Commerce Secy: Biden admin. preparing to invest $52B in building U.S.-based semiconductor manufacturing

Conservative News DailyJuly 23, 2021

FILE – Commerce Secretary Gina Raimondo speaks during a press briefing at the White House in Washington. (AP Photo/Evan Vucci, File)

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UPDATED 7:31 AM PT – Friday, July 23, 2021

The Biden administration is already taking steps to spend up to $52 billion in improving semiconductor manufacturing in the U.S. According to Commerce Department Secretary Gina Raimondo on Thursday, the administration is putting the pieces in place to invest the $52 billion to start production.

Administration officials said they are seeing a little relief from the chip shortage, including commitments from manufacturers to make more automotive-grade chips. Car-maker Ford Motor Company has already announced it’s closing or curbing production at eight factories due to the shortage.

Used car prices are high, new vehicle inventory is low, and nearly 13K Michigan automotive workers filed for unemployment last week due to the chip shortage. Today I sent a letter to @SpeakerPelosi advocating for domestic semiconductor research, design, and manufacturing funding pic.twitter.com/DKQ3ErQ27h

— Rep. Haley Stevens (@RepHaleyStevens) July 22, 2021

This year, the Senate passed legislation dedicating the amount to incentivize semiconductor manufacturing.

“We are working as hard as we can to get the House to pass the CHIPS Act and we’re putting plans in place right now, already on the team, to invest the $52 billion,” Raimondo stated. “We need to incentivize the manufacturing of chips in America, so we are very focused on putting the pieces in place so that can happen.”

The Commerce secretary went on to say the Biden administration intends to use all tools at their disposal to protect American businesses.