PHOENIX – Today, Representative Raúl M. Grijalva (AZ-03) issued a statement welcoming President Biden to Arizona and thanked him for his commitment to Arizona. Rep. Grijalva traveled with President Biden to Phoenix to visit semiconductor manufacturer Taiwan Semiconductor Manufacturing Co. (TSMC) to announce plans to build a new facility, bringing TSMC’s total investment in Arizona up to $40 billion – one of the largest foreign direct investments in U.S. history. The investment will create 10,000 construction jobs, and 10,000 high-paying, high tech jobs. 

“President Biden is committed to lowering the costs of goods, creating high paying manufacturing jobs around the country, and ensuring we make more critical technologies in America and Arizona,” said Rep. Grijalva.  “I’m grateful for the President’s work to bring research investments to local communities and broaden Arizona’s STEM workforce. With President Biden recently signing the CHIPS and Science Act into law, we can expect more good-paying jobs in Arizona, a boost in our production of semiconductors, and the reinvigoration of manufacturing here at home. I’m supportive of the President’s mission and this latest step forward in Democrats’ fight to improve our economy, rebuild our supply chains, create jobs, and grow wages.”

A nationwide shortage of semiconductor chips has severely disrupted American manufacturing – slowing down production, spiking prices and increasing dependence on unfriendly foreign nations.  Only 12 percent of semiconductor chips are currently manufactured domestically – a dramatic drop from 37 percent in the 1990s – while foreign competitors are investing heavily to dominate this critical national security industry.  Other nations have also begun to outpace the United States’ research advantage – threatening American preeminence in technology and scientific innovation.  

The bipartisan CHIPS and Science Act aims to reverse these dangerous trends, reasserting America’s economic independence and scientific dominance.  Thanks to the strong leadership of House Democrats, this legislation:

• Lowers costs for American consumers – by making more critical semiconductor components in America, helping end the shortage of chips that have driven up the price of everything from cars to consumer goods.
• Creates 100,000 new good-paying jobs – creates strong Davis-Bacon jobs building hi-tech manufacturing facilities here in America.
• Ends our dangerous dependence on foreign manufacturers – bringing critical semiconductor manufacturing back to America instead of overseas where it can be threatened by our adversaries.
• Boosts American Research & Development – powering America’s preeminence in both basic research and next-generation technologies and ensuring that the technologies of the future are made here in America.
• Diversifies and expands the innovation workforce – broadening the pool of brainpower and talent so that we are embracing the full potential from all our communities, helping to diversify our STEM workforce and advancing regional technology hubs to ensure communities across the country can help in American research and development.

This legislation also includes strong guardrails to ensure that federal semiconductor investments go straight into Arizona’s economy – not corporate pockets or unfriendly nations.  The CHIPS and Science Act will:

• Prohibit companies from using chips funding for stock buybacks or dividend payments.
• Bar funding recipients from expanding semiconductor manufacturing in countries of concern.

Require strong oversight and tight Congressional control over the use of federal funds.