Pelosi says she hopes U.S. Congress can pass China competition bill by July 4

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U.S. House Speaker Nancy Pelosi (D-CA) listens during a news conference with other members of the house discussing a bill to provide $28 million in emergency funds to the Food and Drug Administration (FDA) to help it respond to a nationwide shortage of infant formula and strengthen supervision of the industry at the U.S. Capitol in Washington, U.S., May 17, 2022. REUTERS/Julia Nikhinson

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WASHINGTON, May 19 (Reuters) - U.S. House of Representatives Speaker Nancy Pelosi said on Thursday she hoped the Congress can pass the legislation authorizing hundreds of billions of dollars to boost the country's ability to compete with Chinese technology, by July 4.

Congress has been working on China competition legislation for more than a year.

The legislation called the COMPETES Act authorizes almost $300 billion for research and development, including $52 billion to subsidize semiconductor manufacturing and research. read more

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Reporting by David Morgan in Washington, writing by Kanishka Singh

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