United States CEOs Urged Congress to Pass China Competition Act

Over 100 CEOs representing U.S. companies urged Congress to pass legislation to strengthen the economic competitiveness of the U.S. concerning China, including chip manufacturing. The companies urging Congress include Googles parent company Alphabet, Amazon and Microsoft.

The executives signed a joint letter on Wednesday, urging the House and Senate to reach an agreement on the bill as soon as possible, to gain President Biden’s support and signature. The House of Representatives and the Senate have passed different versions of the bill.

The core goal of the bill is to strengthen high-tech research and manufacturing in the United States to counter competition from the CCP and other business rivals. The bill would expand federal investment in technologies such as quantum computing and add $52 billion in federal funding to strengthen U.S. semiconductor manufacturing.

“Our global competitors are investing in their industries, their workers, and their economies, and Congress must act to enhance America’s competitiveness,” the Chief Executive Officers said in the letter.

John Neuffer, Chief Executive of the Semiconductor Industry Association (SIA), which organized the letter, said, “Our industry leaders are under pressure to get FABS (makers of chips) to respond to the growing demand for chips, and they can’t wait any longer.”

The bill would “ensure that more factories are built in the U.S. than overseas,” SIA added, and called for investment tax breaks for semiconductor manufacturing and design for U.S. companies in the legislation.

The CEO’s who sent the letter to Congress is the largest group of business leaders who have supported the bill so far.