Pelosi Floor Speech on the House-Passed America COMPETES Act

Speaker Pelosi. Thank you, Mr. Speaker.

Last night we, heard the President of the United States speak with great enthusiasm about our friendship with the people of Ukraine: how we have shared values in terms of democracy, in terms of sovereignty and in terms of not having someone come into their country and usurp their freedom. He also spoke about America's freedom in the world: in terms of our independence, in terms of our own, own investments in our economic future.

America's excellence in science and engineers has long been the envy of the world. And then, along the way, other countries copied our model – investing in education and research and the rest and took over some of the manufacture of our supply.

We have, what was referenced by the President last night, legislation – we call it the COMPETES Act in the House of Representatives. And it is a blueprint. It is a blueprint for our independence and self-sufficiency, economically in the world. With the House passed America COMPETES Act, we do three things.

First of all, we invest in chips – $52 billion in chips and semiconductors. Do you know how many chips are in a car? One thousand. An electric car, two thousand. So in order for our auto manufacturers to continue to create jobs and create product, we need chips. $52 billion.

Secondly, we reinvigorate our manufacturing base by addressing the supply chain issue. Supply chain increases supply – reducing cost, lowering inflation. This is very important. $[45] billion invested there.

And third, we invest in research and education, [STEM] so we can diversify the workforce to include many more people – everyone in our country. And as we advance science and technology – and good-paying jobs for the future.

Again, we are prepared to go into conference with the Senate on this legislation. We are always ready to fight For The People. We expect to have this legislation before too long. And when we do so, we will be lowering costs, increasing paychecks and doing so For The People. With that, I yield back.