Congressional Record, July 19, 2022, from Page S3353 — Senate
Summary
Page S3353 of the Senate section of the Congressional Record for July 19, 2022, in interleaved columns. A speaker urging funding of the CHIPS Act says the Secretaries of Defense and Commerce wrote Congress that funding it is critical to national defense, and that GlobalWafers plans a silicon wafer factory in Sherman, TX contingent on the act while Intel and NXP Semiconductors are weighing investments elsewhere, with an Austin, TX project that would cost roughly $2.6 billion. A quoted closing sentence argues the chip bill is not needed to compete with China. Mr. Tester also delivers a tribute headed Remembering David Belcher, and a senator from Vermont is recognized on kinship care.
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“Congressional Record, July 19, 2022, from Page S3353 — Senate.”
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July 19, 2022 CONGRESSIONAL RECORD — SENATE S3353
The chip shortage and our lack of do- dow of that decision-making process is The bill clerk proceeded to call the
mestic manufacturing capability is a closing rapidly. If it closes—if we con- roll.
huge national security risk. That is tinue to drag our feet and not fund the Mr. TESTER. Madam President, I
why the Secretaries of the Depart- chips bill—they are going to pull their ask unanimous consent that the order
ments of Defense and Commerce sent a investments from new or expanded for the quorum call be rescinded.
letter to Congress a few weeks ago, foundries in the United States and take The PRESIDING OFFICER. Without
saying very clearly: them overseas. This isn’t just a objection, it is so ordered.
Funding the CHIPS Act is critical to our ‘‘Chicken Little’’ claim. Companies REMEMBERING DAVID BELCHER
national defense. have put out the warning call, and I be- Mr. TESTER. Madam President, I
That is why the Republican-led Sen- lieve them. come to the floor today to speak of a
ate passed the original bill and helped One company called GlobalWafers is person who took his own life. It was ei-
it become law during the previous ad- planning to build a new silicon wafer ther on Thursday or Friday of last
ministration. That is why I hope the factory in Sherman, TX, which would week. It happens far too often.
current Congress will fund it with to- create up to 1,500 new jobs and produce This guy was an Army veteran. His
day’s vote—or with, actually, this 1.2 million wafers a month. Silicon wa- name was Dave Belcher, and I had
week’s vote. fers are an essential component of known Dave for 30 years. Dave worked
Whether it is advanced fighters, the semiconductors. Commerce Secretary at White Refrigeration as a salesman. I
fifth-generation stealth strike fighter, Gina Raimondo said that the CEO told bought TVs from him in the early nine-
like the F–35; whether we are talking her that their plan to build this factory ties. I bought the first front-loading
about quantum computing, the next in Sherman, TX, is contingent on Con- washer from him and a refrigerator. He
generation of computing; or whether gress passing the CHIPS Act. Unless was just a great guy—just a great
we are talking about missile defense the funding is approved by the August guy—but he had a challenge. His chal-
systems or the Stinger or Javelin mis- recess, which is rapidly approaching, lenge was that he served his country,
siles that we have exported to Ukraine the company will scrap its plans for and because of that service to this
for them to defend themselves against that facility. country, he ended up with something
Russian aggression, all of them depend As you heard from our colleague that we talk about on this floor a lot.
on semiconductors. As a matter of fact, from Ohio, the CEO of Intel expressed a It is called post-traumatic stress dis-
a single rocket interceptor used in similar sentiment for a planned Ohio order, PTSD. And because of that
Israel’s Iron Dome, for example, con- facility. He said the company would ex- PTSD, Dave, not to my knowledge at
tains more than 750 chips. An overreli- pand chip production in Europe instead the time when I first met him, but he
ance on other countries to produce the of in America if Congress fails to pass was fighting demons, and he fought de-
key components to our most vital de- this funding. mons throughout his life. There were
Another company, NXP Semiconduc-
fense assets is a huge and unacceptable issues of depression and guilt that he
tors, is weighing new investments too.
risk. just couldn’t overcome and in the end,
As I said, that is why Senator WAR- It is looking at expanding one of its
probably some paranoia involved, but
NER and I initially introduced the bill
factories in Austin, TX—a project that
he ended up taking his own life.
would cost, roughly, $2.6 billion. The I think to myself, back when I first
in June of 2020 and why it has received
company is planning to decide later met Dave 30 years ago, how this guy
such strong bipartisan support.
Building a new foundry—or ‘‘fab’’ as this year whether to move forward
was as normal as anybody you would
they are sometimes called—is a huge with that investment or to take that
ever meet. He is not somebody you
undertaking and requires a massive in- investment to Europe or Asia.
In other words, there are real con- would look at and say: You know, he
vestment. A single foundry can cost has got a bunch of problems. He is not
sequences on the line. If Congress
upward of $10 to $20 billion—$10 to $20 somebody who you could predict, 30
passes this chips funding act in the
billion. Without some level of support years after the fact, that he would have
coming days, we can shore up this do-
from the government, these invest- taken his own life, but that is what
mestic supply chain vulnerability,
ments simply won’t materialize, at happened.
bring good jobs back to America, and
least not in America. Other govern- protect our economic and national se- It happens far too often. In fact, it
ments, as you have heard, have made curity, but if we fail to act or if we fail happens 22 times a day to our veterans
similar investments in semiconductor to act with dispatch, all of those bene- in this country. This time, it happened
manufacturing in trying to make sure fits will evaporate, and all of those to somebody whom I considered a
that their supply chains are not vul- dangers will become our worst night- friend—not somebody I saw a lot, but
nerable. Countries like China, South mare. Instead of here in America, those he is somebody who I knew had his
Korea, Taiwan, Singapore, Germany, benefits from building those fabs will struggles in the end. He went through
and a number of others have included rain down on communities on the other veterans court. He was one of the first
an over-$100 billion pledge to boost side of the planet instead of here at graduates of the veterans court and
semiconductor manufacturing in the home. was somebody who did his best to try
European Union alone. The United It has been more than a year and a to get his life turned around, but it
States simply cannot get left behind, half since the CHIPS Act became law, didn’t happen. The demons got him.
and we can’t keep dragging our feet. and we simply cannot afford to wait I just wanted to come to the floor
It doesn’t just take a lot of money to any longer. Every day that goes by cre- today to say: Dave, you and all your
get these foundries up and running; it ates additional risks. Unless Congress friends who have served this country
also takes time. Last year, I hosted a gets this job done in the coming days, have people in the Senate, people in
roundtable in Dallas, TX, to talk about these companies will simply go else- Congress who fight for you every day.
the impact of the chip shortage with where. For those folks who are watching
industry leaders. During our conversa- Chips funding will help secure our this, who can relate to what I am say-
tion, a Qorvo executive talked about most critical supply chains. It will cre- ing, if you have an issue, please get
how it can take years to receive all of ate thousands of well-paying jobs and ahold of somebody who can help you,
the high-functioning equipment that is boost our global competitiveness by like a mental healthcare professional
necessary to make semiconductors. providing made-in-America chips to out there, because mental health can
That is why there has been such a big our friends and allies around the world. be fixed. All you need to do is get the
push in Congress to get this funding So we have a big opportunity ahead of tools to be able to deal with it.
out the door. us but big risks in not acting as well, I yield the floor.
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Chip makers who have to make deci- and success, I believe, is our only op- The PRESIDING OFFICER. The Sen-
sions about where and when to build tion. ator from Utah.
their next manufacturing facilities I yield the floor. UNANIMOUS CONSENT REQUEST—S. 3770
need to know that these incentives are I suggest the absence of a quorum. Mr. LEE. Madam President, we have
available for them to build those The PRESIDING OFFICER. The broken another record. Unfortunately,
foundries here in America, and the win- clerk will call the roll. it is not the kind of record we want to
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S3354 CONGRESSIONAL RECORD — SENATE July 19, 2022
boast about. Last week, the latest Con- from spending when inflation is above 3 Mr. SANDERS. I object.
sumer Price Index exceeded inflation percent, but it requires lawmakers to The PRESIDING OFFICER. The ob-
expectations at a staggering 9.1 per- offset that spending with cuts from jection is heard.
cent. In Utah, that rate is much higher. somewhere else. In essence, it puts the Mr. SANDERS. Mr. President.
The Biden administration’s evolving impetus on Congress to weigh its legis- The PRESIDING OFFICER. The Sen-
blame game has shifted. It has shifted lative wants against the legislative ator from Vermont.
its focus from the pandemic to the sup- needs of the American people. That is Mr. SANDERS. Senator LEE raises
ply chain and then from the supply because for everyone living in reality, important issues about the deficit. I
chain to Putin. There is, however, a a budget means something. hope very much that he will be able to
more coherent answer: Government Failure to live within a budget has convince his Republican colleagues and
continues to spend more than it has—a profound consequences. When Jack has Democratic colleagues as well that,
lot more. Last year, we saw this play to pay an extra $93 a month on food, he among many other reasons, we should
out. This Congress spent a stunning begins to doubt his ability to feed his vote against this major corporate wel-
$6.8 trillion while collecting just over family. When Jill has to pay an extra fare bill that is coming down the pike,
$4 trillion in revenue. With the return $145 a month for housing, she doubts which will add at least $76 billion to
of legislative earmarks, porkbarrel her ability to keep a roof over her the deficit. So if we are concerned
spending, meanwhile, has increased child’s head. When Joe has to pay an about the deficit, as Senator LEE is and
over 1,700 percent. extra $404 a month on transportation, many others are, I hope that will be
Rather than recognizing the prob- he doubts his ability to get his child to one of the reasons we vote against this
lems associated with spending more and from soccer practice. massive corporate welfare bill that we
than the government brings in, the So why is it that when inflation is at will be considering later this after-
government simply prints itself more 9.1 percent, lawmakers are still spend- noon.
money. Like a child stricken with ing and looking for ways to spend even I hear a lot of concern about the def-
affluenza, rather than being cut off, the more? As Americans are filled with fi- icit here in the Senate, and I hear peo-
government helps itself to more nancial fear and doubt, why is it that ple say: We can’t afford to feed hungry
money. It doesn’t take long to lose the Senate Democrats want to spend an ad- children. We can’t afford to deal with
value of a dollar when you are not ditional trillion dollars for their Build climate change. We can’t afford to
spending your own money. Government Back Better plan? guarantee healthcare to all. The deficit
is no different. Congress is failing to exercise self-re- is very, very large.
While hard-working Americans pinch straint during this period of unprece- Well, we are talking about $76 bil-
pennies, lawmakers spend carelessly. dented inflation. As Americans tighten lion—at least that; maybe more—which
To pay for their next project, they their belts, Congress has opened the will add to the deficit. So when you
threaten to raise taxes. When they spigot. If a household ran this disaster consider the deficit, you might want to
don’t have the support to raise taxes, of a budget, a family would quickly be also take into account tax breaks and
they nevertheless continue to spend met with foreclosures, repossessions, corporate welfare for large, profitable
and drive up inflation. Inflation is and ultimately bankruptcy. Ronald corporations.
nothing but an invisible tax on the peo- Reagan couldn’t have been more pre- I want to say a few words about this
ple—a tax on the people that, I would scient when he described inflation as so-called chips bill and what it says
add, disproportionately affects hard- ‘‘the price we pay for those government about our national priorities, what it
working Americans, the poor and mid- benefits everyone thought were free.’’ says about our tax policies, and basi-
dle-class Americans. Sometimes the While Members tout their shiny new cally what it says as to whether or not
wealthiest of the wealthy can find pet projects, Americans are footing the the U.S. Congress is capable of rep-
ways to get even wealthier in times of bill. resenting the needs of working families
inflation. Everyone else gets hurt. It is unconscionable that Congress or whether we are totally beholden to
With no action, the reckless spending continues to pat itself on the back for wealthy and powerful corporate inter-
will drive us off a financial cliff. But passing massive spending bills while ests and their campaign contributions.
our spending trajectory is such that we the country has a financial millstone Last week, when I spoke about this
cannot afford to wait for the consensus around its neck. It is high time that issue, I expressed deep concern that
needed to pass a constitutional amend- Congress subject itself to the same cut- Congress would provide $52 billion to a
ment. backs that working-class families are handful of profitable corporations in
While hard-working Americans wait, facing now. the microchip industry with no strings
I have introduced the Preventing Run- Although I wish Members of Congress attached. Here it is, guys, $52 billion.
away Inflation in Consumer Expendi- would self-impose these restraints, this Well, I stand corrected. As a result of
tures Act, or the PRICE Act, to stop latest push for a new trillion-dollar some new tax-reduction language, the
the bleeding. The PRICE Act requires a spending plan shows that is unlikely to corporate welfare total for the
three-fifths supermajority of Senators happen. Given our long-demonstrated microchip industry has gone up; it is
to approve new spending measures lack of self-restraint, it is time to pass now at $76 billion. And the corporate
when the Nation’s inflation rate is at the PRICE Act. lobbyists working on this bill, like pigs
or above 3 percent. Congress has become the trust fund at the trough, are not yet finished.
The PRICE Act is desperately need- baby that doesn’t understand the value They want more and more and more.
ed. This insatiable spending machine is of a dollar. The PRICE Act is the rec- Their needs are insatiable.
now costing Utahns $881 a month more ognition that sometimes you need to Needless to say, I do not usually
than they paid last year, and that is on take away the credit card. So to that quote approvingly from the editorial
top of what they already pay in taxes. end, I would like to secure passage of page of the Wall Street Journal. They
Those are 881 dollars every month for this measure to protect the American are not my best friends. In fact, I think
which Utahns receive nothing in re- people. I get attacked on that page more than
turn. It represents money that could be As if in legislative session, I ask any other Member of the Congress.
spent toward their home, toward their unanimous consent that the Budget But, as you know, a broken clock is
child’s college education, toward filling Committee be discharged from further right twice a day, and even the Wall
their empty gas tank, but instead, mil- consideration of S. 3770 and that the Street Journal got this one right.
lions of Americans will look at the Senate proceed to its immediate con- Among the many reasons they urged
skyrocketing costs of living and deter- sideration. I further ask that the bill Congress to vote against this bill is one
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mine that they must sacrifice their be considered read a third time and that I think is very relevant. Let me
wants and, in many cases, their needs passed and that the motion to recon- quote. This is from the Wall Street
just to meet their most basic, funda- sider be considered made and laid upon Journal editorial page today:
mental necessities. the table. The chip bill isn’t needed to compete with
My PRICE Act flips the script. It The PRESIDING OFFICER (Mr. MUR- China, and it will set a precedent that other
doesn’t altogether prevent lawmakers PHY). Is there objection? industries will follow. Anybody who can
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July 19, 2022 CONGRESSIONAL RECORD — SENATE S3355
throw up a China competition angle will ask think we might want to stay in session years. Go home and ask the people
for money. Why Republicans want to sign up through August but not necessarily to whether they think they would rather
for this is a mystery. pass his legislation, because what I spend money on allowing our young
The Wall Street Journal. The point hear from the people in Vermont and people to be able to go to community
they make is a good one. We should be people all across this country is that college tuition-free or a welfare check
clear that over 90 percent of the cell the job they want done is not a massive to large, profitable corporations.
phones used in this country and over 90 handout to large, profitable corpora- And on and on it goes. Seventy-six
percent of the laptops used in this tions; the job they want Congress to do billion is a lot of money. I know Sen-
country are made in China. is, for a change, to protect the Amer- ator LEE would probably prefer to see
So you pass this bill, and tomorrow ican working class, our middle class, that go into deficit reduction. Fair
we will hear, no doubt, from the cell and the needs of the most vulnerable enough. And I am concerned about def-
phone industry, from the computer people in this country. icit reduction, but I am making the
laptop industry about how they need What I hear is that the American point that we can invest this in a way
their welfare checks as well. So I think people want us to guarantee healthcare that really improves lives for millions
the Wall Street Journal every once in a to every man, woman, and child, as and millions of working families.
while makes a good point, and today every other major country on Earth Mr. President, there is no doubt that
they did. does. there is a serious global shortage in
Mr. President, I recently came across What I hear is that the American microchips and semiconductors, which
a very, very interesting interview that people think it is absurd that some of is making it harder for manufacturers
the CEO of Intel, Mr. Pat Gelsinger, did the wealthiest people in this country to produce the cars, the cell phones,
last Friday on CNBC’s ‘‘Squawk Box,’’ and largest corporations don’t pay a and the electronic equipment we need.
and I think in that interview he did nickel in Federal taxes and that we This shortage is costing American
tell us everything we want to know should demand that those loopholes be workers good jobs and raising prices
about the American oligarchy, about ended. for families, and that is why I strongly
corporate arrogance, and the state of What I hear is that the American support efforts to expand U.S.
American politics. This is what Mr. people want us to deal with the exis- microchip production. But the question
Gelsinger said last Friday—Mr. tential threat of climate change so we should be asking is this: Should the
Gelsinger, head of Intel: that the young people of this country American taxpayers provide the
My message to congressional leaders is, can actually have a planet they can microchip industry with a blank check
hey, if I’m not done with the job, I don’t get grow up with in a healthy way. of $76 billion at a time when semicon-
to go home. Neither should you.
What I hear from the elderly people ductor companies are making tens of
He is talking to Congress. in this country, in my State, is they billions of dollars a year in profits and
Do not go home for August recess until you can’t make it on the Social Security paying their CEOs very high salaries
have passed the CHIPS Act because I and benefits they are receiving now; they and compensation packages? I think
others in the industry will make investment
decisions, and do you want those invest-
want to raise those benefits. the answer to that is a resounding no.
ments in the U.S., or are we simply not com- What I hear from the people back It is important, in light of Mr.
petitive enough to do them here and we need home is they want Congress to do the Gelsinger’s remarks and his threat to
to go to Europe or Asia for those? Get the job and protect a woman’s right to con- go to Asia or to Europe, to have a little
job done. Do not go home for August recess trol her own body, they want to see us bit of history about this issue. Over the
without getting these bills passed. pass serious gun safety legislation, and last 20 years, the microchip industry
That is Pat Gelsinger, head of Intel, they want to protect the rights of all has shut down over 780 manufacturing
last Friday. Americans to be able to vote. plants in the United States and elimi-
In other words, Mr. President, the That, among many other things, is nated 150,000 American jobs while mov-
CEO of a major corporation which what I hear from the American people ing most of its production overseas.
made nearly $20 billion in profits last in terms of getting the job done. Not They did that, by the way, after receiv-
year and a CEO who received a $179 too many people that I can recall—I ing $9.5 billion in government subsidies
million compensation package is say- have been all over this country—say: and loans.
ing to Congress that if you don’t give Bernie, you go back there and you get In other words, we have the absurd
my industry, the microchip industry, the job done, and you give enormously situation where we have a crisis that is
$76 billion and my company, it is esti- profitable corporations, which pay out- caused precisely by the people we are
mated, some $20- or $30 billion, that de- rageous compensation packages to now attempting to bail out. So as a re-
spite their profound love for our coun- their CEOs, billions and billions of dol- ward for their bad behavior, for shut-
try and their respect for American lars in corporate welfare. ting down 780 manufacturing establish-
workers and their understanding of the Now, maybe, Mr. President, you hear ments in America, they come back and
needs of the U.S. military and the that. I don’t hear that from the people say: Oh, we have a crisis in America.
healthcare industry—despite all of in my State. We need your help.
that, in order to make more profits, By the way, when we talk about an So they want us to pay to undo the
they are prepared to go to Europe and expenditure of $76 billion, yeah, we can damage they caused. Well, that may
Asia. give it to some large, profitable cor- make sense to someone but not to me.
Now, Mr. President, I am, thankfully, poration with no strings attached or In total, Mr. President, it has been
not a lawyer, but that sure sounds like we can use it—$76 billion—to expand estimated that five major semicon-
extortion to me. What Mr. Gelsinger is Medicare, to provide senior citizens ductor companies will receive the
saying is that if you don’t give the in- with the high-quality hearing aids and lion’s share of this technology hand-
dustry a blank check—here is $76 bil- eyeglasses they desperately need, and out. Those companies are Intel, Texas
lion—and they want more, by the for a bit more, we can provide dental Instruments, Micron Technology,
way—despite the needs of the military care as well. GlobalFoundries, and Samsung. These
for advanced microchips—and we hear For $76 billion, we could eliminate five companies made $70 billion in prof-
that from the military—despite the homelessness in America and create its last year.
needs of the medical industry for ad- hundreds of thousands of good-paying The company that will likely benefit
vanced microchips, despite the entire jobs from Maine to California, building the most from this taxpayer assistance
needs of the American economy for ad- all of the affordable rental units that is Mr. Gelsinger’s company, Intel. Now,
vanced microchips, the industry is this country desperately needs. We can I have nothing against Intel, and I wish
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threatening to abandon this country end homelessness or give a corporate them the best, but Intel is not a poor
and move abroad. Patriotic people, no welfare check to profitable corpora- company. Last year, Intel made nearly
doubt. Clearly, lovers of America. tions. $20 billion in profits. During the pan-
Mr. Gelsinger says we should stay in Mr. President, for $76 billion, we demic, Intel had enough money to
session, if necessary, through August could make every community college spend $16.6 billion not on research and
in order to pass his legislation. Well, I in America tuition-free for the next 7 development, not on building new
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S3356 CONGRESSIONAL RECORD — SENATE July 19, 2022
plants, but on buying back its own words, if microchip companies make a porate welfare. The semiconductor industry
stock to reward its executives and profit as a direct result of these Fed- is first in the queue, but it won’t be the last.
wealthy shareholders. eral grants, the taxpayers of this coun- Taxpayers should at least know they’ll be
subsidizing highly profitable companies that
Over the past 20 years, Intel has try have a right to get a reasonable don’t need the help and might end up regret-
spent over $100 million on lobbying and turn on that investment. ting the political handcuffs they’re acquir-
campaign contributions. So $100 mil- Further, if microchip companies re- ing.
lion may seem like a lot of money, but ceive taxpayer assistance, they must The bill that will head to the Senate floor
if you are about to get $20 billion from agree that they will not buy back their as early as Tuesday—
the taxpayers of America, that is a own stock, outsource American jobs Meaning today—
very modest investment. Meanwhile, overseas, repeal existing collective bar- includes $52.2 billion in grants to the com-
while they spent $100 million on lob- gaining agreements, and must remain puter chip industry. But wait, there’s more.
bying and campaign contributions, neutral in any union-organizing effort. Congress is also offering a 25% tax credit for
This is not a radical idea. All of these semiconductor fabrication, which is esti-
they were shipping thousands of jobs to mated to cost about $24 billion over five
China and other low-income countries. conditions were imposed on companies
years. That’s $76 billion for one industry.
Does this really sound like a company that received taxpayer assistance dur-
ing the pandemic and passed the Sen- The editorial continues:
that needs a taxpayer handout?
ate in the CARES Act by a vote of 96 to Republicans on the House Ways and Means
Another company that would receive Committee point out that for the same
taxpayer assistance under this legisla- 0. That is why I will be filing an
money Congress could double the research
tion is Texas Instruments. Last year, amendment to impose these conditions and development tax credit for all companies
Texas Instruments made $7.8 billion in to this legislation. through 2025. It could also throw in 100% ex-
profits. In 2020, the company spent $2.5 I understand that some language has pensing for companies and allow immediate
billion buying back its own stock. been inserted into this bill that would R&D deductions through 2025. But that
Meanwhile, other companies that prohibit microchip companies from would mean the politicians aren’t picking fa-
using these grants to buy back their vorites, which is what they prefer to do.
will receive taxpayer support are the
Taiwan Semiconductor Manufacturing own stock. Let us be clear: This lan- The editorial goes on from there to
Company—and by the way, you would guage is totally meaningless. Under describe the circumstances that led to
be shocked to know that the largest this legislation, companies will still be the introduction of this bill, the fact
shareholder of the Taiwan Semicon- able to use the enormous profits that that there was surging demand and di-
they are making on stock buybacks. minished capacity to produce the semi-
ductor Manufacturing Company is—
Bottom line: Let us rebuild the U.S. conductors during the pandemic and
well, you guessed it; it is the Govern-
microchip industry, but let us do it in that, since the pandemic, a lot of these
ment of Taiwan. So we would be giving
a way that benefits all of our people, very same firms trying, understand-
money, I guess, directly to the Govern-
not just a handful of wealthy profitable ably, to keep up with demand have in-
ment of Taiwan. And on and on it goes. creased their production.
and powerful corporations.
Mr. President, I should be clear in Meanwhile, 2 years later, they find
The PRESIDING OFFICER. The Sen-
stating that I do believe in industrial ator from Utah. themselves in a position where, due to
policy. I think that at times it is abso- Mr. LEE. Mr. President, the Senator changing economic circumstances, de-
lutely appropriate for the government from Vermont and I don’t agree on mand is starting to soften; and so they
to sit down with the private sector and every issue. We represent very different may now be in a position where they
say: Look, we have needs, and we want States, come from very different polit- have ramped up supply only to see that
to work with you to solve those needs. ical backgrounds. While I don’t agree demand is diminishing. All of which
You have a right to make a fair profit. with everything he just said and while starts to beg the question, Why would
We have the need—the right to see the I am disappointed by his objection to we dump over $76 billion into this in-
needs of the American people ad- my effort to pass the PRICE Act, which dustry right now when people across
dressed. We need a partnership. I regard as necessary to help keep in- America, including these Utahns, are
To me, industrial policy means co- flation under control, I want to echo facing some of the highest price hikes
operation between the government and and applaud so much of what my col- in the country for a variety of reasons?
the private sector—cooperation. It does league from Vermont just finished say- Why would we give money to a small
not mean the government providing ing. handful of wealthy corporations at a
massive amounts of corporate welfare I don’t think it is appropriate, when time like this, understanding that
to profitable corporations without get- we have people throughout the country every dollar we spend here that we
ting anything in return. struggling just to get by and we have don’t have means that we are inflating
So the question is, Will the U.S. Gov- people in Utah shelling out an addi- the currency even more? And that ends
ernment develop an industrial policy tional $881 a month—every month—not up creating all sorts of problems.
that benefits all of our society or will for luxury items, not for some wish-list A few paragraphs later the editorial
we continue to have an industrial pol- item, but for their basic household goes on to explain the next line of ar-
icy that benefits the wealthy, the pow- monthly expenses, every single month guments. They point out that those ad-
erful, their lobbyists, and the campaign because of excessive runaway spending vocating on behalf of the CHIPS Act
contributors? in Washington leading to that infla- say: But, oh, we have to do this because
In 1968, Dr. Martin Luther King, Jr., tion. Especially in that circumstance, I it is about China. We have to do this in
said: can’t fathom why we would want to order to stop China, and this also can’t
The problem is that we all too often have turn now and devote $75 to $76 billion withstand scrutiny.
socialism for the rich and rugged free enter- to what my colleague from Vermont Look, as the editorial writers of the
prise capitalism for the poor. appropriately described as corporate editorial board of the Wall Street Jour-
I am afraid that what Dr. King said welfare. nal point out:
54 years ago was accurate back then This is industrial policy, which—un- Global semiconductor capacity increased
and is even more accurate today. like the Senator from Vermont, I don’t 6.7 percent in 2020 and 8.6 percent in 2021 and
So, Mr. President, the Senate has an is expected to grow another 8.7 percent this
like industrial policy—but I com- year. The risk of over-capacity is growing as
important decision to make, and that pletely agree with my colleague from China heaps subsidies on its semiconductor
is, do we simply provide a blank check Vermont. This goes beyond even that. industry as part of its Made in China 2025
or do we put some restrictions on that This is corporate welfare. initiative, and the U.S. and Europe race to
money? That is why I will be offering There is an editorial in today’s copy compete.
an amendment which does that. of the Wall Street Journal by the edi- Some 15,000 new semiconductor firms reg-
dlhill on DSK120RN23PROD with SENATE
It seems to me that if private compa- torial board. It makes some excellent istered in China in 2020. Some have drawn in-
nies are going to benefit from generous vestment from U.S. venture-capital firms.
points, which I would like to excerpt Intel has backed Chinese startups even as
taxpayer subsidies, the financial gains and present to the Senate today. The CEO Pat Gelsinger lobbies Congress for sub-
made by these companies must be editorial starts out as follows: sidies to counter Beijing. Intel has threat-
shared with the American people, not Industrial policy is back in fashion in ened to delay a planned Ohio factory unless
just wealthy shareholders. In other Washington, or as it ought to be called, cor- Congress passes the subsidy bill.
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July 19, 2022 CONGRESSIONAL RECORD — SENATE S3357
I pause here to note that this is trou- industries will follow. Anybody who can Mr. SANDERS. Let me suggest to my
bling. If true, this should be a warning throw up a China competitive angle will ask friend from Utah that I agree with a
to us about why we don’t engage in cor- for money. Why Republicans want to sign up lot of what he said about this legisla-
for this is a mystery, especially when they
porate welfare. This is wrong. Deep might control both Houses of Congress in six
tion that we are going to be voting on
down, we know it is wrong to take from months. within the hour.
the poor and give to the rich. We have I would simply add that while this
I couldn’t agree more with the edi-
no business doing this, nor do we have bill has had many names—lately, they
torial board of the Wall Street Journal
any business voting cloture on a mo- call it the chips bill; it has also been
on this assessment. This is wrong. We
tion to proceed to a bill that doesn’t called the China bill and so forth—but
know it is wrong. The bill still, as it
yet exist. We don’t yet know what is in theoretically, it is supposed to be com-
stands right now, is unknown to most
the bill because it is still being trans- peting against China.
for the entirety of this body. We do
formed significantly, even as we speak. But I would point out that since 2005,
know it costs over $76 billion. We do
The Wall Street Journal editorial Intel has invested at least $700 million
know people across America, including
board continues: in Chinese technology companies, in-
poor people throughout the State of
The other claim for the bill is that the U.S.
Utah—not just the poor, but most peo- cluding at least four microchip
must subsidize domestic chipmaking to com- startups. In 2020, 2 years ago, Intel in-
pete with China, but this also isn’t persua- ple—again, with inflation, during peri-
ods of inflation, the extremely wealthy vested in two Chinese semiconductor
sive. The companies like to point out that
the U.S. share of the world’s chips has fallen can find ways to become even wealthi- startups, ProPlus and Spectrum Mate-
to 12 percent from 37 percent in 1990. They er, but everyone else suffers—literally, rials, as part of a $132 million invest-
don’t mention that the U.S. leads in chip de- everyone else. The poorer you are, the ment in 11 startups, including 3 in
sign (52 percent) and chipmaking equipment more you suffer. Even people well-en- China. So we are investing, ostensibly
(50 percent). Seven of the world’s ten largest
trenched in the middle class get gouged to protect us from China, in a company
semiconductor companies are based in the that, in fact, invests in China.
U.S. China trails American companies by considerably. Why we would want to
take money away from them and give I yield the floor.
years in semiconductor technology. The PRESIDING OFFICER. The Sen-
Chip fabrication has moved to South Korea it to the wealthy is beyond my ability
ator from Oregon.
and Taiwan because many chips are com- to fathom.
modities with low margins. But chip makers UNANIMOUS CONSENT REQUEST—EXECUTIVE
All of this ties back to the reason I
are working to diversify their manufacturing CALENDAR
came to the floor today, which was to
bases to avoid future supply disruptions and try to pass the PRICE Act by unani- Mr. WYDEN. Mr. President, in a few
have announced $80 billion in new U.S. in-
mous consent. We didn’t succeed today, minutes, I am going to put forward a
vestments through 2025. Samsung plans to request for the Senate to confirm the
build a $17-billion factory in Texas. TSMC but we are not going away. We are
going to keep undertaking this effort nomination of Rebecca Jones Gaston to
has a $12-billion plant under construction in
Arizona. because the fact is, we do need to im- serve as Commissioner on Children,
pose a supermajority requirement for Youth, and Families within the De-
I pause here to note that in meeting partment of Health and Human Serv-
with representatives from some of spending, especially when spending lev-
els are producing inflation in excess of ices. I briefly want to talk about why
these companies, including TSMC,
3 percent. We are at 9.1 percent nation- her confirmation is so important and
TSMC noted—in my conversations with
ally. And in many of our States, in- what makes her the right person for
high-ranking executives of that com-
cluding my own, it is higher than that. the job.
pany—that plant isn’t made contingent The Administration on Children,
on any legislation they are producing. That is why we need this.
My colleague pointed out he believes Youth, and Families may not grab na-
They are doing that because it makes
that the Tax Cuts and Jobs Act may tional headlines every day, but its
good business sense, not because it is
have contributed to that. Well, that is work is essential to the well-being of
their last-gasp effort. This is a profit-
not exactly how things work. When you millions of young people and families
able company doing well, and for the
are passing a tax reform bill—a tax re- across the land. That is particularly
United States to be considering giving
form bill that makes downward adjust- true for vulnerable children, including
money—whether to domestic compa-
ments to marginal income tax rates those in the child welfare system.
nies or foreign ones—under these cir-
and to corporate rates and capital One of its big jobs over the last few
cumstances in this amount of money
gains rates—yes, it brings in less rev- years has been the implementation of
makes no sense.
The editorial continues: enue, but the government taking in the Family First Prevention Services
One unfortunate impetus behind this bill is less revenue doesn’t cause inflation. It Act. The landmark reform of the child
that, for all their talk about competing with is deficit spending that causes infla- welfare system was written by the Fi-
China, many politicians believe that Bei- tion. nance Committee on a bipartisan basis.
jing’s economic planning is superior to the Given that it is deficit spending—par- And for colleagues who remember the
U.S. free market system. It reminds us of the ticularly deficit spending during peri- late Orrin Hatch, who cared so much
1980s when legendary Intel CEO Andrew ods of inflation—that matters, I believe about children and particularly welfare
Grove warned that Japan was going to domi- reform, this and the extension of the
nate the chip industry and the future of that is where we ought to be focused.
We ought to be focused on pro-growth Children’s Health Insurance Program
global technology.
As former Cypress Semiconductor CEO opportunities. And, frankly, if those for 10 years—the longest extension
T.J. Rodgers explained on these pages last adjustments to corporate rates, to cap- ever—were the two bills for children
year, the government set up the Sematech ital gains rates, and to marginal tax that Chairman Hatch really felt
chip consortium that ‘‘was obsolescent when rates are, in fact, pro-growth, they re- strongly about.
it opened.’’ But Intel innovated with more The underlying goal of the legisla-
duce disincentives to work, they bring
advanced chips, and no one is talking now tion, which I was proud to cosponsor
about Tokyo’s central-planning genius. more people back into the labor mar-
ket, and that, in turn, produces more with him, was simple. The foster care
The editorial concludes: system was breaking families up too
tax revenue.
History shows that easy government often. We designed the Family First
money can undermine competitiveness. It
You can expand, broaden the base,
while lowering their rates and, ulti- Act to keep families together whenever
often leads to inefficient spending and in-
vestment. The politicians will also attach mately, come out on top and with more it was safe and possible to do so. Maybe
their own strings, perhaps with limits on robust economic growth. But what you a grandparent is the right person to
stock buybacks and dividends. Wait until can’t do is engage in increasingly more step in as a caretaker for their
Bernie Sanders is heard from on the Senate aggressive deficit spending and expect grandkids. I have been particularly in-
dlhill on DSK120RN23PROD with SENATE
floor. that is going to do anything but harm volved in having grandparents play a
They forecasted what we have seen the American people, especially Amer- bigger role in our human services pro-
today. It closes with the following sen- ica’s poor and middle class. grams. It is known as kinship care. We
tences: I yield the floor. have been working on it for well over a
The chip bill isn’t needed to compete with The PRESIDING OFFICER. The Sen- decade. Chairman Hatch helped us ex-
China, and it will set a precedent that other ator from Vermont. pand it. Maybe all that is needed for a
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