America COMPETES Act v. US Innovation and Competition Act—Summary of Key Differences and Takeaways | Akin Gump Strauss Hauer & Feld LLP

On Friday, February 4, 2022, the House of Representatives passed the American Competition Act, which competes almost in a straight line to, among many other priorities, fund domestic semiconductor chip production, dramatically increase funding for research and development, revive lost trade programs and restore to orient the international position of the United States on competition with China. In doing so, the House of Representatives is catching up with the Senate, which passed the U.S. Innovation and Competition Act (USICA) last July in a bipartisan vote of 68 to 32. This announcement includes summaries comparing two bills in each of those areas that can be found at the previous links.

In the coming weeks and months, leaders of the House of Representatives and Senate will seek to negotiate a final bill that could satisfy 60 senators and a majority in the House of Representatives. The bill is likely to be one of the last opportunities for significant bipartisan legislative achievements in this Congress. Although the Biden-Harris administration and Democratic congressional leaders have a publicly stated goal of concluding talks ahead of the Union on March 1, it is much more likely that a final agreement will be reached just weeks or months after that speech. This term is dictated not only by political incentives for each party, but also by broad political gaps that need to be bridged between the two bills.

To clarify the differences between the two bills, each numbering nearly 3,000 pages, Akin Gump creates side-by-side tables comparing the main titles of the COMPETES Act passed by the House of Representatives and passed by the USICA Senate. In this warning you will find comparative tables for titles regarding CHIPS Funding Act, Research and Development Funding, Trade Policy and Foreign Policy. Readers can use the content to move on to different topics to see what the bills have in common and how they differ. A future Akin Gump policy announcement will deliver side by side for the remaining titles. In addition, we are planning a series of webinars to discuss a variety of topics. The first is scheduled for Wednesday, Feb. 23, at 3 p.m. ET and will discuss the proposed screen for outbound investment and export controls. An official invitation will be circulated soon.

The struggle between the House of Representatives and the Senate for a vision of improving America’s competitiveness has now united, but whether the final bill will reach the president’s table remains to be seen.

COMPETES ACT and USICA – Division A Side by Side (CHIPS Funding Act)

Competing Law and USICA – Division B Side by Side (Research and Development Funding)

Competes Law and USICA – Division D Side by Side (Foreign Policy)

Competes Law and USICA – Division K Side by Side (Trade Policy)

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