July 28, 2022

Congressman Correa Votes to Pass CHIPS and Science Act

Strengthening Americas Semiconductor Supply Chain and Job Creation

Washington, D.C. — Today, Congressman Lou Correa (D-CA) issued the following statement following his vote for the passage of the CHIPS and Science Act.
"We have to invest in our country’s semiconductor industry. Thirty years ago, America was the global leader in semiconductor production and produced 40% of the world’s supply. Today, our production capacity is only at 12%. The current chips shortage has affected every aspect of our lives because they are in our cars, phones, refrigerators, medical equipment, light bulbs, and more. America’s technological independence and global leadership depends on the strength of our semiconductor industry. An investment in the semiconductor industry is an investment in American jobs and national security."
Background: The CHIPS and Science Act allocates $52.7 billion to support domestic semiconductor manufacturers and fund the rapid implementation of the semiconductor provisions included in the 2021 National Defense Authorization Act. This bipartisan legislation will encourage research and investment into America’s information systems sector, eventually putting the United States back at the forefront of global technological advancement. It will also provide the United States with an information systems, data collection capabilities, increased security capabilities, and a new sector of employment. It is a monumental bill that will alter the course of our country’s development for the better. The CHIPS and Science Act previously passed the Senate on July 27, 2022. The bill now heads to the President’s desk for his signature.