Schumer calls for 'China competition bill 2.0' as followup to last year's $280 billion CHIPS Act

Senate Majority Leader Chuck Schumer on Wednesday called for a "China competition bill 2.0" as a follow-up to the previously passed $280 billion CHIPS and Science Act.

"It won’t be enough to outcompete the Xi Regime in any single area – we must be ready to compete with all of them on all these fronts and that will require more comprehensive and bipartisan legislation," Schumer on the Senate floor, referring to China President Xi Jinping.

"We must not aid and abet the Chinese Government’s development of advanced technologies like microchips, 5G, AI, quantum computing, and more," the New York Democrat also said.

President Biden last year signed into the law the CHIPS and Science Act, which is estimated to cost $280 billion – including about $52 billion for semiconductor manufacturers.

Schumer said aspects of the infrastructure bill Congress passed in 2021 contains provisions to compete with China as well.

"But we all know that we can’t stop there," he said. "We have to build on this progress. This work is critical to our national security."