Now dubbed the U.S. Innovation and Competition Act, the former Endless Frontier Act is more endless than ever, clocking in at 1,445 pages. Schumer said Tuesday that he made the changes to incorporate several bipartisan proposals into one overarching bill to address both current economic needs and the nation's future competitiveness.
"I'm proud that this bipartisan legislation advances my Endless Frontier Act to keep the U.S. on the cutting-edge of technology and provides a historic investment in the nation's semiconductor industry that will strengthen national security and create jobs across Upstate New York," said Schumer, a New York Democrat.
The new bill leaves untouched the part of the Endless Frontier Act that has drawn extraordinary interest in the Western New York business community: a $10 billion effort to create tech hubs in nontraditional locations far from Silicon Valley. Business interests plan a joint Buffalo- Rochester bid to land one of the 18 federally funded tech hubs.
"In cities like Buffalo and Rochester, we are building a new technology hub and hosting a growing number of innovative entrepreneurial businesses that support long-term competitiveness," said Rene F. Jones, chairman and CEO of M&T Bank. "The Endless Frontier Act ... has bipartisan support and backing from the business community because it helps the United States regain our position as the world's leader in technology and innovation, while building out economic opportunities that are inclusively distributed across the country."
In addition to authorizing about $25 billion to establish a technology directorate at the National Science Foundation — the key plank in the Endless Frontier Act — Schumer's expanded bill would authorize spending:
— $49.5 billion over five years to establish a "CHIPS for America Fund" aimed at expanding the American semiconductor industry and alleviating the microchip shortage.
— $2 billion to support semiconductor development for the Department of Defense and the U.S. intelligence community.
— $500 million to better develop a secure international supply chain for semiconductors.
— $1.5 billion to boost U.S. efforts to expand the 5G broadband network.
Schumer said the bill's heavy investment in the semiconductor industry would boost its prospects in upstate New York.
"The U.S. Innovation And Competition Act will be the blueprint to make upstate New York the global innovation and semiconductor hub as one of the most significant government investments in American innovation and manufacturing in generations," he said.
© 2021 The Buffalo News (Buffalo, N.Y.). Distributed by Tribune Content Agency, LLC.
