WASHINGTON — Today, Congresswoman Cheri Bustos (IL-17) voted to pass historic, bipartisan legislation to address inflation, strengthen Illinois families’ financial future, boost America’s research advantage and safeguard our economic and national security for generations to come.
The CHIPS and Science Act will deliver a powerful investment in America’s global competitiveness – creating jobs, slashing kitchen table costs, ending dependence on foreign manufacturers and turbocharging American innovation. Previously passed by the Senate, this legislation now heads to the President’s desk to be signed into law.
“As reliance on foreign supply chains and manufacturing continues to increase costs for working families, it’s essential that we bring production back to the United States,” said Congresswoman Bustos. “Today, I voted to pass bipartisan legislation to create jobs and reduce our dependence on foreign microchip and semiconductor production. With this bill now headed to President Biden’s desk, we’re set to bolster our economy, safeguard our national security and ease the impact of inflation on our communities.”
A nationwide shortage of semiconductor chips has severely disrupted American manufacturing – slowing down production, spiking prices and increasing dependence on unfriendly foreign nations. Only 12 percent of semiconductor chips are currently manufactured domestically – a dramatic drop from 37 percent in the 1990s – while foreign competitors are investing heavily to dominate this critical national security industry. Other nations have also begun to outpace the United States’ research advantage – threatening American preeminence in technology and scientific innovation.
The bipartisan CHIPS and Science Act will reverse these dangerous trends, reasserting America’s economic independence and scientific dominance by:
- Lowering 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.
- Creating 100,000 new good-paying jobs – creates strong Davis-Bacon jobs building hi-tech manufacturing facilities here in America.
- Ending our dangerous dependence on foreign manufacturers – bringing critical semiconductor manufacturing back to America instead of overseas where it can be threatened by our adversaries.
- Turbocharging American research & development – 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.
- Diversifying and expanding 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.