White House again raises using defense act to address chip shortage: report

0 6
The Biden administration has again suggested invoking the Defense Production Act to address the critical shortage of semiconductors, according to a new report. Bloomberg News reported Thursday that Commerce Secretary Gina Raimondo said the Cold War-era law is under consideration as a means of forcing better transparency from companies, to ease production bottlenecks and identify potential hoarding of chips. Raimondo held a virtual meeting Thursday with executives of tech companies and auto makers, including Intel INTC, +0.99%, Apple AAPL, +0.67%, Ford F, +3.63% and GM GM, +2.24%, to discuss the ongoing global chip shortage, which is hindering production of everything from electronic gadgets to new cars. The Commerce Department is currently seeking supply-chain information from a number of companies, on a voluntary basis. But companies have report
Subscribe or log in to read the rest of this content.
Leave A Reply

Your email address will not be published.

At The Centre of Every Trade