U.S. Commerce Secretary Gina Raimondo on CHIPS Act Funding
United States Secretary of Commerce Gina Raimondo joined Yahoo Finance Live on July 15, 2022 to discuss the upcoming Congressional vote on the CHIPS for America Act.
GINA RAIMONDO: I'm willing to say two things. Number one, it's going to get to the president's desk this summer. Number two, there'll be a lot of ups and downs between now and when it does.
Demand for these chips is through the roof. And these companies are already at 95% capacity. So the only way to meet demand is to add, build new factories. And they have to do it now because it takes a couple of years to build them.
So that's why we are at this truly urgent point. And if Congress doesn't act before they go home for the August recess, I think you will see these companies expand in other countries. And then we're finished.
There are only going to make one $20 billion investment in the facility. It's either in America or in Japan, South Korea, France, Germany, Italy. And we have a moment now to pass this in the next couple of weeks. And it's a win for America. And if we don't, it's a win for China. Make no mistake about it.