Secretary of Commerce Gina Raimondo told the Senate Commerce Committee the department’s budget request of $11.7 billion was 18% more than fiscal 2022’s level, with a focus on six investment areas including strengthening the nation’s supply chains by investing in domestic manufacturing.
The Commerce Department and the budget prioritize the revival and the expansion of the chip manufacturing sector, she said, according to an April 27 release.
“At Commerce, we have one overarching goal: to improve America’s competitiveness so that our workers and companies succeed in the global economy. I’d like to focus on six key areas of investment,” Raimondo said, according to the release.
Key priorities in the bill include tech hubs, supply chain authorities and CHIPS funding, she said, the release reported. She described an urgency to act as other countries have not slowed down. Existing microchip fabrication plants are operating at 90% capacity as demand rises 17% above pre-pandemic levels.
“Chip manufacturers have made clear that they are going to build more facilities,” Raimondo said, according to the release. “The question is whether they build those facilities in the U.S., or in other countries that have already been able to offer them incentives.”
Quick completion of the budget conference will give manufacturers the certainty needed to bring good-paying jobs back to the U.S., she said, the release reported. This will push the next generation of innovation.
