WATCH: Senate votes to approve the 2022 America COMPETES Act

The Senate on Monday voted in favor of the COMPETES Act– a bill to provide more funding for scientific research and micro chip creation. The bill will then have to be reconciled with a version passed by the House of Representatives before it appears on President Joe Biden’s desk.

Watch the debate in the player above.

“This bill, for all its provisions, is really about two big things: creating more American jobs and lowering costs for American families,” said Senate Majority Leader Chuck Schumer.

“It will help lowering costs by making it easier to produce critical technologies here at home like semiconductors. It will create more jobs by bringing manufacturing back from overseas and just as importantly, this legislation will fuel another generation of American innovation.”

Schumer said the U.S. “could not afford to come in second place” when it came to technologies such as semiconductors, biotechnology and other high-tech industries.

A shortage of semiconductors and other technology has had an adverse impact on supply chains in the United States. Last month, President Joe Biden announced a $35 million investment in the domestic production of minerals and materials that are needed to create a wide range of technological devices, including computers, batteries, smartphones, vehicles and home appliances.

The COMPETES Act was passed on a bipartisan 68-28 vote.

Support PBS NewsHour: