[Congressional Record Volume 168, Number 119 (Tuesday, July 19, 2022)]
[Senate]
[Pages S3343-S3344]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]



                       Business Before the Senate

  Mr. SCHUMER. Mr. President, today is going to be an exceedingly busy 
and productive day on the Senate floor.
  Later today, after months of hard work and countless rounds of talks, 
Senators will vote to move forward on legislation that our country 
desperately needs--a chips bill that will lower costs, boost American 
manufacturing, and protect American security interests.
  Over the past 24 hours, both parties have continued working on the 
final details to the chips package that we will vote on later today. We 
will see if Members can come to an agreement on adding other provisions 
to the bill, but the bottom line is that we must come up with a package 
that is capable of passing this Chamber without delay. We must act as 
soon as we can to make sure we bring chip manufacturing back to America 
because our Nation's security depends on it.
  I urge my colleagues, if you want to fight inflation, if you want to 
create more good-paying jobs right here at home, if you want to keep 
America strong and competitive and innovative in the 21st century so 
that we can lead the economy as we did in the 20th, then this chips 
bill is the way to go. It is a very important bill.
  The chips shortage is one of the most damaging trends over the past 
few years. This technology, which originated, of course, right here in 
America, is the bedrock for much of modern life. Cars, refrigerators, 
cell phones, medical devices--they all depend on chips to function. But 
when chips suddenly become scarce, as is the case today, the 
consequences are felt across the board by companies but also by average 
Americans. Americans see higher prices and longer wait times for all 
sorts of consumer goods because of this chip shortage.
  It wasn't always this way, but thanks to the pandemic, this crisis is 
now being felt across the country.
  A quarter century ago, the United States was the undisputed leader in 
global chip production. In 1990, we produced 40 percent--nearly 40 
percent--of the world's semiconductors. Today, that figure is going 
down to 12 percent and will get even lower if we don't pass this bill. 
We have a chance of leading the way on chip manufacturing once again if 
we pass this legislation.
  As we speak, the country's most important chip manufacturers--these 
are

[[Page S3344]]

American companies--are waiting on congressional action--mostly 
American companies, not all. But they are waiting on congressional 
action before they decide where to invest in chip production. From Asia 
to Europe, other nations have copied the American playbook and have 
already invested billions of dollars to incentivize chip manufacturers 
to come to them. If we do not match the efforts of other countries to 
boost chip manufacturing, the consequences could be dire and long-
lasting. Countless good-paying American jobs are on the line. Costs 
that Americans are now paying--higher costs--getting them lowered is 
now on the line. Billions of dollars in economic activity is on the 
line, and our national security is on the line.
  As Secretary Austin and Secretary Raimondo told us last week, our 
economic and national security depends on our ability to invest in the 
technologies of today and tomorrow.
  If we allow other nations to lead the way on chips, the days of 
America leading the world in scientific innovation, the days of America 
being the leading economic and military power in the world may actually 
be over. Nobody wants that. So vote for this bill. This is a future 
none of us wants to see.
  Again, vote for this bill. I urge my colleagues to move forward later 
today.