WASHINGTON, (Reuters) – U.S. House of Representatives speaker Nancy Pelosi stated on Thursday that she hoped Congress would pass legislation authorizing the spending of hundreds of billions of US dollars to improve the nation’s technology competitiveness with China by July 4.

For more than a decade, Congress has worked on China competition legislation.

Competes Act is a legislation that authorizes over $300 billion for research-and-development, with $52 billion to subvention semiconductor research.