Rep. Aguilar Votes to Lower Costs and Protect American Manufacturing Jobs
WASHINGTON, DC — Today, Rep. Pete Aguilar helped pass the bipartisan CHIPS and Science Act, which expands our nation’s capacity to manufacture semiconductors, addresses national security concerns and shores up global supply chains.
“Everything from our cars, phones, TVs and microwaves need microchips to function,” said Rep. Aguilar. “The CHIPS and Science Act will lower costs for hardworking American families, create good-paying jobs and boost American innovation. For years, bad policies have incentivized companies to ship good-paying jobs overseas and this legislation helps reverse that trend and rebuild our manufacturing industry.”
The CHIPS and Science Act:
- Provides $54.2 billion in funding for CHIPS and Public Wireless Supply Chain Innovation, including $11 billion for research and development.
- Shores up global supply chains.
- Creates a 25 percent tax credit for investments in semiconductor manufacturing.
- Authorizes $81 billion over five years for the National Science Foundation to support research and expand the STEM workforce and rural STEM education.
A nationwide shortage of semiconductor chips has severely disrupted American manufacturing – slowing down production, spiking prices and increasing dependence on unfriendly foreign nations. Only 12 percent of semiconductor chips are currently being manufactured in the United States. This severe shortage of semiconductors has severely impacted the inventory of new cars available in the US, among many other electronic industries, and rising car prices are a key factor in inflation. The CHIPS and Science Act will lower the price of cars and other essential goods by ending our dependence on foreign manufacturers.
The CHIPS and Science Act was opposed by the Chinese Communist Party.
Rep. Aguilar serves as Vice Chair of the House Democratic Caucus and as a member of the House Committee on Appropriations.