The US. House of Representatives has likely scheduled a procedural vote on Wednesday to pass a bill aimed at increasing US competitiveness with China and supporting the American chip industry, Reuters reports, citing a source familiar with the decision.

The source added: “If the procedural vote succeeds in the narrowly Democratic-controlled House, the full chamber would aim to vote on the full bill on Friday.”

This comes after the Senate passed the US Innovation and Competition Act last year, which includes $52 billion to increase US semiconductor production and authorizes $190 billion to strengthen US technology and research to compete with China.

Market reaction

The US dollar index is extending its correction from multi-month peaks into the third straight day on Wednesday, unfazed by the above headlines.

The index was last seen trading at 96.24, down 0.15% on the day.