- A broad coalition of 123 CEOs and senior executives representing major sectors of the American economy and millions of U.S. workers urged Congress to pass legislation to amplify U.S. economic competitiveness, including in chip manufacturing.
- The Semiconductor Industry Association (SIA), which organized the letter signing, claimed it was the largest group of corporate leaders to endorse the bill, Reuters reports.
- CEOs from Alphabet Inc (NASDAQ:GOOG) (NASDAQ:GOOGL), Amazon.com Inc (NASDAQ:AMZN), and Microsoft Corp (NASDAQ: MSFT) requested the U.S. House of Representatives and Senate to approve legislation aimed at strengthening U.S. economic competitiveness against China.
- Also Read: Read How Apple Plans To Beat Chip Crisis and Continue To Score In China
- The U.S. House of Representatives and Senate have approved different versions of the legislation to reach an agreement and send a bill to President Joe Biden for his support.
- The legislation included $52 billion in federal funding to expand U.S. semiconductor manufacturing capacity via "fabs," or fabrication plants.
- SIA CEO John Neuffer disclosed that the bill would ensure that more of those fabs were built in the U.S. rather than overseas when the industry leaders battled a severe chip crisis.
- The SIA also sought an investment tax credit for semiconductor manufacturing and design in the competitiveness legislation.
