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Joe Biden signs executive order on the economy


President Biden is expected to sign an executive order on the economy.

beyond what we're doing now resilient diverse and secure supply chains are going to help revitalize our domestic manufacturing capacity and create good-paying jobs, not 15 an hour which is we need to do someday and as soon as a better in my view but jobs that are at the prevailing wage we're going to spare new ups spur new opportunities for small businesses communities of color and economically distressed areas and i will drive new investment in research and innovation and our workforce investing in training in university partnerships that are going to lead to new technologies and new solutions and all this won't just strengthen our domestic capacity will help unleash new markets around the world and grow opportunities for American businesses to export their goods that we're going to be making these are the kinds of common sense solutions that all Americans can get behind workers and corporate leaders Republicans and democrats it's about resilience identifying possible points of vulnerabilities in our supply chains and making sure we have the backup alternatives or workarounds in place remember that old proverb for want of a nail the shoe was lost for want of a shoe the horse was lost and it goes on and on until the kingdom was lost all for the want of a horseshoe nail even small failures at one point in the the supply chain can cause outside impacts further up the chain recently we've seen how a shortage of computer chips computer chips like the one I have here you can hardly see it I imagine it's called a semiconductor that's caused delays and production of automobiles that have a result of reduced hours for American workers a 21st-century horseshoe nail this semiconductor is smaller than the postage stamp but has more than eight billion transistors eight billion transistors ten thousand times thinner then a single human hair in this one chip these chips are a wonder of innovation design the power so much of our country enables so much of our modern lives to go on not just our cars but our smartphones televisions radios medical diagnostic equipment and so much more we need to make sure these supply chains are secure and reliable I'm directing senior officials in my administration to work with industrial leaders to identify solutions to this semiconductor shortfall and worked very hard with the house and senate, they've authorized the bill but they need relatively $37 billion short term to make sure we have this capacity we'll push for that as well but we all recognize that the particular problem won't be solved immediately in the meantime we're reaching out to our allies semiconductor companies and others in the supply chain to ramp up production to help us resolve the bottlenecks we face now we need help to stop we need to stop playing catch-up after the supply chain crisis hit we need to prevent the supply stand crisis from hitting in the first place and in some cases building resilience will mean increasing our production of certain types of elements here at home and others i mean working more closely with our trusted friends and partners nations that share our values so that our supply chains can't be used against us as leverage it will mean identifying and building surge capacity that can quickly be turned into and ramped up production in times of emergency and it will mean investing in research and development like we did in the 60s to ensure long-term conver competitiveness in our manufacturing base in the decades ahead the order I'm about to sign does two things first, it orders a 100-day review of four vital products semiconductors one key mineral and materials like rare earth that are used to make everything from harder steel to airplanes three pharmaceuticals and their ingredients four advanced batteries like the one jews and electric vehicles they're strong bipartisan support for fast reviews of these four areas because they're essential to protecting and strengthening American competitiveness second, this order initiates a long-term review of the industry basis of six sectors of our overall economy over the next year these reviews will identify policy recommendations to 40 of our supply chain which should be to fortify our supply chains at every step and critically to start implementing those recommendations right away we're not going to wait for a review to be completed before we start closing the existing gaps and as we implement this work my administration will draw on a full range of american talent including labor and industry leaders policy experts scientists farmers engineers to get their input I'm grateful for the members of congress who came to see me republican leaders as well as democrats they're leading the way we're going to stay in close contact with members of both sides of the aisle and keep advancing our shared goals everyone has a role to play to strengthen our supply chains in our and our country this is the united states of America we are better prepared to meet the challenges of the 21st century than any the country in the world there's nothing nothing nothing we've ever failed achieve if we work together that's what we decided to do today and that's what we're going to do work together so I thank you all I'm very optimistic about the meeting we had today with our congressional colleagues and now I'm going to walk over and sign that executive order.

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