WASHINGTON D.C.: The chief executives of Alphabet, Amazon.com and Microsoft, along with more than 100 other company officials, have urged Congress to pass legislation aimed at supporting U.S. economic competitiveness against China, including in the manufacturing of semiconductor chips.

The executives signed a letter calling on the U.S. House of Representatives and Senate to reach an agreement and send a bill to President Joe Biden for his signature.

The Semiconductor Industry Association (SIA), which coordinated the signing of the letter, said this was the largest group of corporate leaders to endorse such a bill.

After legislators finish their summer recess in August, observers expect them to shift their attention to the midterm elections in the fall.

"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," the letter stated.

The legislation includes $52 billion in federal funding aimed at increasing U.S. semiconductor manufacturing capacity.

"The leaders of our industry are under pressure to get fabricators up to respond to the growing demand for chips. And they cannot wait. The bill would ensure that more of those fabs are going to be built in the U.S., rather than overseas," SIA CEO John Neuffer said.

SIA is also calling for companies involved in semiconductor manufacturing and design to be given an investment tax credit.

Lawmakers could complete the legislation by the end of June, said Democratic House Majority Leader Steny Hoyer.

Meanwhile, Republican Senate Minority Leader Mitch McConnell has told Hoyer that "he is not going to do anything to oppose or undermine consideration of this bill," he added.