The bill was proposed by the House Energy and Commerce Committee to protect the "nation’s communications networks from foreign adversaries by helping small and rural wireless providers root-out suspect network equipment and replace it with more secure equipment".
Reuters reported that the bill would be discussed on Friday, US time.
Discussions are going on between the rural and small providers and Ericsson and Nokia to replace the Chinese equipment, the reports said.
For more than two years, the US has been pushing countries it considers allies to avoid using equipment from Chinese companies, Huawei foremost, in 5G networks. But Washington has produced no proof to back up its claims that these products could be used to spy for China.
Australia imposed a ban on Huawei in August last year while Japan has said it would do likewise.
New Zealand has continued to insist that Huawei is not banned from participation in its 5G network rollout, with Prime Minister Jacinda Ardern stating in February and again in April that Wellington would make its own decision on use of the Chinese firm's equipment.
The US put Huawei on its Entity List in May, making it impossible for the Chinese firm to use any American equipment without getting permission. This meant a ban on the use of Google's Android mobile operating system.
Huawei recently released its first phone without Google's apps, utilising the open-source version of Android for the device instead.