Today, Congresswoman Frederica S. Wilson (FL-24) voted for historic, bipartisan legislation to strengthen Florida 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, costs, ending dependence on foreign manufacturers and fueling American innovation. Previously passed by the Senate, this legislation now heads to the President's desk to be signed into law.
"The CHIPS and Science Act is a major win for the nation that takes a much-needed step towards creating good-paying American jobs," said Congresswoman Wilson. "In today's technology-driven world, computer chips power everything from our phones, cars, medical devices, TVs, and so much more in between -- but when we rely on foreign-manufactured parts, we place our entire supply chains in the hands of unstable and unpredictable foreign actors. Not anymore. This bill invests in American independence and puts us on track to lower prices across the board for consumers that rely on everyday technology to power their lives."
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 R&D -- 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.
This legislation also includes strong guardrails to ensure that federal semiconductor investments go straight into Florida's economy -- not corporate pockets or unfriendly nations. The CHIPS and Science Act will:
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.