Statement by President Biden on the America COMPETES Act of 2022
The House took an important step forward today in advancing legislation that will make our supply chains stronger and reinvigorate the innovation engine of our economy to outcompete China and the rest of the world for decades to come.
The proposals laid out by the House and Senate represent the sort of transformational investments in our industrial base and research and development that helped power the United States to lead the global economy in the 20th century and expand opportunity for middle class families. They’ll help bring manufacturing jobs back to the United States, and they’re squarely focused on easing the sort of supply chain bottlenecks like semiconductors that have led to higher prices for the middle class. Building on the historic investments in the Bipartisan Infrastructure Law that I signed last year – and on signs of progress like last week’s Intel announcement and today’s GM announcement – comprehensive competitiveness legislation will power our economy to create good-paying jobs for all Americans, no matter where you live or whether you have a college degree, and will help tackle the climate crisis.
I’m heartened by Congress’ bipartisan work so far, and its commitment to quick action to get this to my desk as soon as possible. Together, we have an opportunity to show China and the rest of the world that the 21st century will be the American century – forged by the ingenuity and hard work of our innovators, workers, and businesses.
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