Today, Rep. Cindy Axne (IA-03) joined a bipartisan majority of the U.S. House of Representatives to advance landmark economic legislation that will lower prices, solve supply chain issues, boost American manufacturing, and create new opportunities for Iowans.
The America Creating Opportunities for Manufacturing, Pre-Eminence in Technology and Economic Strength (COMPETES) Act of 2022 reflects Axne’s months-long push for the House to pass legislation from her Supply Chain Solutions Agenda that will help alleviate ongoing economic issues.
The America COMPETES Act also includes multiple provisions that Axne has directly advocated for over the past year.,
“Supply chain bottlenecks and lack of domestic production of key consumer goods are hurting our businesses and raising prices for Iowa families. That’s why I’ve made legislation that will lower costs and boost America’s economic competitiveness my top priority in Congress. I’m proud to see the House take a big leap forward in addressing these priorities with the passage of the America COMPETES Act today,” said Rep. Axne. “This landmark bill will ensure we can make more critical goods here at home, lower prices on everything from automobiles to everyday consumer goods, and that Iowans have the skills needed to take the good-paying jobs that we’re creating at a record pace with this and other jobs bills here in Washington. Ensuring that our economy is working for Iowa is my number one concern in Congress, and this bill delivers on that agenda for every Iowa working family.”
The America COMPETES Act includes provisions to:
- Create a new Office of Supply Chain Resiliency and Crisis Response to assess bottlenecks in U.S. supply chains and provide $45 billion for grants and other financial investments in domestic manufacturers to prevent shortages of critical goods
- Provide $52 billion for a new CHIPS for America Fund that will boost private-sector investments in U.S. semiconductor production and help address supply chain disruptions and rising costs by ensuring that more semiconductors are produced here at home.
- Shortage of microchips are a key cause of car production bottlenecks, which have led to a spike in car prices that accounts for nearly one-third of the total Consumer Price Index increase last year.
- Support nearly one million new apprenticeships by reauthorizing the National Apprenticeship Act.
More information on the America COMPETES Act can be found here.
Last week, Rep. Axne led a group of 25 lawmakers urging approval of the America COMPETES Act this week to expedite its consideration by the Senate and approval by the President.
The America COMPETES Act is one of the bills included in Rep. Axne’s Supply Chain Solutions Agenda, her multi-part plan to address economic disruptions and increased prices that are affecting Iowa businesses and families.
This measure is the fourth bill on Axne’s agenda to advance out of the House.
