Biden Reassures Chip Summit of Bipartisan Support for New Funds

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Bloomberg Quicktake: Now published this video item, entitled “Biden Reassures Chip Summit of Bipartisan Support for New Funds” – below is their description.

President Joe Biden told companies vying with each other for a sharply constrained global supply of semiconductors that he has bipartisan support for government funding to address a shortage that has idled automakers worldwide.

During a White House meeting with more than a dozen chief executive officers on Monday, Biden read from a letter from 23 senators and 42 House members backing his proposal for $50 billion for semiconductor manufacturing and research.

“Both sides of the aisle are strongly supportive of what we’re proposing and where I think we can really get things done for the American people,” Biden said. “Now let me quote from the letter. It says, ‘The Chinese Communist Party is aggressively — plans to reorient and dominate the semiconductor supply chain,’ and it goes into how much money will be they’re pouring into being able to do that.”

More than a dozen chief executives, including General Motors Co. CEO Mary Barra, Ford Motor Co. CEO James D. Farley, Jr., and Sundar Pichai, CEO of Alphabet and Google, participated in the virtual summit.

“This isn’t a meeting where we expect a decision or an announcement to come out of,” White House Press Secretary Jen Psaki said Monday. But she said the meeting shows the administration is serious about addressing supply-chain constraints and softening the blow for affected companies and workers.

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