Both houses of Congress have passed laws to make the US more competitive with China, including chip funding, though lawmakers have so far failed to reach a consensus on a final version of the package.
US Commerce Department Secretary Gina Raimondo stepped up pressure on Congress on Monday to approve $52 billion in funding to expand chipmakers’ operations, warning that companies would abandon US expansion plans without legislation.
“Mark my words… If Labor Day comes and goes and this Chips Act isn’t passed by Congress, these companies won’t wait and they will expand to other countries,” she said in an interview on CNBC. I warned.
Both houses of Congress have passed versions of legislation that include chip funding to make the United States more competitive with China.
However, despite the global chip crisis, lawmakers have so far failed to reach a consensus on the final version of the huge package.
Raimondo’s warning comes after Taiwan’s Global Wafers announced plans to build a $5 billion plant in Sherman, Texas, to produce the silicon wafers needed for chipmaking. Raimondo said the company’s CEO told him the investment was dependent on Congress approving the funding.
“The consequences for our national security are dire. If we don’t pass this, and if you’re not able to get everything you want in it, it’s time to move on because we can’t wait, ” he warned. Member of parliament
GlobalWafers did not immediately respond to a Reuters request for comment.
Persistent industry-wide shortages of chips have disrupted production in the automotive and electronics industries, forcing some firms to reduce production.
(Reporting by Alexandra Alper and Eric Beach; Editing by Sam Holmes)
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