Rep. Veasey Votes for CHIPS and Science Act to Lower Texas Families’ Costs, Power American Economic Independence

WASHINGTON – Today, Rep. Veasey voted for historic, bipartisan legislation to strengthen Texas families' financial future, boost America's research advantage and safeguard our economic and national security for generations to come. The CHIPS and Science Act will deliver a powerful investment in America's global competitiveness – creating jobs, slashing kitchen table costs, ending dependence on foreign manufacturers, and turbocharging American innovation. This legislation now heads to the President's desk to be signed into law.

"The CHIPS and Science Act is a major victory for Texas families and our state's economy," said Rep. Veasey. "This bold investment will create good-paying union jobs for Texans while ensuring America continues to compete and succeed on the world stage. By turbocharging our production of semiconductors, the CHIPS and Science Act will reinvigorate manufacturing here in Texas, lower kitchen table costs and bolster our independence from foreign suppliers.

A nationwide shortage of semiconductor chips has severely disrupted American manufacturing across all industries–slowing down production, spiking prices, and increasing dependence on unfriendly foreign nations. The bipartisan CHIPS and Science Act will reverse these dangerous trends, reasserting America's economic independence and scientific dominance. Specifically, this legislation will:

• 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. These semiconductors are critical to many of our military platforms, as well as commercial products such as computers and phones.
• Turbocharges American R&D – 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 Texas' 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.