CEOs Call for China Competition Legislation

Dozens of executives representing the nation’s technology and industrial giants called for congressional action to bolster U.S. manufacturing.

CEOs from tech titans, automakers and defense contractors alike signed onto a letter issued Wednesday by the Semiconductor Industry Association.

The letter sought bipartisan agreement on “competitiveness legislation,” arguing it is vital to both the economy and national security.

The plea concerns a measure particularly aimed at increasing the nation’s competitiveness with China.

Its key provision would allocate more than $50 billion to develop the nation’s capacity to produce semiconductors.

Both Houses of Congress have already passed separate versions of the bill, but time to negotiate a compromise is winding down.

Just weeks remain until Congress’ summer recess, after which passing legislation will become difficult ahead of the midterm elections.

“The rest of the world is not waiting for the U.S. to act,” the CEOs warned.