More than 100 CEOs urge U.S. Congress to pass China competition bill

Chief executives from Alphabet Inc (GOOGL.O), Amazon.com Inc (AMZN.O) and Microsoft Corp (MSFT.O) on Wednesday 

called on Congress to pass legislation aimed at boosting U.S. economic competitiveness against China, including in chip manufacturing.  

Those executives and more than 100 others signed a letter urging the U.S. House of Representatives and Senate,..

which each have passed different versions of the legislation, to reach an agreement and send a bill to President Joe Biden for his signature.  

Legislators will break for a summer recess in August, after which most observers expect lawmakers to shift their attention to this fall's midterm elections. 

"Our global competitors are investing in their industry, their workers, and their economies, and it is imperative that Congress act to enhance U.S. competitiveness," saidthe letter. 

The Semiconductor Industry Association (SIA), which organized the letter signing, said the letter was the largest group of corporate leaders so far to endorse the bill. 

The legislation includes $52 billion in federal funding to expand U.S. semiconductor manufacturing capacity, which happens in factories called "fabs," short for fabrication plants. 

FOR MORE NEWS UPDATES