The bipartisan bill, sponsored by Sens. Mark Warner and Cory Gardner, is similar to one introduced two years ago but failed to advance.

The competition is expected to catalyze smart city projects around the country, concluding with a million grand prize.

One year after launch of its Smart Cities Challenge, the U.S. Department of Transportation reflects on transit challenges faced by cities today and how new technologies can help solve them.

The U.S. Department of Transportation's latest investments will fund driverless shuttles, ride sharing and smart traffic management.

The investments include money to improve traffic congestion with technology, encourage small satellite development and use, and drive forward precision medicine.