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Signing of Bipartisan CHIPS and Science Act Represents ‘historic step toward a more modern economy’

Coalition – focused on advancing the conversation in Washington around the modern economy – applauds sweeping new law that boosts American jobs and modernizes research & development

August 9, 2022 — Modern Economy Project

WASHINGTON – The Modern Economy Project – a broad coalition of stakeholders focused on bipartisan policy solutions that promote economic opportunity through modern jobs, modern employers, and a modern government – released the following statement applauding the President's signing of the bipartisan CHIPS and Science Act into law:

“The signing of the bipartisan CHIPS and Science Act represents an historic step toward a more modern economy, fueling economic growth and investment in communities across the country.

“Boosting chip manufacturing and modernizing research and development will expand innovation and good-paying jobs, strengthen America’s leadership in the industries of the future, and bolster our national security – all while helping address rising costs and supply chain delays impacting American families. Crucially, the new law also makes a sweeping investment in partnerships to boost manufacturing research and workforce training.

“The Modern Economy Project congratulates President Biden and congressional leaders in both parties who have all worked tirelessly over the past year to negotiate and advance the CHIPS and Science Act. This critical legislation is a good example of how bipartisan solutions can break through stale, partisan gridlock and better reflect the realities of our modern economy.”

The CHIPS and Science Act provides more than $52 billion to expand domestic semiconductor manufacturing amid a global semiconductor shortage. The law will reduce America’s reliance on foreign countries like China and enhance the United States’ global competitiveness, creating more and better-paying jobs across the country.

The new law also:

  • Modernizes the federal government’s approach to science and research;

  • Strengthens the National Science Foundation;

  • Grows the STEM workforce;

  • Expands America’s global leadership in innovation, research, and development – keeping the United States ahead of China and other global competitors in technological advancement, and;

  • Includes key provisions preventing the law’s historic investments in innovation, manufacturing, or development from being made in China – further boosting America’s position against foreign competitors.

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