The inaugural meeting of the White House Council on Supply Chain Resilience took place on November 27th, aiming to address potential shortages and bottlenecks in the supply chain that have significantly impacted the US economy during the pandemic.
As revealed by a Department of Commerce (DOC) press release, the first-ever meeting of the White House Council on Supply Chain Resilience was held with an aim to mitigate any supply chain shortages or bottlenecks that severely affected the U.S. economy at its pandemic peak. The council's mission is two-fold: reduce costs for American households and fortify U.S. economic competitiveness by increasing supply chain resilience. Job creation is also projected as part of the positive ripple effects caused by enhancements initiated by this council within the U.S. economy. Earlier this year, to further bolster U.S. supply chain efforts, DOC set up a Supply Chain Center which will serve as a hub for data analysis – detecting resistance within the supply chain and strategizing for resilience.
As per a statement from the White House, President Biden will be introducing 30 new actions designed to reinforce domestic supply chains and bolster national security. History underscores that robustly functioning supply chains are vital for maintaining a strong economy. Smooth-running supply chains bring down product prices thereby expanding spending opportunities for American consumers. The Administration’s proactive efforts have effectively re-established disrupted supply chains, normalized goods flow, and dampened inflation in America. To conduct clean energy supply analyses, partnerships are being cultivated across government bodies, industries, and academia through initiatives by The Supply Chain Center.
In another press release from DOJ, it was announced that Manufacturing Extension Partnerships (MEP) are being set up to position U.S as a frontrunner in terms of supply chain resiliency. In June alone, over $20 million were allocated to MEP for developing the 'Supply Chain Optimization and Innovation Network'. This network has twin objectives - scouting potential suppliers and mapping out U.S. supplier capabilities. Deputy Secretary Graves stated, "Increasing U.S. supply chain resilience is, without question, one of the top priorities here at the Department of Commerce. By utilizing a whole-of-Commerce approach, the full force of the Department is working to ensure that we have the tools and resources necessary to create an economy that works for all Americans, starting with resilient supply chains."
