U.S. Commerce Secretary Gina Raimondo warned during a call with reporters on Friday that there will be no quick fix to resolve the semiconductor shortage contributing to supply chain disruptions causing a ripple effect across the economy.
“We didn’t get in this mess overnight, and we’re not going to get out overnight. This has been a problem decades in the making,” she explained. “There has been a slow deterioration of our manufacturing base in America over decades, and we need to start now to rebuild.”
Last week, the House of Representatives passed the America COMPETES Act of 2022, which aims to strengthen semiconductor chip production and make America more competitive with China.
The 2,900-page bill, which is similar to the U.S. Innovation and Competition Act passed by the Senate in June, includes $52 billion to support domestic semiconductor manufacturing and research, $45 billion to strengthen the supply chain, and $160 billion for scientific research and innovation.
Keep reading at Fox Business.