WASHINGTON, D.C. (WIVT/WBGH) – Another member of the United States Senate says he has crafted a legislation that should combat the rise of prices and inflation.
Senator Chuck Schumer also held a news conference today to highlight a new bill that he believes will pass in the Senate next week.
The bipartisan Chips and Innovation Bill received 64 of the required 60 votes to pass on Tuesday.
The bill is centered around bringing the manufacturing of micro-chips and semi-conductors to the United States and Upstate New York.
Schumer says that an overwhelming majority of production of both micro-chips and semi-conductors is being done in China.
“And if you want to know why you’ve been waiting so long for a car, why prices on all these things have gone up, it’s because there’s been a shortage of chips,” said Schumer. “So getting chip production here in the United States, not in China, will help to greatly reduce our costs.”
One aspect of the bill is that all of the manufacturing must be done in the United States. Schumer believes this will spark a self-sustaining economy and reduce inflation.
He explained that micro-chips are in a majority of the devices we use on a daily basis. Things like our phones, cars, appliances, batteries and much more.
Schumer says that if the bill passes, the federal government will provide 50 billion dollars in research, development, and communication throughout the micro-chip and semi-conductor supply chains.
“A surge of federal dollars into research and development, tech hubs, and create the first federal incentives for bringing semi-conductor manufacturing back to the U.S. and more importantly, Upstate New York.”
The senator says that Upstate New York is an ideal location to fuel the innovation and production throughout the process.
This bill will also create 10 tech hubs around the country, and Schumer says that Buffalo, New York will most likely become one of those ten hubs.
Schumer says that the best is yet to come for Upstate New York. He believes that the bill will pass in the Senate at some point next week.