Commerce secretary on boosting U.S. semiconductor production: ‘We’re going to get it done’


Commerce Secretary Gina Raimondo on Tuesday expressed confidence around the Biden administration’s efforts to increase semiconductor manufacturing in the U.S.

In an interview on CNBC’s “Mad Money,” Raimondo said the global chip shortage that’s rattled a range of industries demonstrates the need for America to boost domestic production capacity and once again become a leader. Asian countries, particularly Taiwan, have come to dominate the industry.

“We are going to get it done. There’s no option,” Raimondo told host Jim Cramer. “When the semiconductor supply chain is disrupted, the economy is disrupted.”

“They’re in your dishwasher, your car, your computer, your headset, your phone, military equipment. So, yes, we’re going to get it done,” she added, describing it as both an economic and national security imperative.

Senate Majority Leader Chuck Schumer, D-N.Y, has put together the United States Innovation and Competition Act of 2021 that would allocate $52 billion to support semiconductor manufacturing in the country, among other provisions.

While Democrats and Republicans are still hashing out disagreements over certain components of the bill, there is bipartisan support for tackling the set of issues it covers.

Raimondo said she hopes it passes the upper chamber “in the coming days,” offering an optimistic timeline similar to Schumer. “This cannot wait,” said Raimondo, who served as governor of Rhode Island before leading the Commerce Department.

“This requires emergency appropriation … and I believe that there is the will in the Congress to make that happen,” she added.

Raimondo also weighed in on the potential infrastructure proposal a group of Senate Republicans plan to offer as a counter to President Joe Biden’s plan. Raimondo has taken part in some of the negotiations in Washington.

“I don’t know what’s in the offer. We have to see if it’s real, but the very fact that we’re still talking and they’re coming back with, potentially, a $1 trillion deal is progress for sure,” she said.

Questions for Cramer?
Call Cramer: 1-800-743-CNBC

Want to take a deep dive into Cramer’s world? Hit him up!
Mad Money TwitterJim Cramer TwitterFacebookInstagram

Questions, comments, suggestions for the “Mad Money” website?

Articles You May Like

This tax-smart charitable donation strategy is like ‘hitting two birds with one stone,’ advisor says
More Americans can buy investments earmarked for the rich. Why doing so may be risky, say experts
More employers offer a Roth 401(k) — and a Secure 2.0 change may prompt more workers to use it
Binance users pull more than $1 billion from the exchange after CEO leaves, pleads guilty
Money tips for single moms: ‘It can be very challenging to raise kids on one income,’ advisor says