Now That CHIPS and Science Act is Law, International Companies Will Continue Investing in America’s Semiconductor Industry
President Biden has signed the bipartisan CHIPS and Science Act of 2022 into law during a critical time for the U.S. economy.
WASHINGTON – Nancy McLernon, President and CEO of the Global Business Alliance (GBA), issued the following statement after attending the first meeting of the 2022-2024 U.S. Investment Advisory Council (IAC) today in Washington, D.C.:
“I am honored to serve on the IAC and partner with Secretary Raimondo, SelectUSA and a distinguished group of colleagues to ensure that the United States remains the most competitive location for foreign direct investment. Based on the discussion at today’s inaugural meeting, I’m excited with the action-oriented focus of the group.”
According to the latest BEA data, some benefits of inbound global investment include:
The IAC serves an important role in advising the Secretary of Commerce on critical issues affecting inbound foreign direct investment. It was created in 2016 to provide private-sector recommendations on policies that will make the United States more competitive for inbound global investment. This 34-person panel consists of business executives, economic developers and business association leaders from across the country.
Nancy McLernon was an inaugural member of the IAC.