Biden urges CEOs to 'step up' game on supply chain

Global shortages of semiconductors top a meeting between President Joe Biden and CEOs. "We've been falling behind on research and development and manufacturing," Biden said. "To put it bluntly we have to step up our game," he said. (April 12)

Video Transcript

JOE BIDEN: This is an issue that has broad support in the United States Congress. We talked about whether or not we're doing anything in terms of bipartisanally. Well, we are. Both sides of the aisle are strongly supportive of what we're proposing. And where I think we can really get things done for the American people.

In fact, today, I received a letter from 23 senators, bipartisanally, and 42 House members, Republican and Democrats, supporting the Chips for America Program. Now, let me quote from the letter. It says Chinese Communist Party aggressively plans to reorient and dominate the semiconductor supply chain. And it goes into how much money they're pouring into being able to do that.

I've been saying for some time now, China and the rest of the world is not waiting. And there's no reason why Americans should wait. We're investing aggressively in areas like semiconductors and batteries. That's what they're doing and others. So must we.

Chips like the one I have here, these chips, these wafers, are batteries, broadband, it's all infrastructure. This is infrastructure. So look, we need to build the infrastructure of today not repair the one yesterday. And the plan I propose is going to create millions of jobs, rebuild America, protect our supply chains, and revitalize American manufacturing. And it's going to make America research and development a great engine again.

We led the world in the middle of the 20th century. We led the world toward the end of the century. We're going to lead the world again. We're going to lead it again in the 21st century.

We have the best minds in the country. Many of them are on the screen right now. And they know better than anyone that our competitiveness depends on where you invest and how you invest. For too long as a nation, we haven't been making the big, bold investments we need to outpace our global competitors. We've been falling behind on research and development and manufacturing. And to put it bluntly, we have to step up our game.