U.S. House Speaker Pelosi said the House is nearing the completion of legislation aimed at strengthening the U.S. semiconductor industry's response to overseas competition, which could be combined with a similar bill passed by the Senate to get passed in Congress.
On Thursday, Pelosi said in her weekly briefing that the House package of legislation was "very close to being ready."
The bill, known as the "Chip Act," aims to provide nearly $52 billion in grants and incentives to the semiconductor industry in the context of a global chip shortage, and has bipartisan support including U.S. President Joe Biden.
According to Reuters, the bill includes $39 billion in production and R&D incentives, as well as a $10.5 billion implementation plan that includes the National Semiconductor Technology Center, the National Advanced Packaging Manufacturing Program and other research and development programs. U.S. semiconductor production now accounts for 12 percent of the world's semiconductors, down from 37 percent in 1990.
But progress on the bill has stalled since it was approved by the Senate last June, despite the House's approval of a bill with similar elements.
Last November, Pelosi and Senate Majority Leader Schumer announced a deal to resolve differences between the Senate and the House of Representatives in order to come up with a unified legislative package.
Senator John Cornyn, Republican of Texas and the bill's sponsor, said there was an incentive to include the bill in a broader government spending plan, and lawmakers were working to complete the plan as soon as next month.
In an interview with Bloomberg, Corning said:
"The chip bill has broad support in both houses of Congress and the White House, and I know the president himself is reaching out to Speaker Pelosi to make sure she agrees to include this bill in broader legislative programs." I think that's the most likely means of passing legislation. ”
Corning said even if the entire House bill doesn't pass a comprehensive spending measure, he hopes at least $52 billion in support for semiconductors will pass.
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