US Senate draft bill to allocate $110 billion for advanced technology research

The U.S. Senate committee leaders have prepared a compromise $110 billion for basic and advanced technology research and science for duration of over five years, according to a copy of the 131-page draft legislation viewed on Friday by Reuters,

Another development is the creation of the post of a White House chief manufacturing officer. The two moves come amid the rising competitive pressure from China.

The revised draft bill will be debated by the Senate Commerce Committee on May 12, on Wednesday, reported Reuters.

The proposed bill would allocate most of the money over the next five years, to invest in basic and advanced research, commercialization, education and training schemes in important technology areas involving artificial intelligence, semiconductors, advanced communications, biotechnology and advanced energy.