FUND SEMICONDUCTOR PRODUCTION

A bipartisan group of more than 70 House and Senate lawmakers on Monday called on President Biden to support funds for semiconductor research and manufacturing, as Biden hosted a meeting with technology leaders to discuss a critical shortage in chips.

In a letter to Biden spearheaded by Sen. John Cornyn (R-Texas), the lawmakers asked that the president work to fund initiatives for semiconductors created by the CHIPS Act, legislation included in the most recent National Defense Authorization Act, noting the need to compete with China.

Addressing the letter in a separate meeting, Biden pointed to the American Jobs Plan, his $2.25 trillion infrastructure proposal, saying he is seeking a “significant” $50 billion investment to fund the semiconductor initiatives in the CHIPS Act as part of the package.