Legislation to Support Garamendi’s Make it in America Agenda and Boost the American Economy Heads to President Biden’s Desk to be Signed Into Law
WASHINGTON, D.C – Today, Congressman John Garamendi (D-CA) voted for historic, bipartisan legislation to strengthen Californian families’ financial future, boost America’s research advantage, and safeguard our economic and national security for generations to come. The “CHIPS and Science Act” will deliver a powerful investment in America’s global competitiveness – creating jobs, slashing kitchen table costs, ending dependence on foreign manufacturers, and turbocharging American innovation. This legislation has already passed the U.S. Senate and now heads to the President’s desk to be signed into law.
“The ‘CHIPS and Science Act’ is a major victory for California’s families and the economy,” Garamendi said. “On my first day in Congress, I vowed my support for Make it in America policies that will grow our economy and the middle class by investing in American-made products whenever possible. We have to Make it in America if America is going to make it. The ‘CHIPS and Science Act’ is a historic boost for the Make it in America agenda that will create good-paying union jobs while ensuring America continues to compete and succeed on the world stage. By turbocharging our production of semiconductors, the ‘CHIPS and Science Act’ will reinvigorate manufacturing here at home, lower kitchen table costs, and bolster our independence from foreign suppliers. By powering American innovation, this legislation will expand the path to opportunity in the 21st century – bringing research investments to local communities and broadening California’s STEM workforce. This is the latest step forward in House Democrats’ fight For The People, and we remain laser-focused on creating jobs, growing wages, and slashing costs.”
A nationwide shortage of semiconductor chips has severely disrupted American manufacturing – slowing down production, spiking prices, and increasing dependence on unfriendly foreign nations. Only 12 percent of semiconductor chips are currently manufactured domestically – a dramatic drop from 37 percent in the 1990s – while foreign competitors are investing heavily to dominate this critical national security industry. Other nations have also begun to outpace the United States’ research advantage – threatening American preeminence in technology and scientific innovation.
The bipartisan “CHIPS and Science Act” will reverse these dangerous trends, reasserting America’s economic independence and scientific dominance. Thanks to the strong leadership of House Democrats, this legislation:
- Lowers costs for American consumers – by making more critical semiconductor components in America, helping end the shortage of chips that have driven up the price of everything from cars to consumer goods.
- Creates 100,000 new good-paying jobs – creates strong Davis-Bacon jobs building hi-tech manufacturing facilities here in America.
- Ends our dangerous dependence on foreign manufacturers – bringing critical semiconductor manufacturing back to America instead of overseas where it can be threatened by our adversaries.
- Turbocharges American Research & Development – powering America’s preeminence in both basic research and next-generation technologies and ensuring that the technologies of the future are made here in America.
- Diversifies and expands the innovation workforce – broadening the pool of brainpower and talent so that we are embracing the full potential from all our communities, helping to diversify our STEM workforce, and advancing regional technology hubs to ensure communities across the country can help in American research and development.
- Prohibit companies from using chips funding for stock buybacks or dividend payments.
- Bar funding recipients from expanding semiconductor manufacturing in countries of concern.
- Require strong oversight and tight Congressional control over the use of federal funds.
Original source can be found here.
