GBA Applauds Congressional Passage of CHIPS and Science Act

WASHINGTON – Nancy McLernon, President & CEO of the Global Business Alliance (GBA), applauds Congress for the bipartisan passage of the CHIPS and Science Act of 2022 that will now be sent to President Biden to sign into law.

“The passage of the CHIPS and Science Act could not have come at a more critical time,” said McLernon. “The current chip shortage shows how vulnerable our supply chains are to even minor global disruptions. While other countries have aggressively incentivized chip manufacturing investment, the U.S. has struggled to increase domestic chip manufacturing. This legislation will make the U.S. a competitive place for international companies from our allied countries to open new manufacturing capabilities here.”

In the past five years, global investment in the semiconductor sector has nearly quadrupled. Numerous GBA members have recently made investments in the semiconductor manufacturing industry:

• Samsung announced a $17 billion investment for a new facility in Taylor, Texas, which is expected to create over 2,000 high-tech jobs; 
• TSMC is investing $12 billion into a new plant in Phoenix, Arizona, that will be operating in early 2024;
• EMD Electronics announced a $28 million investment to build a new factory and the creation of over 100 new jobs in Chandler, Arizona;
• ASML is investing $200 million to expand its Wilton, Connecticut, semiconductor facility, creating 1,000 new jobs;
• Infineon Technologies Americas Corp. moved its Austin, Texas, production site to renewable power with the goal to achieve carbon-neutrality by 2030; and
• MediaTek announced a foundry partnership with Intel to manufacture semiconductors for smart devices.

“GBA is grateful for the leadership from the Biden Administration, especially Secretary Raimondo, and the bipartisan efforts in Congress on this important issue,” said McLernon. “This legislation will encourage international companies from allied countries to continue innovating America’s chip manufacturing. America will meet the urgent need to increase domestic chip production and address the national security, economic and supply chain vulnerabilities resulting from the current shortage.”