President presses Congress to pass legislation to boost U.S. manufacturing
The U.S. Innovation and Competition Act would help restore America as a domestic manufacturing powerhouse, according to President Joe Biden.
WASHINGTON (Gray DC) - President Joe Biden is calling on Congress to pass the U.S. Innovation and Competition Act.
The president said the legislation is geared towards restoring America into a domestic manufacturing powerhouse.
”Let’s not wait any longer,” said President Biden. “Send it to my desk. I’ll sign it.”
He made these remarks during his first State of the Union speech. He highlighted technology company Intel’s investment in building two semiconductor chip factories near Columbus, Ohio.
”I think too often when we think about chips, the conversation usually focuses on cars, but chips are a part of everything that we do,” said Rep. Shontel Brown (D-Ohio).
Rep. Brown said the factories will allow her state to play a prominent role in boosting chip production.
”That is an investment again where we’re investing in the American economy,” Brown said.
U.S. Commerce Secretary Gina Raimondo said two decades ago, America produced nearly 40% of the world’s semiconductor chips. Now, it’s declined to only 12%.
”Even scarier, 90% of the world’s leading edge semiconductors, the most sophisticated semiconductors, are made by a single company in Taiwan,” said Raimondo.
Raimondo said America’s manufacturing dependence on other countries is a national security vulnerability. She points to supply chain issues amplified by the pandemic and is encouraging lawmakers to work the details out of the bipartisan legislation to get it passed.
A vote has yet to be scheduled.
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