Commerce, science and transportation committee, topics included critical mineral supply chains, manufacturing of Semiconductor Chips, workforce shortages and Rural Broadband access. The hearing runs two hours and 40 minutes. [inaudible conversations] good afternoon, the Senate Commerce committee will come to order. I think my colleagues who have been in this room for many hours already today doing double duty today on aviation hearing and very important conversation about the chips in science act, which are committee played a big role in, needless to say are committee has been working diligently on a lot of transformational policy but while we are waiting for our colleague here i think i will thank senator wicker again for his work on chips in science act. People may not remember but this committee, dont know how many were processed. It was in the hundreds. Might have been in the 300s but i definitely believe a regular order process is good for the institution, good for the debate abou
The critical thing and we should visit when we have more time. Let me just say the reports about because way are incredibly disturbing and i cant count on the investigations but we take every threat seriously and investigate to the fullest wherever we think theres some incredible allegation that a company has done an end run around your export controls. We need different tools, im supportive of the guard act which would and the restrict act which would codify our itcs authorities. We need that to have a comprehensive approach to go after connected apps. We would need resources additionally to do that. I think we need Additional Resources around enforcement to do exactly what youre talking about. Candidly we need the threat is different today. The threat from china in 2023 is different than the cold war threats of decades ago. It is technology and a. I. And it is moving fast so i would welcome a broader discussion with you around how we modernize what we do and how we properly fund what
Visit ncicap. Org] [captions Copyright National cable satellite corp. 2023] were going to break away here. You can continue watching this program on our website, cspan. Org. We take you live now to testimony from commerce secretaryse Gina Raimondo on semiconductor display chain investments. Live coverage here on cspan. Needless to say, our committee has been working very diligently on a lot of transformational policy. While were waiting for our colleague here, i think ill thank senator wicker again for his work on the chips and p science act. I think people may not remember but this committee i dont know how many amendments we processed. Sen. Cantwell ity know it was in the hundreds. It might have been in the 300s. But i definitely believe that that kind of regular order process was good for the institutioned good for institution, good for the debate about science, and hopefully people will continue in todays hearing to understand that and understand much of the debate that maybe wasnt
President biden yesterday i spoke with both senator schumer and manchin and offered my support for historic agreement to fight inflation and lower costs for american families. It will be the most important investment, not hyperbole, the most important investment weve ever made in our Energy Security and developing costsaving and jobcreating Clean Energy Solutions for the future. Its a big deal. Also for first time if a long time, begin to restore fairness to the tax code. By making the largest corporate nations largest corporations in america pay their fair share, without any new taxes on people making under 400,000 a year. Experts, even some experts who have criticized my administration in the past, agree that this bill, this bill will reduce Inflationary Pressures on the economy. This bill will in fact reduce Inflationary Pressure on the economy. Its a bill that will cut your cost of living and reduce inflation, lowers the deficit. It strengthens our economy for in the long run as we
But by then it denies recession and squeezed american see a different picture. The president made comments on the recently reached a deal between schumer and manchin on climate issues and was asked if or responded to if the u. S. Was in a recession. You can see the whole thing on cspan, but heres a portion from yesterday. [video clip] pres. Biden chairman powell and many of the significant banking personnel and economists say we are not in a recession. Let me just give you what the facts are in terms of the state of the economy. Number one, we have a record job market, record unemployment of 3. 6 today. We have created 9 million new jobs so far. Businesses are investing in america at record rates, foreign businesses are investing in america. Hundreds of millions of trillions of dollars. 100 billion in Semiconductor Investments already announced by intel, texas instruments, and samsung. Or than 100 billion electric battery businesses, General Motors, hyundai, tesla, and more. Last week,