Sen. in Round Rock. Cruz: 'US economy depends on foreign manufacturing'

Round Rock, TX – The ranking member of the Senate Commerce Committee, US Sen. Ted Cruz (R-Texas) joined key stakeholders for a roundtable and press conference today at the Texas A&M Health Science Center to discuss the CHIPS Act.

Speaking at a press conference, he said, Sen. Cruz said. „Right now, the U.S. economy is very dependent on foreign manufacturing, especially in advanced semiconductors. That's a vulnerability. And, in particular, the vulnerability of China is intolerable. Texas has been front and center over the last three years. Semiconductors in Texas have more than $61 billion in direct investments and more than 8,000 jobs. , we've seen high-paying jobs created, mostly right here in Texas.When I came to the Senate, I was active in fighting for Texas to be a leader in bringing semiconductor manufacturing back to America.

Sen. Cruz is leading the fight for American innovation:

• He invited more than 100 other lawmakers to Congress leaders. He is Sen. He worked with Mark Kelly (D-Ariz.) to streamline the permitting process and remove burdensome barriers to achieving environmental reviews and permits. National Defense Authorization Act (NDAA). The amendment, which passed the Senate in July 2023 with overwhelming bipartisan support, would provide regulatory certainty and accelerate the construction of semiconductor manufacturing plants. In late December 2023, the Senate unanimously passed a bill to allow bidirectional chips for a second time.
• He helped enact historic tax reform in 2017, which provided a tax cut for nearly every taxpayer in the United States. It lowered taxes on small businesses, farmers, ranchers and job producers, which helped bring jobs and drive innovation to Texas.
• He leads the fight against burdensome federal regulations and EPA violations.
• For his efforts to support Texas inventors big and small, Sen. Cruz received the US Chamber of Commerce's prestigious „Spirit of Enterprise” award.
• Sen. Cruz argued that Texas inventors and their work should be included in the annual National Defense Authorization Act and the biennial Coast Guard Authorization Act.
• In calling on the Biden administration to select Texas as a future site for the National Semiconductor Technology Center (NSTC) and the National Advanced Packaging Manufacturing Program (NAPMP), Sen. Cruz has worked with both parties of Texas legislators.
• Sen. Cruz has authored the Spending Recovery and Spending Acceleration (Creating Jobs) Act to transform the economy and jumpstart opportunities for businesses and startups, which will fundamentally reform business spending in the tax code and help businesses and innovators thrive.
• Sen. passed the American-Made Semiconductors (FABS) Act to encourage manufacturing in the United States through tax incentives. Cruz won. That Act has now become law.

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