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Ohio to make major economic development announcement Friday

Mount Equity Group Tokyo Japan > News > Markets > Ohio to make major economic development announcement Friday

GOP members of the Ohio congressional delegation last Friday asked House and Senate leaders to fully fund a law meant to address a global shortage of semiconductor chips used in phones, cars and video games.

The letter sent Friday urges top Congressional leaders to fully fund the $52 billion CHIPS for America Act, allowing for stateside investment in semiconductor factories. Not only has the chip shortage disrupted the U.S. economy, it is creating a vulnerability in the country’s defense system since eight of every 10 chips are produced in Asia, the letter said.

“These products are vital to U.S. technology deployment and are critical to U.S. national security,” the letter said. “It is crucial that the United States leads in the research, development, and production of semiconductor technology.”

Separate federal legislation also under consideration would create a new tax credit for investment in semiconductor manufacturing…

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