Governors' Biofuels Coalition

 A multi-billion-dollar investment to expand semiconductor production will be needed to achieve the Biden administration’s ambitious target for half of new passenger vehicles to be powered by electricity by 2030, Commerce Secretary Gina Raimondo told reporters on Monday. Raimondo pushed the CHIPS Act, which offers incentives to companies to open chip factories in the U.S. through financial backing and could help offset the country’s reliance on foreign semiconductor production. The administration has called for Congress to allocate $52 billion for the bill.

“I’m telling you now, we will not hit those goals if Congress doesn’t quickly pass the CHIPS Act [funding] so we can get on with the work of incentivizing domestic production of chips,” Raimondo said, noting the commerce department has already collected economic data to guide investments if the bill moves forward. It remains idle in the House after moving through the Senate in June. Schumer and House Speaker Nancy Pelosi are pushing to get it through the home stretch via conference committee negotiations.

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