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“Around the globe, authoritarian governments smell blood in the water,” Senator Chuck Schumer, Democrat of New York and the majority leader, warned in a recent speech on the Senate floor. “They believe that squabbling democracies like ours can’t come together and invest in national priorities the way a top-down, centralized and authoritarian government can. They are rooting for us to fail so they can grab the mantle of global economic leadership and own the innovations.”

Mr. Schumer and the bill’s other sponsors have steered clear of the phrase “industrial policy,” knowing that would revive a 30-year-old debate about whether the government was picking winners and losers, or championing certain industries over others. That argument goes back to the days of the Reagan administration, when the biggest threat to America’s semiconductor and auto industries seemed to be Japan, and the federal government started some small-scale initiatives, including one called Sematech, to reinvigorate the semiconductor industry. (The federal government’s participation in Sematech ended a quarter-century ago.)

In an interview on Friday, Mr. Schumer pushed back on the idea that the United States was seeking to back industrial champions, as China does. “Industrial policy means we’re going to pick Ford and give them money,” he said.

“This means we’re going to invest in quantum computing or A.I. or biomedical research, or storage, and then let the private sector take that knowledge and create jobs,” Mr. Schumer said, adding later: “These are the areas of dominance that we need research in, and these are the areas of potential industrial growth; great job growth.”

One difference from the debate in the 1980s is that Japan is both an industrial competitor and a military ally. China, of course, is a rising geopolitical rival, and that has changed the nature of the debate. No one argued in the 1980s that Japan would use its largest companies as a tool for surveillance or a potential weapon of war; that is exactly the concern about China.