"Today’s approval of the U.S Innovation and Competition Act is an extraordinary victory for America’s global leadership and for those interested in securing a 21st century regional and international order built on progressive values,” said Chairman Menendez.
“The need to outcompete China and recalibrate our diplomatic strategy is one of the biggest foreign policy challenges of our time. This legislation puts core American values and human rights at the heart of our foreign policy, replenishes the sources of our national strength here at home, supports our alliances and stability, and prioritizes fair economic competition.
“As China challenges us across every dimension of national security – militarily, economically, diplomatically, and on values – the Senate is laying out a bold new vision that ensures our country is positioned to compete, and succeed, for decades to come. Getting our strategy right is essential to deter and constrain problematic PRC behavior — and to encourage Beijing to make different choices that could open up a different range of possibilities and opportunities for greater cooperation where we face shared challenges.
"As the lead author of the foreign policy section of this package, I'm honored to have seen it through to passage and look forward to continue working with my colleagues so that President Biden can sign it into law as soon as possible.”