Today, Congressman Brad Schneider (IL-10) issued the following statement after the House passed the bipartisan CHIPS and Science Act:
"One of the key solutions to combat the inflation Americans are experiencing is alleviating our shortage of semiconductors - which power everything from smartphones to cars -- and powering American economic independence from China. Today, I am proud that every Democrat and 25 House Republicans could come together to pass the CHIPS and Science Act to address our supply chain issues and bolster American manufacturing of semiconductors. This legislation will strengthen our economy, create good paying American jobs, and increase U.S. global competitiveness. For years, I have advocated that supply chain resiliency is a critical issue for Congress to address. Moving the CHIPS and Science Act to the President's desk is great news for Americans looking for bipartisan, common sense progress in D.C. this fall."
The CHIPS and Science Act:
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. 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.