I’m proud to report that the Senate just took decisive, bipartisan action to advance U.S. leadership in technology innovation.
We are facing a global chip shortage today that is increasing inflation and costing our economy billions of dollars. We know the demand for semiconductors will only increase, so if we don't start investing in research and development now, we're not going to catch up.
That’s why we passed legislation to invest in 10 key technology areas – including semiconductor chip manufacturing – with funding for research and development in tech hubs and universities across the country.
Innovation is in Americans’ DNA. We must stop shipping jobs overseas and instead invest in U.S. technology and institutions so we continue to lead the world in science and innovation.
To that end, this legislation also distributes that investment geographically across the country. We don’t know where the next Bill Gates will come from. The key to true American innovation and competitiveness is to build capacity across the country.