Commerce Secretary Gina Raimondo on Tuesday expressed confidence across the Biden administration's efforts to extend semiconductor manufacturing wi
Commerce Secretary Gina Raimondo on Tuesday expressed confidence across the Biden administration’s efforts to extend semiconductor manufacturing within the U.S.
In an interview on CNBC’s “Mad Cash,” Raimondo mentioned the worldwide chip scarcity that is rattled a spread of industries demonstrates the necessity for America to spice up home manufacturing capability and as soon as once more grow to be a frontrunner. Asian international locations, significantly Taiwan, have come to dominate the trade.
“We’re going to get it achieved. There isn’t any possibility,” Raimondo instructed host Jim Cramer. “When the semiconductor provide chain is disrupted, the economic system is disrupted.”
“They’re in your dishwasher, your automobile, your pc, your headset, your cellphone, army tools. So, sure, we will get it achieved,” she added, describing it as each an financial and nationwide safety crucial.
Senate Majority Chief Chuck Schumer, D-N.Y, has put collectively the USA Innovation and Competitors Act of 2021 that will allocate $52 billion to assist semiconductor manufacturing within the nation, amongst different provisions.
Whereas Democrats and Republicans are nonetheless hashing out disagreements over sure parts of the invoice, there’s bipartisan assist for tackling the set of points it covers.
Raimondo mentioned she hopes it passes the higher chamber “within the coming days,” providing an optimistic timeline much like Schumer. “This can’t wait,” mentioned Raimondo, who served as governor of Rhode Island earlier than main the Commerce Division.
“This requires emergency appropriation … and I consider that there’s the desire within the Congress to make that occur,” she added.
Raimondo additionally weighed in on the potential infrastructure proposal a gaggle of Senate Republicans plan to supply as a counter to President Joe Biden’s plan. Raimondo has taken half in among the negotiations in Washington.
“I do not know what’s within the supply. We have now to see if it is actual, however the actual fact that we’re nonetheless speaking and so they’re coming again with, doubtlessly, a $1 trillion deal is progress for certain,” she mentioned.