Executives across some of the biggest companies in the US have signed a letter urging Congress to pass a bill that would help the country compete with China.
Alphabet, Amazon, Microsoft, and over 100 other leaders have sent a letter to the U.S. House of Representatives and Senate requesting them to come to an agreement over legislation that would help fund the manufacturing of chips, which have been in shortage for years.
So far, the two entities have passed various versions of the bill.
“Our global competitors are investing in their industry, their workers, and their economies, and it is imperative that Congress act to enhance U.S. competitiveness,” the letter read.
The bill features $52 billion in funding to help grow the US semiconductor manufacturing capabilities, which produces chips. The ongoing chip shortage has led executives to urge support for more fabrication plants, or “fabs.”
The letter is the largest group of executives to support the bill according to the Semiconductor Industry Association (SIA), which helped organize the letter.
“The leaders of our industry are under pressure to get fabs up to respond to the growing demand for chips. And they can’t wait,” said John Neuffer, CEO of SIA.
Competitiveness has become vital as the world faces concerns of an economic downturn. While it is still unclear whether a recession is inevitable, companies and governments are seemingly taking precautions to prevent further loss in the near future.