Sen. Cruz in Round Rock: ‘The United States Economy is Far Too Dependent on Foreign Manufacturing’
Round Rock, TX – U.S. Sen. Ted Cruz (R-Texas), the Ranking Member of the Senate Commerce Committee, today joined key stakeholders for a roundtable and press conference at Texas A&M Health Science Center to discuss the CHIPS Act.
During his remarks at the press conference, Sen. Cruz said, “Right now, the United States economy is far too dependent on foreign manufacturing, particularly in advanced semiconductors. That’s a vulnerability. And a vulnerability, in particular, to China is intolerable. Texas has been front and center leading the way in the last three years. We've seen over $61 billion in direct investments in semiconductors in Texas, and over 8,000 jobs, mostly high paying jobs created here in Texas. When it comes to the Senate, I had been vigorous in fighting for Texas to be on the front end of bringing semiconductor manufacturing back to America.”
Sen. Cruz is leading the fight for American innovation:
- He led more than 100 other lawmakers in calling on congressional leaders to include the amendment he authored with Sen. Mark Kelly (D-Ariz.) to streamline the chips permitting reform process, removing burdensome hurdles to achieving environmental reviews and permits in this year’s National Defense Authorization Act (NDAA). The amendment, which passed the Senate with overwhelming bipartisan support in July of 2023, would provide regulatory certainty and accelerate the construction of semiconductor manufacturing plants. The Senate unanimously passed the bipartisan chips permitting bill for the second time at the end of December 2023.
- He helped enact historic tax reform in 2017, which gave a tax cut to virtually every taxpayer in America. It reduced taxes on small businesses, farmers, ranchers, and job producers, which has helped bring jobs to Texas and drive innovation.
- He is leading the fight against burdensome federal government regulations and EPA overreach.
- For his efforts to support Texas innovators large and small, Sen. Cruz received the U.S. Chamber of Commerce’s prestigious “Spirit of Enterprise” award.
- Sen. Cruz has successfully advocated for Texas innovators and their work to be included in the annual National Defense Authorization Act and the biannual Coast Guard Authorization Act.
- Sen. Cruz worked with a bipartisan group of Texas legislators to call for the Biden administration to pick Texas as a future site for the National Semiconductor Technology Center (NSTC) and National Advanced Packaging Manufacturing Program (NAPMP).
- Sen. Cruz authored the Cost Recovery and Expensing Acceleration to Transform the Economy and Jumpstart Opportunities for Businesses and Startups (CREATE JOBS) Act, which would vitally reform business expensing in the tax code and help businesses and innovators thrive.
- Sen. Cruz championed the Facilitating American-Built Semiconductors (FABS) Act to incentivize manufacturing in the U.S. through tax credits. That legislation is now law.
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