Today, Congressman Don Beyer (D-VA), Chairman of the U.S. Congress Joint Economic Committee (JEC), released the following statement after the House passed the America COMPETES Act (H.R. 4521). The Senate’s companion bill, the U.S. Innovation and Competition Act, passed with overwhelming bipartisan support in June 2021.
“Manufacturing has long been a core strength of the American economy, but the decades-long decline of manufacturing jobs in the United States has cut off pathways to economic security for many families. Today’s passage of the America COMPETES Act is a landmark investment in infrastructure, clean technology and innovation that will create and preserve high-quality jobs in communities across the country for generations of workers, advance U.S. competitiveness and drive long-term economic growth. By helping to create a pipeline from advanced research to domestic manufacturing here at home, the America COMPETES Act will ensure that workers and families see more of the benefits from economic gains in innovation.
“Disinvestment in American-made products also contributed to the severe supply chain disruptions during the coronavirus pandemic that have pushed up prices for American consumers. The America COMPETES Act will bolster supply chains and ramp up domestic manufacturing of critical components, like semiconductors, that will insulate U.S. workers and families from price volatility and help build economic resilience.”
The Joint Economic Committee recently released a report detailing how decades of manufacturing decline and outsourcing left U.S. supply chains vulnerable to disruption, and how investments in manufacturing, infrastructure and innovation are key to addressing inflationary pressures and promoting long-term growth. The JEC also released an analysis of the America COMPETES Act, which highlights how the legislation would invest in cutting-edge science and technology to protect critical supply chains, support manufacturing jobs and maintain the United States’ competitive edge.
Included in the legislation are the National Secure Data Service Act, introduced by Chairman Beyer, which links together data collected through surveys, federal program administration and non-governmental data sources to advance evidence-based policy, and an amendment to increase investment in fusion power, which Chairman Beyer, founder of the bipartisan Fusion Energy Caucus, co-led.