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Free AccessCommerce Sec Raimondo Signals Support For 'Big Tech' Bill
Commerce Secretary Gina Raimondo has delivered testimony to the Senate Commerce, Science, and Technology Committee on tech policy, supply chains and superconductor shortages.
- Raimondo: 'With respect to chips I don't think its an exaggeration to say this is a national emergency and it is affecting our national security.'
- Raimondo described the chip 'bottleneck': 'Average consuming industry actors have a maximum superconductor inventory of five days.'
- Raimondo also said that chip investment was critical to the Ukraine war: 'There are 250 chips in every javelin missile system.'
- In response to a question from Senator Amy Klobuchar (D-MT) on the American Innovation and Choice Online Act, Raimondo: 'The department and I certainly support that and concur with the aim of the legislation and the views expressed in that views letter.'
- The remarks from Raimondo remarks represent a significant support from the administration on antitrust legislation that will target big tech.
- The hearing can be viewed in full here: https://www.commerce.senate.gov/2022/4/commerce-co...
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.