Rep. Ro Khanna, a congressman from Silicon Valley, wrote the Endless Frontier Act as part of a wide-ranging tech innovation bill that seemed to be on a fast track before reaching a stalemate in Congress.

Before the recent political developments that have endangered the U.S. Innovation and Competition Act — Senate Minority Leader Mitch McConnell is threatening to block it because he is against the Democrats’ budget reconciliation bill — MarketWatch talked with Khanna, a California Democrat, about the bill, including about how…