U.S. REP. DAVIS VOTES FOR CHIPS AND SCIENCE ACT TO LOWER FAMILIES’ COSTS, POWER AMERICAN ECONOMIC INDEPENDENCE

Washington D.C. – Today, Rep. Danny K. Davis voted for historic, bipartisan legislation to strengthen the financial future of Illinois families. The CHIPS and Science Act will boost America’s research advantage and safeguard our future economic and national security. Also, the CHIPS and Science Act will deliver a robust 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 the President’s desk to be signed into law.

“The CHIPS and Science Act is a major victory for the people,” said Rep. Danny K. Davis. “This historic investment will create good-paying union jobs while ensuring America continues to compete and succeed on the world stage. Manufacturing here in the U.S. will turbocharge our production of semiconductors, the CHIPS and Science Act will reinvigorate manufacturing, lower kitchen table costs, and bolster our independence from foreign suppliers. And by empowering American innovation, this legislation will expand the path to opportunity for the people in the 21st century – bringing necessary and intensive research investments to local communities and broadening Illinois’ STEM workforce.

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 manufactured domestically – a dramatic drop from 37 percent in the 1990s – while foreign competitors invest 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. Thanks to the strong leadership of House Democrats, this 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 vital 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 our adversaries can threaten it.
• Turbocharges American R&D – powering America’s preeminence in basic research and next-generation technologies and ensuring that future technologies 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 Illinois’ 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.

Davis concluded, “We will continue to fight For The People, and we remain laser-focused on creating jobs, growing wages, and slashing costs.”