Company Officials Meeting: White House To Zero In On Chip Shortage

U.S President Joe Biden’s $2 trillion infrastructure investment package includes $300 billion to boost the struggling U.S. manufacturing sector, including $50 billion for semiconductor production and research, the White House said on Monday.

U.S. President Joe Biden will urge Congress to invest $50 billion in semiconductor manufacturing and research when he meets with top executives from nearly 20 major companies on Monday about the global chips shortage that has roiled the automotive industry and technology firms.

The push is part of his broader focus on rebuilding U.S. manufacturing as a powerhouse for the world’s largest economy – and a source of good-paying jobs – after years of declining investments and productivity growth, a senior administration official said.

The White House meeting is billed as the “CEO Summit on Semiconductor and Supply Chain Resilience” and will include White House national security adviser Jake Sullivan and National Economic Council Director Brian Deese.

Biden is expected to stop by the meeting to push his $2 trillion infrastructure plan, which includes $300 billion aimed at expanding manufacturing, especially in disadvantaged areas and communities of color through loans, grants, investments and the targeted use of federal procurements.

While the proposed investments will take time to implement, the administration is also seeking “short-term and medium-term solutions that will be discussed during the summit,” the official said. No further details were immediately available.