Speaker Pelosi Gives Remarks on Floor in Support of the America COMPETES Act

America has long been a beacon of excellence in science and engineering in the world, forging innovations that have been transformative for workers, businesses and our economy. By investing in education and research, we have been pre-eminent in the world arena. However, a number of years ago, other countries followed our blueprint and invested in research, education and new technologies and now threaten our position in the world. The technologies that we rely on each day – and those that will take us in the future – must be made here, in America. Or else, we will be at the mercy of those other countries – driving up costs for American families and eroding our global competitiveness. This situation is a challenge to the economic security of our country and the financial security of our families. Today, the House is seizing the opportunity with legislation that meets the challenges of the moment and secures the pre-eminence of American innovation and economic strength with the America COMPETES Act. It is essential that America becomes self-sufficient in the manufacturing of competitive goods, and the America COMPETES Act will ensure our nation leads the technology of the future. First, the America COMPETES Act supercharges our investment in semiconductor chips. Semiconductors are a key component in everything from defense systems to computers to cars and are the lifeblood of modern technology. Second, COMPETES advances manufacturing at home and strengthens our supply chains by making goods in America with American workers. Third, it advances American scientific research and innovation excellence to help America lead the technologies of the future. Finally, COMPETES promotes U.S. global leadership, with strong action taken to hold the PRC accountable for its trade abuses and positions the interests and values of the United States to win on the world stage. The America COMPETES Act recognizes – and meets – the challenges of the 21st Century, ensuring that America cannot just compete but can win the global landscape. Watch my full floor speech above.