GBA Applauds Congressional Passage of CHIPS and Science Act

July 28, 2022

WASHINGTON – Nancy McLernon, President & CEO of the Global Business Alliance (GBA), applauds Congress for the bipartisan passage of the CHIPS and Science Act of 2022 that will now be sent to President Biden to sign into law.

“The passage of the CHIPS and Science Act could not have come at a more critical time,” said McLernon. “The current chip shortage shows how vulnerable our supply chains are to even minor global disruptions. While other countries have aggressively incentivized chip manufacturing investment, the U.S. has struggled to increase domestic chip manufacturing. This legislation will make the U.S. a competitive place for international companies from our allied countries to open new manufacturing capabilities here.”

In the past five years, global investment in the semiconductor sector has nearly quadrupled. Numerous GBA members have recently made investments in the semiconductor manufacturing industry:

“GBA is grateful for the leadership from the Biden Administration, especially Secretary Raimondo, and the bipartisan efforts in Congress on this important issue,” said McLernon. “This legislation will encourage international companies from allied countries to continue innovating America’s chip manufacturing. America will meet the urgent need to increase domestic chip production and address the national security, economic and supply chain vulnerabilities resulting from the current shortage.”