This is in relation to the debate in Congress on the US 'Chips' legislation, a bill to fund U.S. semiconductor manufacturing (in a nutshell).
- Commerce Secretary Gina Raimondo warned on Wednesday that the country’s current dependence on foreign computer chip fabrication puts it at risk of a recession if it’s ever cut off.
- While many computer chips are designed in the U.S. by companies like Intel, Raimondo told CNBC ... that the location of the manufacturing is just as important. “If you allow yourself to think about a scenario where the United States no longer had access to the chips currently being made in Taiwan, it’s a scary scenario,” Raimondo said. “It’s a deep and immediate recession. It’s an inability to protect ourselves by making military equipment. We need to make this in America. We need a manufacturing base that produces these chips, at least enough of these chips, here on our shores because otherwise we’ll just be too dependent on other countries.”
- The more than $50 billion CHIPS Act would help subsidize the creation of semiconductor manufacturing plants in the U.S.
Raimondo's remarks are aimed at pushing Congress to get the bill passed ASAP.
Link to CNBC is here for more.
