11/29/2021, 8:32 PM (Source: TeleTrader)
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Raimondo urges Congress to support US chip production

United States Commerce Secretary Gina Raimondo called on Congress on Monday to "immediately" pass legislation that supports domestic production of semiconductor chips in order to avoid reliance on China and strengthen American supply chains.

"If we want to compete globally, we invest domestically, and specifically in revitalizing the semiconductor industry," Raimondo said in a speech at the Detroit Economic Club. "We need the House to pass the CHIPS Act immediately so we can get to the business of doing this," she added.

The Creating Helpful Incentives to Produce Semiconductors for America Act (CHIPS Act) is a part of the broader US Innovation and Competition Act (USICA) and proposes $52 billion in funding for the domestic semiconductor industry. The Senate passed USICA in June but the House is yet to approve the legislation.

Baha Breaking the News (BBN) / NP