U.S. commerce secretary presses lawmakers to greenlight $52 bln for chipmaking
WASHINGTON, June 27 (Reuters) - U.S. Commerce Department Secretary Gina Raimondo on Monday stepped up pressure on Congress to approve $52 billion in funding for chipmakers to expand operations, warning that firms would abandon American expansion plans without the legislation.
Mark my words ... if Labor Day comes and goes and this Chips Act isn't passed by Congress, these companies will not wait and they will expand in other countries, she warned in an interview on CNBC.
Both houses of Congress have passed versions of legislation to make the United States more competitive with China that include the chip funding.
However, lawmakers have so far failed to reach consensus on a final version of the sprawling package, despite a global chip crunch.
Raimondo's warning came after Taiwan's GlobalWafers 6488.TWO announced plans earlier on Monday to build a $5 billion plant in Sherman, Texas to produce the silicon wafers needed for chipmaking. Raimondo said the company's CEO told her the investment was contingent on Congress approving the funding.
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