‘Downright scary and untenable’: Commerce secretary warns U.S. needs to secure a future for its chip industry
PUBLISHED WED, MAY 25 20227:07 AM EDT POINTS
While the CHIPS (Creating Helpful Incentives to Produce Semiconductors) for America Act was passed in January 2021, Congress has yet to agree on a bill that would appropriate resources for its various programs, despite bipartisan support for expanding domestic chip manufacturing capacity.
“It is a huge national security issue and we need to move to making chips in America, not friend-shoring,” Raimondo told CNBC exclusively at the World Economic Forum in Davos, Switzerland, on Wednesday. U.S. Commerce Secretary Gina Raimondo on Wednesday urged Congress to pass the CHIPS for America Act in order to safeguard national security and the future of the economy.
The bill aims to incentivize investment in U.S. semiconductor manufacturing, research and development and supply chain security, providing income tax credit for chip equipment or manufacturing facility investment through 2026.$Intel(INTC)$