Washington, DC — Today, Rep. Lucy McBath (D-GA) voted in favor of CHIPS and Science Act to strengthen Georgia families’ financial future, boost America’s research advantage, and safeguard economic and national security for generations to come. This historic, bipartisan legislation will deliver a powerful investment in America’s global competitiveness – creating jobs, slashing kitchen table costs, ending dependence on foreign manufacturers and turbocharging American innovation. Previously passed by the Senate, this legislation now heads to President Biden’s desk to be signed into law.
“The CHIPS and Science Act will be a major victory for the Georgia economy and for families in our community,” said Rep. McBath. “These investments we are making today will create good-paying jobs at home while ensuring America continues to compete and succeed in the global economy. By turbocharging our production of semiconductors, the CHIPS and Science Act will reinvigorate American manufacturing, lower costs for consumers, and bolster our independence from foreign suppliers. Furthermore, it will power American innovation and expand the path to opportunity in the 21st century – bringing research investments to local communities, creating jobs, and growing wages.”
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 manufactured domestically – a dramatic drop from 37 percent in the 1990s – while foreign competitors are investing heavily to dominate this critical national security industry. Other nations have also begun to outpace the United States’ research advantage – threatening American preeminence in technology and scientific innovation.
The bipartisan CHIPS and Science Act will reverse these dangerous trends, reasserting America’s economic independence and scientific dominance. The legislation:
- Lowers costs for American consumers – by making more critical semiconductor components in America, helping end the shortage of chips that have driven up the price of everything from cars to consumer goods.
- Creates 100,000 new good-paying jobs – creates strong Davis-Bacon jobs building hi-tech manufacturing facilities here in America.
- Ends our dangerous dependence on foreign manufacturers – bringing critical semiconductor manufacturing back to America instead of overseas where it can be threatened by our adversaries.
- Turbocharges American R&D – powering America’s preeminence in both basic research and next-generation technologies and ensuring that the technologies of the future are made here in America.
- Diversifies and expands the innovation workforce – broadening the pool of brainpower and talent so that we are embracing the full potential from all our communities, helping to diversify our STEM workforce and advancing regional technology hubs to ensure communities across the country can help in American research and development.
This legislation also includes strong guardrails to ensure that federal semiconductor investments go straight into Georgia’s economy – not corporate pockets or unfriendly nations. The CHIPS and Science Act will:
- Prohibit companies from using chips funding for stock buybacks or dividend payments.
- Bar funding recipients from expanding semiconductor manufacturing in countries of concern.
- Require strong oversight and tight Congressional control over the use of federal funds.