She highlights the long-term goals of CHIPS and Science Act.
Secretary of Commerce Gina Raimondo spoke at the Georgetown School of Foreign Service recently, addressing investors, faculty, and students about the goals of the CHIPS and Science Act that was signed into law in 2022. This large piece of legislation provides $280 billion to return semiconductor manufacturing to America.
The pandemic revealed how much the U.S. relied on foreign semiconductor manufacturing to produce countless products. Shortages occurred across the domestic economy since cars, smartphones, televisions, household appliances, and medical devices could not be made without microchips. The CHIPS and Science Act is intended to reduce this reliance on foreign semiconductors by researching and developing domestic semiconductor manufacturing over the next 10 years.
Secretary Raimondo urged investors to help with research, universities to help with education, and for the support of a robust workforce to be the core of these efforts. “We’re laying a foundation for American business to do what it does best: innovate, scale, and compete.” Secretary Raimondo said. “If we get this right, the U.S. semiconductor workforce will be the gold standard for other industries to follow.”
As the Lord Leads, Pray with Us…
- For Secretary Raimondo to seek God’s direction as she supports science and research surrounding semiconductors.
- For Commerce Department officials as they implement the CHIPS and Science Act provisions.
- For the president and his administration as they collaborate with industry leaders.
Sources: Department of Commerce
