By Timothy Gardner

WASHINGTON (Reuters) -U.S. senators from both major parties introduced a bill on Monday aimed at offsetting China and Russia's growing influence on international nuclear energy development.

WHY IT'S IMPORTANT

The United States has more nuclear power capacity than any other country, but China is quickly developing domestic reactors and Russia is working deals with countries in Southeast Asia and other regions.

The administration of U.S. President Donald Trump has debated draft executive orders aimed at boosting its control over approvals of nuclear reactor projects currently handled by an independent agency. While it is uncertain the orders will make it to Trump's desk, they also seek assessments on recycling nuclear waste, a process opposed by proliferation experts.

BILL'S SPONSORS

Both parties support nuclear power amid forecasts that electricity demand will surge for years from artificial intelligence data centers. Republican Senators Jim Risch and Mike Lee are sponsoring the legislation along with Democrats Martin Heinrich and Chris Coons. Nuclear power is virtually carbon-free and provides high-paying jobs.

But development of reactors is plagued with delays and high costs and the source produces radioactive waste.

WHAT THE BILL DOES

The International Nuclear Energy Act would support an office to boost nuclear exports, financing, the harmonization of regulations, and the standardization of licensing. It would work to set up a fund financing projects key to national security.

It would require a cabinet-level biennial summit on safety and security and relationships between industry and government.

KEY QUOTES

"If the U.S. doesn't lead on nuclear energy development, Russia and China will," Risch said in a release, adding that nuclear power provides the U.S. "tools we need to compete with these authoritarian aggressors."

"Achieving American energy dominance will require us to streamline our nuclear exports, foster our relationships abroad, and bring the full weight of American industry to bear in out-competing our geopolitical adversaries," Lee said.

(Reporting by Timothy Gardner; Editing by Richard Chang)