U.S. President Joe Biden urged Congress to expedite passage of the act for key industries including semiconductors, pointing out that rapid growth of foreign companies including Samsung and TSMC are threatening the leadership of U.S. manufacturing industries. The act includes extended support of the U.S. government for semiconductors and other key supplies for manufacturing companies, devised by both Democratic and Republican parties.
President Biden, who visited a steel plant in Hamilton, Ohio, on Friday, known as one of the most contentious states for the mid elections in November, mentioned the recent shortage in semiconductors, saying that “industrial leadership is no longer limited to Intel. Foreign companies such as Samsung and TSMC have bases in Arizona and Texas to manufacture semiconductors.” He stressed that this was a major reason to expedite the Bipartisan Innovation Act, which would contribute to the U.S. economy and national security. “The act would help lower inflation, bring jobs to households and revive the manufacturing business,” he said. President Biden also said that a level-playing field was needed to compete with countries around the world for future jobs, which the act would correct and bring.
President Biden also said that it was no surprise that the Chinese Communist Party had hired lobbyists to block the passage of the act, claiming that “China is our only and biggest competitor.” He said that he is well aware of how the Communist Party works, backed by his experience as senator and vice president, visiting China on several occasions and spending much time with President Xi Jinping.
Jae-Dong Yu firstname.lastname@example.org