The Wall Street Journal - "Resist the Chips Act"

Op-Ed

The new Chips Act is nothing but a reckless spending spree ("The Senate's Semiconductor Con," Review & Outlook, July 21). That's why I've been fighting it for over a year. If higher inflation from even more spending isn't enough to make my Senate colleagues pause, consider the consequences of the bill's weakness on China. At a minimum, the Senate should pass my amendment fixing it.

The bill allows chip makers to expand operations in China after receiving billions in U.S. tax dollars, credits and writeoffs. My amendment would ensure there is no expansion in China allowed by those receiving tax dollars. The bill also has no restrictions on business in China if it invades Taiwan. My amendment would require companies getting tax dollars to cease operations in China if an invasion occurs.

The bill contains no return-on-investment mandate or clawback provisions to keep grant recipients--massive corporations--accountable. My amendment would force the Commerce Department to conduct an ROI analysis proving a net-positive return for taxpayers over 10 years. It also has provisions to get dollars back if any part of this agreement is broken. If Congress insists on spending, it better be done with accountability.

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