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.