Yesterday, Rep. Dean Phillips voted with a bipartisan majority of the U.S. House of Representatives to pass legislation to strengthen Minnesota families' financial future, revitalize our competitiveness on the world stage, and safeguard America's economic and national security at home and abroad. The CHIPS and Science Act passed the House of Representatives with 243 to 187, with 24 Republicans voting in favor. The same bill passed the Senate on Wednesday in a 64 to 33 bipartisan vote.
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The CHIPS and Science Act will advance America's global competitiveness through significant investments in domestic semiconductor innovation and manufacturing, which will lower costs for families and create more jobs here at home, curtail our dependence on foreign manufacturers, and bolster American innovation. Previously passed by the Senate, this legislation now heads to the President's desk to be signed into law.
"The nationwide shortage of semiconductor chips has negatively impacted American workers, consumers and even world-leading businesses right here in our community," said Rep. Phillips. "We must support innovation and reestablish our nation's economic strength if we are going to survive and thrive in the global marketplace. I'm proud that bipartisan leadership was able to get it done."
Click here for a summary of the provisions found in the CHIPS and Science Act.
The CHIPS and Science Act will reassert America's economic independence and scientific dominance by:
Investing over $52 billion to help manufacturers build, expand, or modernize domestic facilities and equipment to research, develop, and produce semiconductors.
Lowering costs, and ending our dependence on foreign manufacturers by returning semiconductor development and manufacturing to the U.S.
Creating 100,000 good-paying jobs by building hi-tech manufacturing facilities here in America.
Bolstering American research and development by powering America's dominance in scientific research and technological leadership.
Diversifying and expanding our innovation workforce to ensure communities across the country can take part in American research and development.
The CHIPS and Science Act will ensure that federal semiconductor investments go straight into Minnesota's economy by:
Prohibiting companies from using CHIPS funding for dividend payments or stock buybacks.
Barring recipients from expanding semiconductor manufacturing capabilities in countries of concern, including China, North Korea, Iran, and Russia.
Requiring strong oversight and tight Congressional control over the use of federal funds.