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Mr. PALLONE. Madam Speaker, we are at a crucial moment in our Nation's history, and Congress has the chance to reinvigorate our economy and ensure that we can outcompete every other nation.
The America COMPETES Act will put us on a course to lead the pack in creating the strongest and most advanced economy of the 21st century. Today's actions move us one step closer to making this legislation a reality.
Over the past 40 years, America's manufacturing sector has lost market share to economic competitors like China. This decline in manufacturing, coupled with the COVID-19 pandemic, has led to severe supply chain disruptions across our economy that have raised prices for consumers.
As the chairman of the Energy and Commerce Committee, I would like to highlight several important provisions in the America COMPETES Act that will help reverse this trend, strengthen our economy, bolster our Nation's supply chains, and ensure that more critical goods are made right here in the United States.
The legislation invests $45 billion in grants, loans, and loan guarantees to support supply chain resilience and manufacturing of critical goods, industrial equipment, and manufacturing technology right here in the U.S.
It also invests $52 billion for the CHIPS for America Act, incentivizing private-sector investments in semiconductor fabrication. This funding will help eliminate disruptions in the semiconductor supply chain from abroad that have hurt American automakers, medical supply chain companies, and manufacturers of heavy machinery.
The bill invests $3 billion to help build a domestic solar manufacturing supply chain so we can aggressively counter China's control of the solar chain that jeopardizes our energy security interests. The bill also keeps our electric grid secure and resilient in the face of evolving cybersecurity and physical security threats.
Madam Speaker, the America COMPETES Act also improves our medical product supply chain and strengthens our Strategic National Stockpile. During the early days of the COVID-19 pandemic, there were widespread shortages of essential medicines, medical supplies, and some personal protective equipment.
This legislation increases our domestic drug manufacturing base by expanding the use of advanced and continuous manufacturing practices. It also establishes a $1.5 billion supply chain manufacturing pilot program that will help maintain domestic reserves of critical medical supplies. It creates a $10.5 billion program that awards grants to States to expand or maintain a State strategic stockpile of products essential in the event of a public health emergency.
Finally, Madam Speaker, the America COMPETES Act will help innovate our wireless supply chain and network security by funding the deployment of cutting-edge technology and ensuring that next-generation mobile wireless networks and technologies are safe and secure from foreign adversaries.
Madam Speaker, for far too long, America has relied heavily on other nations to manufacture critical goods essential to our economy. That must come to an end as we work together to reinvigorate our manufacturing base and create new, good-paying jobs here at home.
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