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Statement on the Bipartisan CHIPS and Science Act

Washington, DC--The President & CEO of the Council on Competitiveness Deborah Wince-Smith today issued the following statement on Congressional passage of the bipartisan CHIPS and Science Act.

"The United States faces global challenges and competition across the scientific, research, and innovation landscapes greater than we’ve ever seen before. China’s share of global research and development has quadrupled over the past two decades, and its investment in research has more than doubled. At the same time, U.S. investment has lagged in comparison to global competitors now ranking tenth as a percentage of GDP.

It is this global competitive reality that spurred Congress to action on the Chips and Science Act. It is why the bill contains $52 billion in emergency spending to bolster the U.S. semiconductor industry, so desperately needed to support U.S. economic leadership and national security in this critical technology, central to so many aspects of our lives and defense. But the bill is about more than growing U.S. leadership in semiconductors. In alignment with Council on Competitiveness’ recommendations, it also authorizes critical investments by the National Science Foundation, National Institute of Standards and Technology, and Department of Energy.

I applaud Congress for passing this bipartisan innovation legislation, which will make necessary investments to address critical supply chain issues, the offshoring of new technologies, and the rapid rise of global competitors across multiple industries. These investments in new knowledge and the translation of that knowledge into new products, industries, and jobs will make the United States more competitive."

The bipartisan Chips and Science Act aligns closely with many of the recommendations the Council has made to policymakers in recent years, including in its Competing in the Next Economy, a culminating report from the Council’s National Commission on Innovation and Competitiveness Frontiers, its Technology Leadership and Strategy Initiative (TLSI), and its Transform2020 report on strengthening U.S. resiliency.

About the Council on Competitiveness:

For more than three decades, the Council has championed a competitiveness agenda for the United States to attract investment and talent and spur the commercialization of new ideas. Since 1986, the Council’s mission has remained vital—to enhance U.S. productivity and raise the standard of living for all Americans. The members of the Council—CEOs, university presidents, labor leaders and national lab directors—represent a powerful, nonpartisan voice that sets aside politics and seeks results.

By providing real-world perspective to policymakers, the Council’s private sector network makes an impact on decision-making across a broad spectrum of issues—from the cutting-edge of science and technology, to the democratization of innovation, to the shift from energy weakness to strength that supports the growing renaissance in U.S. manufacturing. The Council firmly believes that with the right policies, the strengths and potential of the U.S. economy far outweigh the current challenges the nation faces on the path to higher growth and greater opportunity for all Americans.

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