Majority Leader Schumer Floor Remarks On The CHIPS And Science Act Driving Another Historic Investment In The American Economy With Today’s Announcement Of A $65 Billion Investment In Arizona

Washington, D.C. –  Senate Majority Leader Chuck Schumer (D-NY) today spoke on the Senate floor on President Biden and Secretary Raimondo announcing a preliminary agreement to use incentives made possible by his CHIPS and Science Act to support a more than $65 billion investment in American chip manufacturing. Below are Senator Schumer’s remarks, which can also be viewed here:

This morning, another good announcement from President Biden: he and Commerce Secretary Raimondo announced a preliminary agreement with TSMC Arizona to provide billions in CHIPS and Science incentives to support more than $65 billion in investments for three leading-edge fabs in Phoenix, Arizona.

Just like the announcements of GlobalFoundries, Intel, and others, today’s announcement proves Democrats are delivering in a big way on our promise to bring manufacturing back the U.S., to strengthen our national security, and get ahead of rising costs from supply chain shortages.

Today’s announcement is precisely the kind of economic good news we’ve worked for years in the Senate. Five years ago, I approached my friend Senator Young and told him we should work together on bipartisan legislation to boost U.S. investment in innovation and advanced manufacturing. I knew that if America wanted to remain number one in terms of scientific might and industry, we had to get serious about getting the federal government to invest.

Thanks to the efforts of people like Senators Kelly, Brown, Cantwell, and Wyden, and Warner, and many more, we passed CHIPS and Science into law and we are now delivering these historic investment to power a new generation of American manufacturing.  And there is yet more to come, with further investments in projects like Micron’s proposed $100 billion project in Upstate New York.

So, I am thrilled to see that CHIPS and Science is delivering as intended, and congratulate President Biden and Secretary Raimondo on this tremendous effort.

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