Urges Congress to reconcile United States Innovation and Competition Act and American COMPETES Act to expedite funding for semiconductor production and innovation.
The bill's passage would be significant for New Jersey, potentially boosting its economy by attracting federal investments in semiconductor facilities. This initiative seeks to enhance the state's position as a leader in technology and innovation while contributing to national security by reducing dependence on foreign manufacturing. The resolution emphasizes the necessity for robust government investment to fortify supply chains and ensure the long-term viability of the U.S. semiconductor industry.
Assembly Resolution No. 141, introduced in New Jersey, urges Congress to reconcile the United States Innovation and Competition Act (USICA) and the America COMPETES Act to expedite federal funding for semiconductor production and innovation. The bill underscores the critical role of semiconductors in various technological applications, including automobiles, computers, and medical devices. The resolution reflects a concerted effort to address declines in American semiconductor manufacturing capacity, which has fallen significantly from 37% in 1990 to just 12% today due to foreign competition.
There has been a bipartisan call for swift action to reconcile the differences between USICA and the COMPETES Act, although the process involves complex negotiations in Congress. Proponents argue that without timely funding and support for the semiconductor sector, the U.S. risks losing its competitive edge globally. Critics of the delay caution that uncertainties in legislative action could hinder the domestic industry's recovery and growth potential, underscoring the urgency of the resolution.