MS. JEAN-PIERRE: Hi, everyone. Good afternoon.
Q Good afternoon.
MS. JEAN-PIERRE: Welcome back. I know you guys are excited to be back with us.
Okay. So I’d like to introduce Secretary Gina Raimondo, who has joined us here many, many times before. And we’re excited to have her back today to announce the next steps that the Department of Commerce is taking to implement the $50 billion of CHIPS Act funding.
So, with that, I’m going to let the Secretary take it away.
SECRETARY RAIMONDO: Thank you. Thank you. Hello, everybody.
Q Hello.
SECRETARY RAIMONDO: Hello, everybody. It’s great to be here. And this is a very exciting day. For those of us who are obsessed with and excited about CHIPS, this is a big day.
As you all know, thanks to President Biden’s leadership and the bipartisan work in Congress, we now have an incredible opportunity to unleash the next generation of American innovation, protect our national security, and preserve our global economic competitiveness.
As we have talked about for decades, in the United States, our innovation ecosystem and investments in innovation have been in decline. And today begins a new chapter in revitalizing U.S. innovation and research and development. And today we begin to reverse the decline and lead the world again in semiconductor innovation and research and development.
CHIPS for America, as the bill is called, represents a historic investment in our domestic manufacturing industry, which has critical implications for our economic and national security.
With this funding, we’re going to make sure that the United States is never again in a position where our national security interests are compromised or key industries are immobilized due to our inability to produce essential semiconductors here at home.
This past year, we saw the impact of the chip shortage on American families when car prices drove a third of inflation because of lack of chips, factory workers were furloughed, household appliances were often unavailable, all because of a lack of semiconductors.
And as our economy and military become more reliant on technology, it’s that much more essential that we develop a strategy with values, outcomes, and structures that enable us to plan for an economy and manufacturing infrastructure that positions us to compete today and into the future.
So I want to take the next few minutes to lay out for you where we are and how the Department of Commerce plans to implement the $50 billion in CHIPS funding that we will be overseeing.
So with the CHIPS funding, we’re setting out to achieve four primary objectives:
First, to establish and expand domestic production of leading-edge semiconductors in the United States. Today, the United States consumes more than 25 percent of the world’s leading-edge chips and produces zero of those chips.
Number two, we want to build a sufficient and stable supply of mature node semiconductors. We consume 30 percent, produce 13 percent
Q Good afternoon.
MS. JEAN-PIERRE: Welcome back. I know you guys are excited to be back with us.
Okay. So I’d like to introduce Secretary Gina Raimondo, who has joined us here many, many times before. And we’re excited to have her back today to announce the next steps that the Department of Commerce is taking to implement the $50 billion of CHIPS Act funding.
So, with that, I’m going to let the Secretary take it away.
SECRETARY RAIMONDO: Thank you. Thank you. Hello, everybody.
Q Hello.
SECRETARY RAIMONDO: Hello, everybody. It’s great to be here. And this is a very exciting day. For those of us who are obsessed with and excited about CHIPS, this is a big day.
As you all know, thanks to President Biden’s leadership and the bipartisan work in Congress, we now have an incredible opportunity to unleash the next generation of American innovation, protect our national security, and preserve our global economic competitiveness.
As we have talked about for decades, in the United States, our innovation ecosystem and investments in innovation have been in decline. And today begins a new chapter in revitalizing U.S. innovation and research and development. And today we begin to reverse the decline and lead the world again in semiconductor innovation and research and development.
CHIPS for America, as the bill is called, represents a historic investment in our domestic manufacturing industry, which has critical implications for our economic and national security.
With this funding, we’re going to make sure that the United States is never again in a position where our national security interests are compromised or key industries are immobilized due to our inability to produce essential semiconductors here at home.
This past year, we saw the impact of the chip shortage on American families when car prices drove a third of inflation because of lack of chips, factory workers were furloughed, household appliances were often unavailable, all because of a lack of semiconductors.
And as our economy and military become more reliant on technology, it’s that much more essential that we develop a strategy with values, outcomes, and structures that enable us to plan for an economy and manufacturing infrastructure that positions us to compete today and into the future.
So I want to take the next few minutes to lay out for you where we are and how the Department of Commerce plans to implement the $50 billion in CHIPS funding that we will be overseeing.
So with the CHIPS funding, we’re setting out to achieve four primary objectives:
First, to establish and expand domestic production of leading-edge semiconductors in the United States. Today, the United States consumes more than 25 percent of the world’s leading-edge chips and produces zero of those chips.
Number two, we want to build a sufficient and stable supply of mature node semiconductors. We consume 30 percent, produce 13 percent
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