WASHINGTON – Alphabet Inc., Amazon.com Inc., and Microsoft Corp. CEOs called on Congress on Wednesday to pass measures targeted at improving the US economy’s competitiveness versus China, particularly in chip production.
These executives, along with more than a hundred others, signed a letter encouraging the US House of Representatives and Senate to find an agreement and deliver a bill to President Joe Biden for signature.
In August, lawmakers will take a summer session, after which most analysts expect politicians to focus on this fall’s midterm elections.
“Our global competitors are investing in their industries, employees, and economies, and Congress must act to improve US competitiveness,” the letter stated.
The letter was signed by the largest collection of company leaders to date, according to the Semiconductor Industry Association (SIA), which organised the event.
The law includes $52 billion in federal financing to boost semiconductor manufacturing capacity in the United States, which takes place in buildings known as “fabs,” or fabrication plants.
“Our industry’s leaders are under pressure to get fabs up and running in order to meet the increased demand for chips. “And they can’t wait,” said SIA CEO John Neuffer, who added that the law will “guarantee that more of those fabs are created in the United States rather than offshore.”
In the competitiveness legislation, the SIA also wants an investment tax credit for semiconductor manufacture and design.
Democratic House Majority Leader Steny Hoyer expressed optimism that the bill would be completed before the end of the month. “He is not going to do anything to impede or hinder consideration of this bill,” he added, referring to Republican Senate Minority Leader Mitch McConnell.
