Frank Pallone: “We are at a crucial moment in our Nation's history, and Congress has the chance to reinvigorate our economy and ensure…”

“We are at a crucial moment in our Nation's history, and Congress has the chance to reinvigorate our economy and ensure that we can outcompete every other nation. The America COMPETES Act will put us on a course to lead the pack in creating the strongest and most advanced economy of the 21st century. Today's actions move us one step closer to making this legislation a reality. 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 that have raised prices for consumers. As the chairman of the Energy and Commerce Committee, I would like to highlight several important provisions in the America COMPETES Act that will help reverse this trend, strengthen our economy, bolster our Nation's supply chains, and ensure 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 right here in the U.S. It also invests $52 billion for the CHIPS for America Act, incentivizing private-sector investments in semiconductor fabrication.…”