Schumer plans classified briefing for U.S. senators on chips, technology

By David Shepardson

WASHINGTON, July 7 (Reuters)Senate Democratic Chief Chuck Schumer has scheduled an all-senators classified briefing on the world wide innovation and technological know-how race and a proposed bill to boost U.S. semiconductor producing, his office claimed on Thursday.

Senate Republican Chief Mitch McConnell threatened very last 7 days to attempt to block the bill that would supply $52 billion to subsidize U.S. semiconductor production and enhance U.S. competitiveness with China if Democrats transfer ahead with a social paying and local weather monthly bill.

The briefing planned for Wednesday from the Biden administration will aim “on the worldwide innovation and know-how race and the bipartisan innovation bill which is critical for America’s extensive-term countrywide security.”

White House spokeswoman Karine Jean-Pierre mentioned Wednesday the Biden administration needs Congress to move speedily, noting Intel Corp INTC.O announced it will make investments $20 billion to open semiconductor factories in Ohio “and that could extend to as a lot as $100 billion” if Congress passes chips subsidies.

The Senate laws, handed in June 2021, integrated $52 billion for chips subsidies and approved one more $200 billion to increase U.S. scientific and technological innovation to compete with China.

The Dwelling model, handed in February, is identical but just about 3,000 internet pages prolonged and involves a range of trade proposals not in the Senate monthly bill. Numerous Household provisions are envisioned to be dropped.

Some concern Congress will not be equipped to attain a deal prior to the November congressional elections if it does not appear to an settlement in the coming weeks.

A persistent lack of chips has disrupted the automotive and electronics industries, forcing some businesses to scale back again creation. Commerce Secretary Gina Raimondo, who has been earning phone calls in new times to consider to advance the bill, and numerous businesses think the shortage will last at minimum right up until late 2023 if not more time.

Lawmakers warn some big investments in new U.S. chip production could be jeopardized with no action from Congress.

(Reporting by David Shepardson Enhancing by Sandra Maler and Kim Coghill)

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The sights and opinions expressed herein are the sights and thoughts of the writer and do not necessarily replicate all those of Nasdaq, Inc.

Frederic M. Kolodziej

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