Many assumed that “infrastructure week” was finally set to buck its status as a Groundhog Day-esque joke and finally come to a close. However, ongoing negotiations have taken some of the winds out of the infrastructure sails and its status as the potential first major non-COVID legislation of the Biden administration looks to be usurped by the so-called Competition and Innovation Act. Aimed at taking on China through federal investments in technology and science, this bill looks on track to find its way into law. However, throwing money at the problem in the form of this bloated bill won’t stop China’s rise, and lawmakers should instead focus on competition policy that encourages innovation, investment, and growth here in the U.S.
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