US House Speaker Nancy Pelosi said on Friday that the lower chamber of the Congress is going to introduce new legislation aimed at bolstering investment in research and manufacturing of semiconductors in the United States amid the global chip shortage
WASHINGTON (Pakistan Point News / Sputnik - 21st January, 2022) US House Speaker Nancy Pelosi said on Friday that the lower chamber of the Congress is going to introduce new legislation aimed at bolstering investment in research and manufacturing of semiconductors in the United States amid the global chip shortage.
"The House will soon introduce its competitiveness bill. The House legislation will supercharge our investment in chips, strengthen our supply chain and transform our research capacity, plus many other key provisions," Pelosi said in a letter to her Democratic colleagues.
Pelosi said she believes the bill will strengthen national and economic security and the financial security of families in the United States.
This bill is also referred to as a "China Competitiveness bill" as the Biden administration strives to catch up with the growing gap between the United States and its key Asian competitor in terms of electronic chip production and overall economic influence.
If passed, the new legislation is expected to secure billions of Dollars in stimulating research and domestic chip production.
