WASHINGTON (Reuters) – A bipartisan group of lawmakers said on Monday they have agreed on legislation that would give the U.S. government sweeping new powers to block billions in U.S. investment into China.

The measure is part of a bill that would also grant $52 billion to chipmakers to expand operations, a boon to the industry.

“The refined proposal released today has bipartisan, bicameral support and addresses industry concerns, including the scope of prospective activities, industries covered, and the prevention of duplicative authorities,” said U.S. Senators Bob Casey and John Cornyn, and Representatives Rosa DeLauro, Bill Pascrell, Jr., Michael McCaul, Brian Fitzpatrick and Victoria Spartz, in a statement.

(Reporting by Alexandra Alper; Editing by Nick Zieminski)