UPDATE 1-U.S. House to unveil chip investment bill this week -report

(Adds details from report, background on bill)

WASHINGTON, Jan 24 (Reuters) - U.S. House Democrats this week will introduce legislation aimed at increasing U.S. competitiveness with China and boosting federal spending on semiconductors, Punchbowl News reported on Monday.

The bill could then come to the House floor - where it could see a possible vote - the next week, it said, citing multiple unnamed sources.

U.S. House Speaker Nancy Pelosi last week had said the bill would come “soon.”

The House of Representatives’ version of the U.S. Innovation and Competition Act moves it closer to law after the Senate passed its version last year. The two measures would then have to be reconciled before moving to U.S. President Joe Biden to sign into law.

Biden has been pressing Congress to approve more funds to boost chip production in the United States as shortages of the key components used in autos and computers have exacerbated supply chain bottlenecks. (Reporting by Susan Heavey; editing by Peter Graff and Jason Neely)