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Remarks by U.S. Commerce Secretary Gina M. Raimondo at the White House Meeting with CEOs and Governors in Support of the Bipartisan Innovation Act

AS PREPARED FOR DELIVERY

Thank you to President Biden for convening this roundtable, and thank you Governor Whitmer, Governor Holcomb, and our guests from the private sector for joining us.

From day one, President Biden has prioritized the revitalization of our manufacturing economy and has given those of us on his team a clear mission to bring those jobs back from overseas.

For me, rebuilding American manufacturing is personal.

My dad worked his whole career in the Bulova Watch Factory in Providence. But after 28 years, his job moved to China as the company chased cheap labor, and he was forced into early retirement.

What happened to my dad isn’t unique. It’s happened to millions of Americans over the last 40 years. And it’s part of a much bigger story about America’s declining investments in our workers and our economy.

Thanks to President Biden’s leadership, the economy has added 423,000 manufacturing jobs and companies have announced nearly $200 billion in investments for production and manufacturing right here on American soil.

But we know there is much more to do to build a 21st century American economy. It’s impossible to have a strong economy and a strong country if we don’t make things anymore.

Investing in research and development, manufacturing, and our supply chains will help us expand the industries of the future, lower prices for consumers and businesses, and create millions of good-paying jobs.

This is particularly true for semiconductors. America created the semiconductor industry. 20 years ago, we produced nearly 40% of all chips.

But since 1990, American chip production has declined from 37% of global supply to just 12% today. 90% of the world’s leading-edge semiconductors are made in Taiwan.

If a COVID outbreak, natural disaster, or political instability disrupts a foreign semiconductor facility, it has the potential shut down a manufacturing facility in the U.S., putting American workers and their families at risk.

It is both an economic and national security imperative to solve this crisis.

I want to thank Samsung for its recent announcement that it’s investing billions in semiconductor manufacturing right here on American soil. And I’m grateful that Micron is considering doing the same. These investments will help to shore up our supply chains, bring down costs, and create good-paying American jobs.

But our competitors and trading partners are moving ahead to support their own semiconductor industries.

Thankfully, both the House and Senate have passed their own versions of the Bipartisan Innovation Act, vital legislation to increase America’s global competitiveness. Crucially, both bills include the CHIPS Act, which would give Commerce $52 billion to revitalize America's domestic chip manufacturing.

And that’s why we’re here today – to hear from the private sector and state leaders about what this investment in American manufacturing will mean for our economy and our workers.

CLOSING REMARKS

Thank you, Director Deese.

And let me thank our guests again for participating in today’s convening. Your insights underscore the importance of moving swiftly to fund the CHIPS Act.

We have a shot at regaining U.S. technological and manufacturing leadership in this industry that we invented, but it requires us to act. Every day we wait is a day we fall further behind.

Getting this legislation signed into law will create good jobs, rebuild American manufacturing, and strengthen our supply chains here at home for decades to come.

Leadership