Business Roundtable urges Senate and House Conference Committee to seize momentum, agree to bipartisan U.S. innovation and competitiveness legislation.

Leadership in innovation is one of the most important factors for the future of the United States' competitiveness. Through innovation, we can continue to achieve sustainable, long-term economic growth that increases prosperity and leads to a higher standard of living for all Americans. While America remains the global leader in innovation, there are legitimate concerns that we are losing competitive ground as other countries acquire market access and pour massive resources into research and development.

Congress Should Consider:

  • The global economy faces record demand for semiconductors, resulting in shortages at home for autos, consumer electronics and many other products Americans need. By fully funding the bipartisan CHIPS Act, America can increase production of semiconductors in the United States, which is critically important to American manufacturing and jobs.
  • Demand for semiconductors has exceeded supply, creating a global shortage and resulting in higher prices and less availability of everyday items such as cars, computers and washing machines. 
  • At a time of rising geopolitical risk and uncertainty, we must strengthen our economy and national security by revitalizing U.S. semiconductor manufacturing, investing in R&D and innovation and supporting our American workforce.
  • By strengthening U.S. R&D and manufacturing, America can better compete at home and abroad, export more American goods and services, and create good-paying jobs.  A recent Business Roundtable study found that over 40 million—one in five—jobs in the United States depended on international trade in 2019 before the outbreak of the COVID-19 pandemic. Trade-supported jobs provide millions of American workers employment across every state. Learn more about the Benefits of Trade in your state.

The United States needs to make strategic, long-term investments in science and technology.

Investing in R&D now helps sustain U.S. dominance in emerging technologies, especially semiconductors and the future of chips manufacturing.


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