Biden Team Amps Up Chip-Crisis Response With Raimondo Summit

(Bloomberg) -- Commerce Secretary Gina Raimondo plans a summit with companies impacted by the global semiconductor shortage, including the largest chip manufacturers and U.S. automakers, according to people familiar with the plans.

Raimondo will convene the meeting on May 20, according to an invitation sent to companies and obtained by Bloomberg News. The Commerce Department said in the invitation that it aims to create and maintain “an open dialogue around semiconductors and supply chain matters” and wants to bring together suppliers and consumers of chips.

Companies invited to the virtual summit include Intel Corp., Taiwan Semiconductor Manufacturing Co. Ltd., Samsung Electronics Co. Ltd., Google, Amazon.com Inc., General Motors Co. and Ford Motor Co., people familiar with the matter said.

The White House and a Commerce Department spokeswoman didn’t immediately respond to a request for comment.

Raimondo last week reiterated that the administration is unlikely to come up with a rapid solution for the shortage that’s idled auto plants around North America and has led to production delays for consumer electronics and medical devices.

“We are working on it but there is no quick fix,” she said at the White House on Friday after meeting with President Joe Biden and other members of the cabinet on infrastructure.

“We’re in constant contact with the auto companies, the semiconductor companies, we’re going to try to do what we can to ease the shortage short-term but in the long run the solution is to be less reliant on China and Taiwan and making more chips in America,” she added.

As part of his infrastructure plan, Biden has proposed $50 billion in semiconductor research and development funding. The measure has bipartisan support on Capitol Hill and could potentially move as part of a broader China competitiveness bill that is likely on a faster timeline than Biden’s proposal.

The president and senior aides last month convened a meeting on semiconductor supply chain issues at the White House. Many of the companies that participated in that summit are expected to be in attendance at the meeting with Raimondo.

Commerce Department staff are set to meet this week with company representatives to craft the agenda for the Raimondo summit, according to people familiar with the matter.

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