Commerce Secretary Gina Raimondo discusses US chip shortage

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Lisa Desjardins:

Amna, refrigerators, microwaves, computers, cell phones, cars, military grade weapons are all things that require semiconductors or chips to operate.

The bill now before Congress includes at least $52 billion in grants and incentives to design and manufacture chips and a 25% tax credit to help build high-tech facilities. The size of the bill could also get bigger the next day.

Even so, this legislation is a scaled-down version of a larger bill aimed at boosting US competitiveness with China.

To learn more, I am joined by Secretary of Commerce Gina Raimondo.

Thanks for joining us.

There is a fascinating legislative history here. I know you’ve walked around the Hill several times trying to get there. But let me ask you the big question. Why is this an important bill? Why is this the priority?

Gina Raimondo, United States Secretary of Commerce: Thank you, Lisa.

Well, as you just said, every piece of modern medical equipment, every piece of military equipment, anything that requires a computer or is digital runs on chips. And the reality is that we don’t make a lot of chips in the United States of America.

In fact, alarmingly, for the most sophisticated chips, we buy almost all of them from Taiwan. We are incredibly dependent on Asia and Asian countries for our supply of chips, including those needed in all of our military equipment.

And so the United States is in danger. And we need to make more of them on our shores in the United States, so we can not only create jobs, but also protect our people.

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