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Commerce Sec Raimondo Signals Support For 'Big Tech' Bill

US

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...
USHomepagePolitical Market NewsCommodities Market NewsPolitical RiskPolitical Risk BulletBulletMarketsFixed Income BulletsForeign Exchange Bullets
USHomepagePolitical Market NewsCommodities Market NewsPolitical RiskPolitical Risk BulletBulletMarketsFixed Income BulletsForeign Exchange Bullets

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