July 20, 2022 15:49 GMT
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House Speaker Nancy Pelosi (D-CA) has told lawmakers that the House of Representatives plans to vote on the slimmed down CHIPS Plus bill as soon as next week.
- More details in bullet at 12:41 BST:https://marketnews.com/schumer-scores-win-over-mcc...
- Pelosi wrote in a letter: "As the Senate undergoes its legislative process we are optimistic that the House will be able to take this bill up as early as next week."
- Pelosi's blessing is seen as vital as there had been some rumblings of discontent amongst House Democrats who feared being strong armed into passing a Senate approved version of the bill.
- Passage of the bill will be a key victory in the Biden administration's attempts to secure semiconductor supply chains seen as critically vulnerable to a Chinese invasion of Taiwan.
- Top administration officials from the White House, Pentagon, and Department of Commerce were all dispatched to Congress this month to push for movement on the bill when it stalled under a blockade from Senate Minority Leader Mitch McConnell (R-KY).
- Patrick Chen, at CLSA in Taipei: “If there were full-fledged aggression from China [on Taiwan], it would be catastrophic for the global stock market, because it would completely disrupt advanced chip supply.”