Home » Economy » Supply-Chain shortfalls targeted by new bill
Supply-Chain shortfalls targeted by new bill
China protests exacerbating global supply chain challenges: Jason Katz
UBS managing director and senior portfolio manager Jason Katz discusses how China protests over COVID lockdown rules are impacting U.S. stocks on ‘Varney & Co.’
With Congress facing pressure to help fix U.S. supply-chain problems exposed by the Covid-19 pandemic, a Republican and a Democratic lawmaker are proposing steps to force federal agencies to take the lead in preventing future shortfalls while better coordinating existing federal programs to build up domestic manufacturing.
Sen. Marco Rubio (R., Fla.) and Rep. Ro Khanna (D., Calif.) plan to introduce legislation on Tuesday that would force leaders at cabinet-level agencies to identify weaknesses in U.S. supply chains that could hurt national security and domestic manufacturing growth. Leaders would be charged with periodically recommending ways that federal agencies can attract private investment and change federal financing programs to advance U.S. economic-development policies.
The 18-page bill, called the National Development Strategy and Coordination Act of 2022, is meant to address both longtime trends, such as the migration of solar-panel manufacturing to Asia, and short-term problems such as a shortage in medical supplies that U.S. officials encountered once the pandemic hit.