Schumer plans classified briefing for US senators on chips, technology

Semiconductor manufacturing and global technology will be a focus on Capitol Hill next week.

Senate Democratic Leader Chuck Schumer has scheduled an all-senators classified briefing on global innovation and a proposed bill to boost U.S. semiconductor manufacturing, according to his office.

Senate Republican Leader Mitch McConnell has already threatened to block the bill that would provide $52 billion to subsidize U.S. semiconductor manufacturing and boost U.S. competitiveness with China if Democrats move forward with a social spending and climate bill.

The briefing is planned for Wednesday.

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White House spokeswoman Karine Jean-Pierre said Wednesday the Biden administration wants Congress to move quickly, noting Intel Corp announced it will invest $20 billion to open semiconductor factories in Ohio “and that could expand to as much as $100 billion” if Congress passes chips subsidies.

The Senate legislation, passed in June 2021, included $52 billion for chips subsidies and authorized another $200 billion to boost U.S. scientific and technological innovation to compete with China.

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The House version, passed in February, is similar but nearly 3,000 pages long and includes a number of trade proposals not in the Senate bill. 

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A nationwide semiconductor chip shortage has affected several industries, with chips used in everything from cars to smartphones, TVs, refrigerators and more. 

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Lawmakers are concerned that without Congressional action, major investments in new U.S. chip production could be jeopardized.

Reuters contributed to this report.