Cortez Masto Co-Hosts Senate Banking Subcommittee Hearing on Us-China Economic Competition, Highlights Importance of Investing in U.S. Ability to Lead in 21 St Century
Press Release
Yesterday, U.S Senators Catherine Cortez Masto (D-Nev.) and Tom Cotton (R-Arkansas) hosted a hearing in the Senate Banking Committee's Subcommittee on Economic Policy, entitled "US-China: Winning the Economic Competition, Part II." Senator Cortez Masto and Senator Cotton convened this discussion to underscore the urgency around growing economic competition with China and to emphasize the bipartisan commitment in Congress to investing in U.S. competitiveness.
Senator Cortez Masto focused on the fundamental principle that U.S. competitiveness with China starts with investing at home, saying that, "We have an opportunity now -- in the midst of this horrible pandemic -- to work in a bipartisan way to make investments at home that boost our ability to compete, not just today, but well into the future." She also discussed solutions for strengthening U.S. competitiveness across key sectors that will drive the 21st century economy -- from critical minerals to clean energy and emerging technologies.
In discussions with hearing witnesses, she took to task the notion that "you can't have good jobs and a clean environment." She also spoke with Dr. Melanie M. Hart from the Center for American Progress about the fact that the United States has a comparative advantage in clean technology, which it must leverage in order to outperform China. In addition, Senator Cortez Masto spoke with witness Roy Houseman from the United Steelworkers about the need to re-invest in domestic manufacturing at the early stages of manufacturing supply chains, and revive the TIMET plant in Nevada, which produces titanium sponge, a critical material for aircraft and engine parts.
Senator Cortez Masto also announced that she is joining Senators Bob Menendez (D-N.J.) and Chuck Schumer (D-N.Y.) in sponsoring the America LEADS Act, the most comprehensive bill to date on China. The legislation provides significant new investments to rebuild the U.S. economy and provide our workers, entrepreneurs, researchers, and manufacturers with the skills and support needed to outcompete China and succeed in the 21st century. The proposal includes over $350 billion in new funding to synchronize and mobilize all aspects of U.S. national power.
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