Frank Pallone: “I stand in strong support of the America COMPETES Act, legislation that restores a strong and robust American…”

“I stand in strong support of the America COMPETES Act, legislation that restores a strong and robust American manufacturing base that can outcompete any other nation. It will put us on course to lead the pack in creating the strongest and most advanced economy of the future. Over the past 40 years, America's manufacturing sector has lost market share to economic competitors like China. This decline in manufacturing, coupled with the COVID-19 pandemic, has led to severe supply chain disruptions across our economy. The America COMPETES Act will strengthen our economy by bolstering our Nation's supply chains and ensuring that more critical goods are made right here in the United States. The legislation invests $45 billion in grants, loans, and loan guarantees to support supply chain resilience and manufacturing of critical goods, industrial equipment, and manufacturing technology here in the U.S. It invests $52 billion for the CHIPS for America Act, incentivizing private-sector investments in superconductor fabrication in the United States. This funding will help eliminate disruptions in the superconductor supply chain from abroad that has hurt American automakers, medical supply chain companies, and manufacturers of heavy machinery. It invests $3 billion to help build a domestic solar manufacturing supply chain so we can aggressively counter China's control of the solar chain that jeopardizes our energy security interests.…”