There are definitely national security reasons to want more modern process nodes in the US. Whether this is the best way to acquire them remains to be seen, although I'm more worried about companies pulling a Foxconn and pocketing billions for a massive current-gen facility that turns out to be one guy in a Portakabin making minimum wage.
There are some things that Congress could do, if it actually gave a flying toaster, to address this problem; all of them benefit literally everyone in the country other than the rentiers. Bringing down health care spending to French levels would be a good start. Then eliminate all federal spending on highway expansion, redirecting it to system maintenance. (Inputs don't magically appear at the factory.) Pick an EU country and copy their telecom regulatory scheme wholesale; better regulation of e.g. special access service and not catering to cablecos and ILECs would cut communications costs in half and increase the available workforce for remoteable jobs.
But if Congress really wanted to make US manufacturing great again they'd repeal the Trump tariffs; change the law so presidentially-imposed tariffs expire in 60 days without a Congressional bill affirming them; repeal the Jones Act and Buy America Act; and finish full metrication ASAP.
That sounds too much like actual work for Congresscritters to be bothered with, though.