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Gina Raimondo Offers Update on Semiconductor Funding Bill

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Commerce Secretary Gina Raimondo said there has been progress in the past two weeks with a bill that would provide $52 billion worth of subsidies and incentives to support and boost domestic chip production to address the shortage of semiconductors, Bloomberg reported Tuesday.

Raimondo said the White House and lawmakers are “closing down issues and finding compromise” with the proposed U.S. Innovation and Competition Act, which would appropriate funds to advance research and development efforts and build new technologies to maintain the country’s competitive edge over China.

Yes, it will happen — it’s taking much too long,” Raimondo said of the legislation on Bloomberg Television Monday.

It isn’t right to play politics with national security, that’s what I think is happening,” she added.