Prospect. A month after i became majority leader i direct canned the chairs and members of our relevant committees to start drafting a package to create new american jobs with the endless frontier act serving as the core of this earth. I also this effort. I also said to everyone, to people on both sides of the aisle, that if both sides worked together, id put a bill on the floor of the senate later that spring, and thats what happened when we overwhelmingly passed the act in june of 2021. It took three weeks, lots of debate, amendments. Just as the senate ought to work even on major and difficult legislation, as this has been. Senators cantwell and wicker were tremendous leaders in this effort and skillfully managed the floor process. They deserve a great deal of praise not only for passing last years bill, but for their efforts this year as well. A year later the legislation were passing today contains many of the critical investments in that bill. Both bills make historic investments in science and innovation, the original endless frontier bill and the bill were passing today, chips plus science. Both bills make those investments. We will plant the seeds for developing the tech hubs of tomorrow in places with Great Potential but which have been overshad shadowed by cities shadows by with citied like san francisco, boston, austin or new york city. The bill will help turn cities like buffalo and indianapolis into new centers for innovation, and the result will be countless new goodpaying jobs and a Bright Future for those areas for years to come. Both bills will help end the chips crisis by offering tens of billions of dollars to encourage american chip manufacturing and r d. And, if anything, this years version is stronger because of the itc provisions. It will create tens of thousands of hightech manufacturing and davis bay Congress Bacon construction jobs. From albany, new york, to new albany, ohio, and beyond, its going to lower costs for cashes, washing machines and so much more in the long run because of our, because with our chip shortage will be alleviated. Both bills establish the National Foundation tech directorate and provide foundine department of energy to achieve new breakthroughs into technologies like a. I. , quantum computing, are renewable energy, 5g, biotech and other discoveries yet unknown. And both bills provide funding to build Wireless Communications supply chain to counter huawei. This was a top priority of my colleague, mark warner, and i thank him for his efforts in this regard. The bottom line is this todays legislation is one of the Largest Investments in science, technology and advanced manufacturing in decades. Now, of course, while this bill contains many critical investments in chips and scientific research, there are other major proposals from both sides that are still in the works within the Conference Committee. That important work must continue. It will. And its my intention to put Conference Committee on the floor many september after work is complete. So let me be clear, today is a very good day for the American People and for the future of our country. I believe firmly that when signed into law, this bill will reawaken the spirit of discovery, innovation and optimism that made america envy of the world and will continue to do so. Because of the investments were approving today, america will be the place where the next transformational breakthroughs in industry and science occur. If nearly 80 years ago dr. Bush, the head of the u. S. Office of scientific research, wrote in a report to president truman that, quote without scientific progress, no amount of achievement in other directions can insure our health, prosperity and security in the modern world. The name of aha report . It was called science the endless frontier. Its the inspiration for much of the work weve dedicated to passing bill weve dedicated to passing bill today. In the wake of dr. Bushs report, we created the National Science foundation, funded the National Energy laboratory, split the atom, spliced the gene, landed a man on the moon and unleashed the internet. We generated decades of american prosper it and foresterred an innate sense of optimism in the american spirit. Today we face great task of renewing and strengthening that legacy in a world of fierce competition. Its no longer a situation where we can just leave it up to Corporate America because we didnt have competition. Now there are nation half stateg and aiding their corporations and authoritarian governments around the world are doing that and cheering for us to fail, cheering for us, hoping that well sit on our hands and not adapt to the changes in the 21st century. They believe that squabbling democracies like ours cant unite around National Priorities like this one. They believe that democracy itself is a rell lick of the past and that by beating us to emerging technologies, autocracies around the world hope to reshape the world this their own image. Well, let me tell you something, i believe in america. E believe in our system. I believe that they will not succeed. I believe this legislation will enable the United States to outinnovate, outproduce and outcompete the world in the industries of the future. And i believe that the strongly e bipartisan work on this bill revealed that in this chamber, that a we all believe, all of ud republicans that another American Century lies on the horizon. For this, these many worthy reasons, let us pass the chips and science bill today to. I yield the floor and note the absence of a quorum. Mr. President , when it comes to america, im an optimist. Finish always. You see, i cant help but a approach the future with great hope. After all, as americans weve never let obstacles stand many our way or in our way or accepted that problems cant be solve. No, our citizens are the worlds most ingenious. Our military the mightiest, our economy strongest and our innovators the most creative. But last century was defined by our accomplishments and our ideals. And i believe this one will be too. But i have to say, mr. President , this path is not guaranteed. Now as then americas success depends on unleashing the potential of our people and outcompeting and outinnovating global rivals who dont share our values or our economic interest. Right now were in the middle of a great power competition. With an thortarian authoritarian regime in beijing that seeks global primacy and rejects democracy. Chinese communist party is currently investing 1. 4 trillion in frontier technologies that will dominate the 1 21st century. Artificial intelligence, quantum computing, hypersonics among other key technologies. Its innovators are earning patents and Publishing Research in a. I. At greater rates than our own. Its schools are producing four times the s. T. E. M. Graduates as americas, and the Chinese Communist partys computer and science universities are regularly outranking our own. Its military is making advances in cyber warfare and the development of hypersonic weapons, autonomous vehicles, electronic and cyber warfare and orbital bombardment systems. These are the technologies that will dominate the 21st century economically and militarily. Chinas government is planning on winning the a. I. Race, winning future wars and winning the future. And the truth is, if were being honest with ourselves, beijings well on its ato accomplishing these goals. Its way to accomplishing these goals. Americas at risk of falling behind to a world power that doesnt value liberty or even human life. So how should we respond . For too long when it comes to chinese aggression, america has relied on a strategy of deterrence, taking steps like blocking huawei from doing business in the u. S. , tightening export controls and improving Foreign Investment rules. Now, these are importantish important measures, but theyre no longer enough. You see, its time, mr. President , to go on fencive. And on the offensive. And thats exactly what this legislation, which has gone by many names from the endless frontier act to the u. S. Innovation and competition act to chips plus, will do. Unleash private Sector Innovation while significantly boosting federal National Security investments. Let me highlight a few specifics. Finish first first, this bill greatly encourages domestic investment in semiconductor production. Right now the United States of america is almost entirely reliant on other nations for hightech computer chips the that power our smartphones, automobiles, Household Appliances and military platforms. In fact, the recent shortage of these chips has hobbled our economy. Its hit our pocketbooks. For example, a shortage of computer chips forced General Motors to idle its Assembly Plant in fort wayne, indiana, twice the already this year. U. S. Semiconductor production, once accounting for nearly 40 of the worlds supply, has dropped to just 12 while chinas production share is increasing rapidly. 90 of the chips used in our military technology are made overseas. Met me say that again. 90 of the chips used in you are to military used in our military technology are made overseas, most in south korea and taiwan. But an increasing number are produced in china. This is a very real economic and National Security vulnerability. And this bill will reassert americas place this in this industry and take a giant leap towards insuring that our supply chain and National Defense will never be at the mercy of technology produced overseas. Another important aspect of this bill is critical applied research funding. Legislation this legislation reforms and invests in the National Science foundation the partner with the private sector and universities to develop critical emerging technologies that will transform the global landscape. We know that National Success and competitiveness in the 21st century economy will be built on emerging technologies like quantum computing and artificial intelligence. Funding research, crucial to keeping america safe, is one of federal governments responsibilities. And this legislation will help us not just catch up with, but overtake china in these critical areas. And this bill will establish Regional Technology hubs across our country whichll become centers for the search, development, entrepreneurship and manufacturing of new, key technologies. This is incredibly important at a time when too Many Americans in the heart aland heartland feel left out and too many areas overlooked with only a handful of cities accounting for nearly 90 of job growth in these advanced sectors. Simply put, this bill make america stronger, strafer and more safer and more prosperous. And its desperately needed. How do we know . Because the Chinese Communist party has actively lobbied against this legislation. They know this bill is bad for china and good for the United States of america. This bills about securing our country, giving our people the tools to flourish and insuring america continues its Global Research role. Its been a long are journey to get to to this point, but history will show that by passing this chips plus bill, were confronting challenges of today and building a prosperous and secure form for all americans. I urge my colleagues to support legislation. Mr. President , i yield the floor. I have heard time and again my republican colleagues and a number of democrats voice their serious concern about the deficit and our National Debt. We are told that because of the deficit, that at a time when we have the highest rate of childhood poverty of almost my major country on earth, we cannot extend the Child Tax Credit to help working parents and and substantially reduce childhood poverty. At a time that over 600,000 americans are homeless and some 18 million families are spending half of their incomes on the high cost of housing, we are told over and over again that because of the deficit, we cannot build the low income and Affordable Housing we desperately need. At a time when millions of Senior Citizens of this country desperately need help to go to a dentist because their teeth are rotting in their mouths, hay cant afford hearing aids, they cant afford eye glasses, we are told that we cannot afford to expand medicare because of the deficit. At a time when the average family in this country is spending 15,000 a year on childcare, an unimaginable amount of money for a working family, we are told that we cannot reto form a dysfunctionaa dysfunctional childcare system because of deficit. At a time when some 70 million americans are ununsured or underinsured, we are told that we cannot guarantee health care to all mr. Cruz i ask unanimous consent that the quorum call be vitiated. The presiding officer without objection. Mr. Cruz madam president , in a moment im going to propound a unanimous consent request. Before i do, i want to make some brief remarks. Right now we have an administration that is killing oil pipelines. Slowwalking natural gas licensing, illegally halting leasesales, and writing rules that Congress Never gave the executive branch the authority to write. This is how President Biden regulates our energy industry. In the morning he complains that gas prices are too high, and he chastises oil and Gas Companies to produce more. Then he takes a nap, wakes up, and says the very existence of oil and Gas Companies offends him, and its our duty to put them out of business. Its absurd. But today i want to focus on the Biden Administrations reckless release of our emergency crude Oil Stockpile, the Strategic Petroleum reserve. The president s Energy Policy has been a failure, so much so that today the United States produces 1. 5 million fewer barrels a day of oil than it did in november 2019. Thats why oil and gas prices are high. Its no mystery, and its not principally because of the war in ukraine, as much as joe biden and the democrats want to blame it on that. At the same time that President Biden has tried to strangle u. S. Energy production, he has simultaneously graveled to saudi arabia and to venezuela, asking them to increase their production, and hes attacked Small Business gas stations around the country and told them, just lower your prices. Then hes taken the unprecedented step of releasing an arbitrary amount of our emergency crude Oil Stockpile in order to try to lower gas prices before the midterm elections. The Biden Administration has even sold at least two Million Barrels of oil to the Chinese Communist partys stateowned oil and gas company, cinapac. One Million Barrels in april of this year, another Million Barrels in july sold to communist china. China at this very moment has created the Worlds Largest stockpile of crude oil, which, according to bloomberg, totals 926 Million Barrels. In comparison, under joe biden, our own reserves have fallen to 492 Million Barrels of oil. Thats the lowest level since december of 1985, according to the u. S. Department of energy. Of course no mention of china in the administration would be complete without noting that Hunter Bidens private equity firm, bhr, has a major stake in cinopec. But there is something we can do. Im calling on this body to pass the no emergency crude oil for foreign adversaries act, which is cosponsored by 11 of my colleagues. This bill takes the commonsense step of prohibiting the secretary of energy from selling our emergency crude Oil Stockpile, there to protect the National Security of the United States, to communist china and also to other foreign adversaries including iran, north korea, and russia. It would also require a full accounting of where our crude oil has been sent for refining since the Biden Administration began releasing the oil in the Strategic Petroleum reserve last november. Its important to note we have no issue with exports in general. In fact, we want to continue to help our european allies remove themselves from their reliance on russian oil. A recent study found that since 2015, u. S. Oil exports increased oil and Natural Gas Development in the United States, reduced Global Oil Prices by 1. 93 per ba