July 28, 2022

Rep. Watson Coleman Votes for CHIPS and Science Act to Lower Families’ Costs, Power American Economic Independence

Today, Congresswoman Bonnie Watson Coleman (NJ-12) voted for bipartisan legislation to improve New Jersey families’ financial future, boost the United States’ research advantage, and protect our economic and national security. The CHIPS and Science Act will invest in the United States’ global competitiveness by creating jobs, slashing kitchen table costs, ending dependence on foreign manufacturers, and spurring American innovation. Previously passed by the Senate, this legislation now heads to the President’s desk.  

  

“Inflation has driven up prices for everything from gas to groceries, and working families are hurting. It’s our job as public servants to do everything in our power to alleviate that pain,” said Watson Coleman. “The CHIPS and Science Act is a crucial step toward building an economy that works for the working class. By increasing domestic production of semiconductor chips, we will reduce our country’s reliance on foreign imports, create jobs, and cut costs for families all over the country.” 

 

“This bill isn’t just about domestic manufacturing — it’s also a crucial investment in cutting-edge research and development,” Watson Coleman continued. “By authorizing $81 billion in National Science Foundation grants, the CHIPS and Science Act will ensure that our country remains a global scientific leader for generations to come. As a hub for scientific innovation, New Jersey’s 12th District will benefit tremendously from this funding. I look forward to seeing President Biden sign this legislation into law.” 

  

A shortage of semiconductor chips has disrupted American manufacturing, slowing down production, causing prices to spike, and increasing the United States’ dependence on unfriendly foreign nations. Only 12 percent of semiconductor chips are currently manufactured domestically — a dramatic drop from 37 percent in the 1990s — while foreign competitors are investing heavily to dominate this critical national security industry. Other nations have begun to outpace the United States’ research advantage, threatening American preeminence in technology and scientific innovation.    

  

The bipartisan CHIPS and Science Act will reverse these dangerous trends, reasserting America’s economic independence and scientific leadership. House Democrats fought to ensure that this legislation: 

  • Lowers costs for American consumers — making more critical semiconductor components in America, helping end the shortage of chips that have driven up the price of everything from cars to consumer goods. 

  • Creates 100,000 new good-paying jobs — investing in hi-tech domestic manufacturing facilities, creating well-paying Davis-Bacon jobs. 

  • Ends our dangerous dependence on foreign manufacturers — bringing critical semiconductor manufacturing back to the United States instead of overseas, where it can be threatened by our adversaries. 

  • Invests in American R&D — powering the United States’ preeminence in both basic research and next-generation technologies and ensuring that the technologies of the future are made here in America. 

  • Diversifies and expands the innovation workforce — broadening the pool of brainpower and talent so that we are embracing the full potential from all our communities, helping to diversify our STEM workforce and advancing regional technology hubs to ensure communities across the country can contribute to American research and development. 

  

This legislation also includes strong guardrails to ensure that federal semiconductor investments go straight into the American economy — not corporate pockets or unfriendly nations. The CHIPS and Science Act will: 

  • Prohibit companies from using chips funding for stock buybacks or dividend payments. 

  • Bar funding recipients from expanding semiconductor manufacturing in countries of concern. 

  • Require strong oversight and tight Congressional control over the use of federal funds.