joe Biden touted the legislation as a way to “show China and the rest of the world that the 21st century will be the American century.”
Despite these statements, Republican Jim Banks (Indiana), Chairman of the House Republican Study Group, claimed the bill would only “help China.”
Ridiculing the Act, Banks said in a memo, sent to other members of the group, that “The name of Speaker Pelosi’s America COMPETES Act must be ironic or a joke, because after looking through the text, no sensible person would ever say this will help Americans confront the China threat much less compete with China, as this legislation is being advertised.”
Revealing in a tweet that Nancy Pelosi conceded to statements that the bill mentions “equity” four times more than it mentioned the “Chinese Communist Party.”