The measure, titled the "United States Innovation and Competition Act of 2021" authorizes about 190 billion USD to strengthen US technology and research – and separately authorizes about 50 billion USD to increase US production and research into semiconductors and telecommunications equipment, of which 2 billion USD will be used to develop chips for the automotive industry.

The package includes provisions to counter China's growing global influence through diplomacy. The Bill must now pass the House of Representatives to be sent to the White House for President Joe Biden to sign into law.