United States Innovation and Competition Act

Before the full Senate vote, some Republican lawmakers such as Marco Rubio called for provisions that would prevent the allocation of grants to companies with financial ties to the People's Republic of China.

[4] Rubio's amendment to limit the Director of National Intelligence from issuing grants to companies invested in the People's Republic of China was tabled 55–40.

President Joe Biden released a statement supporting the bill saying "I'm heartened by Congress’ bipartisan work so far, and its commitment to quick action to get this to my desk as soon as possible.

[19][20] The Chinese government has criticized the bill for its provisions on Taiwan[21] and "Cold War mentality and ideological prejudice", and has warned of retaliation if it becomes law.

[22][23] Schumer, one of the co-sponsors of the bill, has dismissed those threats, saying “No one will stand in the way of America strengthening our innovation capacity and domestic production so that we can launch a new era of leadership.” [24] In November 2021, it was reported that some U.S. executives received letters from China's embassy in Washington, D.C., which pressed U.S. businesses to lobby, in possible violation of the Foreign Agents Registration Act (FARA), members of the Congress to alter or drop specific bills that seek to enhance U.S. competitiveness.