Posted: July 23, 2022
Washington – Today, Rep. Mike Thompson (CA-05) released the following statement after the Senate cleared a procedural hurdle and advanced the CHIPS Act that would subsidize domestic semiconductor production. The bill would provide $52 billion to boost semiconductor production in the United States.
“The United States’ share of global semiconductor production has fallen from 37 percent to just 12 percent over the last three decades,” said Thompson. “Semiconductors are essential products that are building blocks for goods from cars to smartphones to medical equipment. A strong domestic semiconductor industry will help lower costs for consumers and strengthen our national security by reducing dependence on foreign manufacturers. Without access to advanced semiconductors, our GDP could shrink by up to 3.2 percent and we could lose 2.4 million jobs. Investing in domestic semiconductor production is necessary and will set us up for a strong economic future.
“Last night’s vote to advance the CHIPS Act is a good step, and I look forward to voting for this bipartisan package when it comes to the House floor.”